The International Trade Commission has updated its annual compendium of data examining changes in trade with key U.S. partners and in important industries. The “Shifts in U.S. Merchandise Trade 2022” report focuses on changes in U.S. imports and exports with respect to ten sectors (agricultural products, chemicals and related products, electronic products, energy-related products, footwear, forest products, machinery, minerals and metals, textiles and apparel, and transportation equipment).
Exports. Total U.S. exports jumped 17.6 percent in 2022 to $2.06 trillion, the second straight annual increase. The value of exports in all ten sectors increased, with the largest gains in energy-related products (+56.4 percent), footwear (+16.8 percent), chemicals and related products (+12.6 percent), and transportation equipment (+12.4 percent).
With respect to major trading partners, exports across all merchandise sectors were up for all of those named, with the largest increases to Switzerland (+56.1 percent), France (+53.4 percent), and the Netherlands (+37.3 percent).
Imports. The value of total U.S. imports rose 14.7 percent to $3.25 trillion in 2022 after a 21.3 percent gain in 2021. Imports in all ten sectors increased, with the largest gains in energy-related products (+43.7 percent), footwear (+33.4 percent), and transportation equipment (+17.0 percent).
Across all merchandise sectors, imports were up from every major trading partner except Switzerland, with the largest increases from Vietnam (+25.1 percent), Thailand (+24.0 percent), and Canada (+22.3 percent).
Trade Balances. U.S. trade balances worsened in every sector but energy-related products, with the biggest drops in electronic products, transportation equipment, and chemicals and related products. The U.S. ran a trade deficit in every sector but energy-related products, with the largest shortfalls in electronic products ($327.0 million), transportation equipment ($191.8 million), and textiles and apparel ($128.7 million).
The U.S. ran trade deficits with all listed major trading partners and deficits increased with all but Switzerland, with the largest gains being with Canada, China, Vietnam, and Mexico.
Copyright © 2025 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.