Markets
Visualized: The Largest Trading Partners of the U.S.
Visualized: The Largest Trading Partners of the U.S.
The United States is the world’s biggest goods importer making it a powerhouse in the global movement of goods.
With so many imports, it goes without saying that the country has a significant goods deficit with many of its trading partners. The deficit with China, for example, is $383 billion. Meanwhile, the total goods trade deficit is nearly $1.2 trillion and it increased by 9% in 2022.
Given that the country has trade relations with more than 200 countries, regions, and territories, this network of relationships is complex. This visual, using data from the U.S. Bureau of Economic Analysis, makes trade relationships easier to understand, ranking the biggest trading partners of the U.S. in terms of goods trade alongside the value of exports and imports.
A Closer Look At U.S. Trade Balances
Trade balances are characterized in two ways: deficits and surpluses.
Each balance is determined by calculating the difference in U.S. exports and imports with a given trade partner. So while the balance with Ireland is a deficit of $66.1 billion, the balance with the Netherlands is a surplus of $38.3 billion.
Rank | Country | Exports | Imports | Balance |
---|---|---|---|---|
#1 | 🇨🇳 China | $153.8 B | $536.8 B | -$382.9 B |
#2 | 🇲🇽 Mexico | $324.4 B | $454.9 B | -$130.6 B |
#3 | 🇻🇳 Vietnam | $11.4 B | $127.5 B | -$116.1 B |
#4 | 🇨🇦 Canada | $356.1 B | $437.7 B | -$81.6 B |
#5 | 🇩🇪 Germany | $72.9 B | $146.6 B | -$73.7 B |
#6 | 🇯🇵 Japan | $80.3 B | $148.3 B | -$68.0 B |
#7 | 🇮🇪 Ireland | $16.0 B | $82.0 B | -$66.1 B |
#8 | 🇹🇼 Taiwan | $43.7 B | $91.8 B | -$48.1 B |
#9 | 🇰🇷 South Korea | $71.5 B | $115.3 B | -$43.9 B |
#10 | 🇹🇭 Thailand | $15.6 B | $58.7 B | -$43.1 B |
#11 | 🇮🇹 Italy | $27.4 B | $69.1 B | -$41.7 B |
#12 | 🇮🇳 India | $47.3 B | $85.7 B | -$38.3 B |
#13 | 🇲🇾 Malaysia | $18.1 B | $54.8 B | -$36.6 B |
#14 | 🇮🇩 Indonesia | $10.0 B | $34.6 B | -$24.6 B |
#15 | 🇨🇭 Switzerland | $36.9 B | $59.5 B | -$22.6 B |
#16 | 🇦🇹 Austria | $4.8 B | $17.8 B | -$13.1 B |
#17 | 🇷🇺 Russia | $1.7 B | $14.5 B | -$12.7 B |
#18 | 🇸🇦 Saudi Arabia | $11.6 B | $23.5 B | -$11.9 B |
#19 | 🇫🇷 France | $45.8 B | $57.4 B | -$11.5 B |
#20 | 🇸🇪 Sweden | $7.7 B | $17.1 B | -$9.4 B |
#21 | 🇿🇦 South Africa | $6.5 B | $14.6 B | -$8.1 B |
#22 | 🇮🇱 Israel | $14.2 B | $21.4 B | -$7.2 B |
#23 | 🇵🇭 Philippines | $9.3 B | $16.2 B | -$6.9 B |
#24 | 🇫🇮 Finland | $2.7 B | $8.7 B | -$6.1 B |
#25 | 🇭🇺 Hungary | $2.9 B | $7.7 B | -$4.8 B |
#26 | 🇨🇿 Czechia | $3.8 B | $7.5 B | -$3.7 B |
#27 | 🇳🇴 Norway | $4.7 B | $6.7 B | -$2.0 B |
#28 | 🇩🇿 Algeria | $1.2 B | $3.1 B | -$1.9 B |
#29 | 🇳🇬 Nigeria | $3.4 B | $4.8 B | -$1.4 B |
#30 | 🇵🇱 Poland | $11.3 B | $11.9 B | -$5.8 B |
#31 | 🇻🇪 Venezuela | $2.3 B | $0.4 B | +$1.9 B |
#32 | 🇨🇴 Colombia | $20.6 B | $18.6 B | +$2.0 B |
#33 | 🇪🇸 Spain | $26.5 B | $23.1 B | +$3.4 B |
#34 | 🇪🇬 Egypt | $6.6 B | $2.8 B | +$3.7 B |
#35 | 🇦🇷 Argentina | $12.9 B | $6.9 B | +$5.9 B |
#36 | 🇨🇱 Chile | $23.3 B | $15.6 B | +$7.7 B |
#37 | 🇧🇪 Belgium | $35.5 B | $26.8 B | +$8.8 B |
#38 | 🇬🇧 United Kingdom | $77.3 B | $64.0 B | +$13.3 B |
#39 | 🇦🇺 Australia | $30.2 B | $16.2 B | +$14.0 B |
#40 | 🇸🇬 Singapore | $46.2 B | $31.6 B | +$14.5 B |
#41 | 🇧🇷 Brazil | $53.6 B | $39.0 B | +$14.6 B |
#42 | 🇭🇰 Hong Kong | $25.9 B | $4.8 B | +$21.1 B |
#43 | 🇳🇱 Netherlands | $72.9 B | $34.6 B | +$38.3 B |
Total | $2.07 T | $3.25 T | -$1.18 T |
Note: Balances may not add up exactly due to rounding. Smaller trade relationships excluded on above table.
The U.S.’ largest trading partners are some of the world’s biggest exporters. ‘Made in China’ is ubiquitous for a reason. Manufacturing in places like Vietnam is playing a more essential role in the global economy, and thus the country shows up prominently on the chart above. Taiwan is also a major player due to its dominance in the semiconductor market.
Additionally, some of the most important partners are a case of proximity. Canada and Mexico are members of the USMCA agreement (which replaced NAFTA), making North America one of the world’s largest free trade zones. The U.S. dollar is typically stronger than the Canadian dollar and Mexican peso, making imports from Canada and Mexico relatively cheaper for U.S. consumers and businesses. Mexico’s lower labor costs and Canada’s petroleum surplus both play a role in trade imbalances as well.
While number one in terms of imports and services exports, the U.S. is the 2nd biggest goods exporter globally, revealed in its trade surpluses with countries like Hong Kong and the UK.
What’s Being Traded?
Without context, the chart above simply consists of large numbers. Below, we look at the actual goods moving between countries.
U.S. Exports
Overall, exports increased by 18% year-over-year. Here’s a look at some of the biggest recorded export items in 2022, alongside the dollar values:
- Crude oil: $47.5 billion
- Natural gas: $22.9 billion
- Civilian aircraft engines: $7.2 billion
- Soybeans: $7.0 billion
This list largest exports includes both commodities as well as items higher up on the economic complexity ladder, like airplane engines.
Foreign Imports
Imports increased by 15% last year. Interestingly, one of the top imports was crude oil—also one of the country’s top exports—equalling $65.1 billion. Here’s a look at the other big import items:
- Telecommunications equipment: $12.6 billion
- Pharmaceutical preparations: $18.8 billion
- Cell phones and other household goods: $11.0 billion
- Passenger cars: $19.0 billion
America’s largest imports tend to be vehicles and electronics. Non-tech goods like pharmaceuticals and furniture also rank high on the list.
The Trade Deficit Over Time
The U.S. has been at a deficit for over 40 years, so the current trend is no surprise.
While total trade (this time including both goods and services) dipped during the pandemic, the graph below reveals that trade figures are now higher than pre-pandemic levels and the overall deficit continues to increase.
Despite the trade deficit and a drop in manufacturing employment over time, U.S. industrial production has been increasing over the long term.
Notably, there have been some recent efforts to onshore manufacturing in a few key sectors.
For example, the U.S. government has stressed the importance of American-made semiconductor chips, after pandemic delays in Taiwan put major strain on a wide range of industries. The government introduced the CHIPS Act, which will help set up two semiconductor chip manufacturing hubs by 2030, among other things.
Markets
The 50 Best One-Year Returns on the S&P 500 (1980-2022)
The highest one-year return among the top S&P 500 stocks from 1980 to 2022 was a staggering 2,620%. Which stocks top the ranks?
The Top S&P 500 Stocks by Annual Returns
The average annual return of the S&P 500 was 10% from 1980-2022, excluding dividends. Of course, there are some companies that deliver much higher returns in any given year.
In this graphic using data from S&P Dow Jones Indices, we explore the top S&P 500 stocks with the best single year returns over the last four decades.
Ranking the Top S&P 500 Stocks
In order to find the top gainers, S&P took the top 10 best-performing stocks each year and then narrowed that list down to the top 50 overall. They ranked the top S&P 500 stocks by price returns, meaning that no dividends or stock distributions were included.
The best gains were clustered in a few select years, including the 1999 dot-com boom, the 2003 stock market rally, and the 2009 recovery from the Global Financial Crisis. None of the biggest gains happened in 2021 or 2022.
Rank | Company | Sector | Return | Year |
---|---|---|---|---|
1 | Qualcomm | Information Technology | 2620% | 1999 |
2 | Tesla | Consumer Discretionary | 743% | 2020 |
3 | DSC Communications | Communication Services | 468% | 1992 |
4 | Coleco Industries | Consumer Discretionary | 435% | 1982 |
5 | Avaya | Information Technology | 428% | 2003 |
6 | Chrysler | Consumer Discretionary | 426% | 1982 |
7 | XL Capital (Axa XL) | Financials | 395% | 2009 |
8 | Tenet Healthcare | Healthcare | 369% | 2009 |
9 | Dynegy | Utilities | 361% | 2000 |
10 | Advanced Micro Devices | Information Technology | 348% | 2009 |
11 | Sprint | Communication Services | 343% | 1999 |
12 | Ford | Consumer Discretionary | 337% | 2009 |
13 | NEXTEL Communications | Communication Services | 336% | 1999 |
14 | LSI Logic | Information Technology | 319% | 1999 |
15 | NVIDIA | Information Technology | 308% | 2001 |
16 | Nortel Networks | Communication Services | 304% | 1999 |
17 | Etsy | Consumer Discretionary | 302% | 2020 |
18 | Genworth Financial | Financials | 301% | 2009 |
19 | Micron Technology | Information Technology | 300% | 2009 |
20 | NetFlix | Communication Services | 298% | 2013 |
21 | Oracle | Information Technology | 290% | 1999 |
22 | Western Digital | Information Technology | 286% | 2009 |
23 | Network Appliance (NetApp) | Information Technology | 270% | 1999 |
24 | Data General | Information Technology | 267% | 1991 |
25 | Yahoo | Communication Services | 265% | 1999 |
26 | Williams Companies | Energy | 264% | 2003 |
27 | Novell | Information Technology | 264% | 1991 |
28 | Dynegy | Utilities | 263% | 2003 |
29 | Sun Microsystems | Information Technology | 262% | 1999 |
30 | PMC-Sierra | Information Technology | 262% | 2003 |
31 | Advanced Micro Devices | Information Technology | 259% | 1991 |
32 | Dell | Information Technology | 248% | 1998 |
33 | Global Marine | Energy | 247% | 1980 |
34 | Micron Technology | Information Technology | 243% | 2013 |
35 | Best Buy | Consumer Discretionary | 237% | 2013 |
36 | Reebok | Consumer Discretionary | 234% | 2000 |
37 | Freeport-McMoRan | Materials | 229% | 2009 |
38 | Biomet (Zimmer Biomet) | Healthcare | 226% | 1991 |
39 | NVIDIA | Information Technology | 224% | 2016 |
40 | Gap | Consumer Discretionary | 223% | 1991 |
41 | NetFlix | Communication Services | 219% | 2010 |
42 | Fleetwood Enterprises (Fleetwood RV) | Consumer Discretionary | 217% | 1982 |
43 | National Semiconductor | Information Technology | 217% | 1999 |
44 | Dell | Information Technology | 216% | 1997 |
45 | Tandy Corp (RadioShack) | Information Technology | 216% | 1980 |
46 | Novell | Information Technology | 215% | 2003 |
47 | Corning | Information Technology | 215% | 2003 |
48 | CB Richard Ellis (CBRE) | Real Estate | 214% | 2009 |
49 | AES Corp | Utilities | 213% | 2003 |
50 | Expedia | Consumer Discretionary | 212% | 2009 |
Qualcomm was by far the top-performer in any one calendar year window. The company had key patents for Code Division Multiple Access (CDMA) technology, which enabled fast wireless internet access and became the basis for 3G networks.
Its stock took off in 1999 as it shed less profitable business lines, resolved a patent dispute with competitor Ericsson, and joined the S&P 500 Index. At the time, CNN reported that one lucky investor who heard about Qualcomm from an investment-banker-turned-rabbi earned $17 million—roughly $30 million in today’s dollars.
The most recent stocks to make the rankings were both from 2020: well-known Tesla (#2) and lesser-known online marketplace Etsy (#17), which saw sales from independent creators surge during the early COVID-19 pandemic. The dollar value of items sold on Etsy more than doubled from $5.3 billion in 2019 to $10.3 billion in 2020, with mask sales accounting for 7% of the total.
Biggest Gainers in Each Sector
While information technology stocks made up nearly half of the list, there is representation from nine of the 11 S&P 500 sectors. No companies from the Industrials or Consumer Staples sectors made it into the ranks of the top S&P 500 stocks by annual returns.
Below, we show the stock with the best annual return for each sector.
Tesla was the top-performing Consumer Discretionary stock on the list. After meeting the requirement of four consecutive quarters of positive earnings, it joined the S&P 500 Index on December 21, 2020. The company’s performance was boosted by the announcement that it would be included in the S&P 500, along with strong performance in China, and general EV buzz as environmental regulations tightened worldwide.
In the realm of Communication Services, DSC Communications saw a sizable return in 1992. The telecommunications equipment company had contracts with major companies such as Bell and Motorola. Alcatel-Lucent (then Alcatel), a French producer of mobile phones, purchased DSC Communications in 1998.
Serial Success Stories
It’s impressive to make the list of the top S&P 500 stocks by calendar returns once, but there are seven companies that have done it twice.
Some stocks saw their repeated outperformance close together, with Dell making the ranks back-to-back in 1997 and 1998.
On the other hand, a select few have more staying power. Computing giant NVIDIA topped the charts in 2001 and triumphed again 15 years later in 2016. And this year might be another win, as the company has recently reached a $1 trillion market capitalization and has the highest year-to-date return in the S&P 500 as of July 6, 2023.
-
Investor Education4 weeks ago
Visualizing BlackRock’s Top Equity Holdings
-
Technology2 weeks ago
Meet the Competing Apps Battling for Twitter’s Market Share
-
Politics15 hours ago
How Do Chinese Citizens Feel About Other Countries?
-
Markets4 weeks ago
Visualizing Every Company on the S&P 500 Index
-
Real Estate2 weeks ago
Visualizing 1 Billion Square Feet of Empty Office Space
-
Energy4 weeks ago
Life Cycle Emissions: EVs vs. Combustion Engine Vehicles
-
Maps2 weeks ago
Vintage Viz: The World’s Rivers and Lakes, Organized Neatly
-
Markets3 weeks ago
Visualized: The 100 Largest U.S. Banks by Consolidated Assets