If the imports are considered, US imported the maximum percentage of goods from China (accounting for 19.5% of the total imports by US) followed by imports from Canada, Mexico, Japan and Germany to the tune of 14.2%, 11.8%, 6.3% and 4.3% respectively. Its imports from UK accounted for 2.6% of the total imports by the US (US Trade Data – Imports by country, 2010). Thus it can be seen that the top 6 trading partners of US accounted for almost 58.7% of its total imports made. Accordingly, as the relative weight of imports were higher than that of exports, US had a trade deficit balance with each of its trading partners (i.e. imports exceeded by the exports made by US) with the absolute value of its trade deficit being highest with the economy of China. China has been ranked as the top exporter in the world in the year 2010. US economy was a net exporter to the economies of Brazil, Netherlands and Singapore in 2010.
The focus now shifts to the products that have been traded by the US economy. Category wise in exports, it was seen that the US was the biggest exporter of machinery, nuclear reactors and boilers that accounted for about 14.31% of the total products that was exported by the economy. The second most exported product was electrical and electronic equipment (that accounted for 11.84% of the total exports made by US). The other 3 major categories of products that were exported pertained to vehicles other than railway and tramway, mineral fuels, oils and distillation products etc followed by aircraft, spacecraft and parts thereof (US Trade Data – Exports by products, 2010). These 5 categories of products accounted for about 46% of the total products exported by the US. It can be seen that the US has primarily been involved with exports of products that are highly capital intensive (the rationale has been discussed in the following section). As far as services are concerned, the share of services in the total exports was less than that of products. The major services that were exported included travel and transportation services (US Trade Data – Exports by services, 2010).