The United States continues to be the world’s great consumer. Imports to the United States of manufactured goods were nearly $1.72 trillion in 2011, and since 2001 have increased by 79%. China is by far the leading exporter of manufactured goods to the United States ($390.6 billion in 2011), nearly double that of second-place Canada ($207.3 billion).[1]
More telling is how imports have changed in the past 10 years. China manufacturing exports to the United States rose 292% as that nation achieved manufacturing expertise combined with low-cost labor; among the top 10 manufactured-goods exporters to the United States, only Ireland achieved a similar triple-digit increase. Other global exporters experienced only modest growth over the decade, or none at all (Japan).
The United States exported $1.29 trillion in manufactured goods in 2011 for an overall negative trade balance of $441.9 billion. But U.S. exports are expected to grow as U.S. firms onshore their manufacturing to take advantage of decreased production costs. At the same time, non-U.S. companies are adding U.S. plants as a base of export. Boston Consulting Group projects that by 2015, the United States will have an export cost advantage of 5% to 25% over Germany, Italy, France, UK, and Japan in many industries.[2]
[1] International Trade Administration, U.S. Dept. of Commerce.
[2] “Rising U.S. Exports—Plus Reshoring—Could Help Create up to
5 Million Jobs by 2020,” Boston Consulting Group, Sept. 21, 2012.
