US Trade with Other Countries

From Grok:

To compare the UK-US trade with other US trade partners in 2024, we can look at the total trade values (goods and services, imports plus exports) for the US’s top trading partners, using available data. The UK-US trade was approximately $419.6 billion USD (£314.6 billion, based on a 1.33 USD/GBP exchange rate). Below is a comparison with the US’s largest trading partners, focusing on total trade in goods and services where possible, with goods data supplemented from reliable sources.

US Trade with Top Partners in 2024

1. Mexico: ~$840 billion (goods only, per Census Bureau data). Including services, likely over $900 billion, as Mexico is the US’s top trading partner, with $475.6 billion in imports and $324.3 billion in exports (goods). Services add roughly $100 billion. The UK-US trade ($419.6 billion) is less than half of this.
2. Canada: ~$762 billion (goods only). Including services, likely ~$850 billion, with $419 billion in imports and $356.5 billion in exports (goods). Services trade adds ~$90 billion. UK-US trade is about 49% of this volume.
3. China: $582 billion (goods only), with $438.9 billion in imports and $143.5 billion in exports. Services trade is smaller ($50 billion), bringing total trade to ~$630 billion. UK-US trade is about 67% of this.
4. European Union: $980 billion (goods only, per Motley Fool). Services trade with the EU was €746 billion ($800 billion USD, 1.07 USD/EUR), making total trade ~$1.78 trillion. UK-US trade is about 24% of this, noting the EU is a bloc, not a single country.
5. Japan: $228 billion (goods only), with $140 billion in imports and $80.2 billion in exports. Services trade is smaller ($40 billion), totaling ~$268 billion. UK-US trade is about 1.56 times larger.
6. Germany: ~$197.6 billion (goods only, 2023 data, likely similar in 2024). Services trade adds ~$50 billion, totaling ~$250 billion. UK-US trade is about 1.68 times larger.
7. United Kingdom: $419.6 billion (goods and services, per UK data: £182.6 billion exports + £111.5 billion imports). Goods alone were ~$148 billion ($79.9 billion exports, $68.1 billion imports). The UK ranks as the 9th largest US trading partner by some estimates, but its services trade (e.g., financial services) boosts its position.

Key Comparisons

• Scale: UK-US trade ($419.6 billion) is significant but dwarfed by Mexico ($900 billion+), Canada ($850 billion+), and the EU ($1.78 trillion). It’s closer to China ($630 billion) but exceeds Japan ($268 billion) and Germany ($250 billion).
• Goods vs. Services: The UK has a strong services trade surplus with the US (£124.5 billion vs. £55.2 billion), unlike Mexico and Canada, where goods dominate. China’s trade is heavily goods-focused, with a large US deficit ($295 billion). The UK’s goods trade ($148 billion) is smaller than Japan’s ($228 billion) but competitive due to services.
• Trade Balance: The US has a trade surplus with the UK ($11.8 billion in goods, $79.9 billion exports vs. $68.1 billion imports), unlike deficits with Mexico (-$179 billion), Canada (-$35.7 billion), and China (-$295 billion). This makes the UK a more “balanced” partner.
• Rank: The UK is often ranked 9th or 11th among US trade partners by goods (e.g., $148 billion vs. Mexico’s $840 billion), but its services trade elevates its importance. It’s a key partner outside North America and Asia.

Context and Caveats

• Data Gaps: Exact 2024 services trade data for some partners (e.g., Mexico, Canada) is estimated, as US sources focus on goods. EU data includes the UK for historical comparisons, but 2024 figures reflect post-Brexit trade.
• Exchange Rates: USD values for UK trade use a 1.33 USD/GBP rate; fluctuations could slightly alter comparisons. EU data uses 1.07 USD/EUR.
• Policy Impact: Recent US tariffs (e.g., 10% on all imports, 34% on China) could shift 2025 trade dynamics, potentially affecting UK-US trade less due to the surplus and strategic ties.

Summary

UK-US trade ($419.6 billion) is substantial, ranking the UK among the top 10 US partners, but it’s significantly smaller than Mexico, Canada, and the EU, and moderately below China. It surpasses Japan and Germany, driven by strong services trade and a rare US trade surplus.