U.S. world trade has grown steadily over the past decade. In 2017, the United States exported $2.4 trillion in goods and services and imported $2.9 trillion. Since 2009, when trade flows declined sharply in the midst of the financial crisis, U.S. exports have grown 48.5%, while U.S. imports have grown 47.6% in nominal terms. More broadly, since 1960, trade relative to GDP has risen markedly. U.S. exports as a share of GDP expanded from 5% in 1960 to over 12% of GDP in 2017, while U.S. imports expanded from 4% to over 15% of GDP ( Figure 1 and Figure 2 ). According to data from the U.S. Department of Commerce's Bureau of Economic Analysis, China was the top U.S. trading partner in 2017, with $711.7 billion in total goods and services trade, followed by Canada ($679.9 billion), Mexico ($622.1 billion), Japan ($286.1 billion), and Germany ($239.8 billion). China was the largest source of U.S. imports, while Canada was the largest destination for U.S. exports. However, considering the 28 member states of the European Union (EU) as a single trading partner, the EU is both the largest U.S. export destination ($528.2 billion) and the largest source of U.S. imports ($629.4 billion). The majority of U.S. global trade—approximately 65%—is with countries with which the United States does not have a free trade agreement (FTA). The changes in U.S. trade patterns pose both opportunities and challenges for U.S. international trade relations. These developments have intensified congressional interest in U.S. trade policy and heightened its demand for information and comparative analysis of bilateral U.S. trade flows. In the coming months, Congress may face issues such as shaping U.S. trade policy to reflect this changing composition of trade; enhancing the competitive position of U.S. firms, workers, and industries; promoting access to new foreign market opportunities for U.S. businesses; and addressing tensions, trade barriers, and issues raised by the growing role of emerging economies in the global economy. In addition, questions affecting U.S. trade trends could also arise as the Trump Administration renegotiates FTAs and pursues new ones, and Congress debates and ratifies them. Congress is expected to closely monitor negotiations on other trade agreements and on developments at the World Trade Organization (WTO). Trade in Services with Leading Partners

In 2017, the EU—as a single entity—was the United States' top trading partner in terms of two-way (exports plus imports) trade in services, while the largest single-country trading partners were the UK, Canada, Japan, China, and Germany ( Table 7 ). Trade in Goods and Services with Leading Partners

In 2017, the EU was the United States' largest market for U.S. goods and services exports, accounting for $528.2 billion (22.47% of total U.S. exports, down from 24.97% in 2000), as well as the leading source of U.S. imports, which totaled $629.4 billion (21.68% of total U.S. imports, largely unchanged from the share in 2000). Canada was the second-largest U.S. export market, with $341.3 billion worth of U.S. exports (14.52% of total U.S. exports, down from 18.96% in 2000), and the fourth-largest source of U.S. imports, which totaled $338.5 billion (11.6%, down from 17.39% in 2000). The share of China in U.S. trade has increased dramatically over the past few decades. In 2000, it accounted for 2.00% of total U.S. exports and 7.14% of total U.S. imports. Last year, China's share had risen to 8.00% of total U.S. exports and 18.04% of U.S. imports. The U.S. trade deficit with the EU rose 3.01% ($4.5 billion), from $148.1 billion in 2016 to $152.6 billion in 2017. Trade in Services

The value of U.S. two-way (exports plus imports) services trade with the 28 member states of the EU increased 5.06% ($21.0 billion), from $414.4 billion in 2016 to $435.4 billion in 2017. The U.S. services trade surplus with the EU declined 8.28% ($4.6 billion), from $56.1 billion in 2016 to $51.4 billion in 2017, lower than the U.S. trade surplus registered with the EU in 2014 ($52.3 billion) and 2015 ($54.9 billion). China

		Trade in Goods

In 2017, China was the United States' largest, single-country trading partner based on two-way (exports plus imports) merchandise trade, accounting for 16.27% of total U.S. merchandise trade, up from 15.80% in 2016. U.S. two-way merchandise trade with China amounted to $636.7 billion in 2017, an increase of 9.93% over the $579.2 billion recorded in 2016. The U.S. merchandise trade deficit with China of $375.9 billion remained higher than the U.S. trade deficit registered with any other trading partner in 2017. U.S. two-way services trade with China amounted to $75.0 billion in 2017, an increase of 5.74% from the $71.0 billion recorded in 2016. The U.S. services surplus with China in 2017 amounted to $40.2 billion. Japan

		Trade in Goods

In 2017, Japan was the United States' fourth-largest single-country trading partner in terms of two-way (exports plus imports) trade, accounting for 5.28% of total U.S. merchandise trade with the world, slightly down from 5.40% in 2016.
U.S. world trade has grown steadily over the past decade. In 2017, the United States exported $2.4 trillion in goods and services and imported $2.9 trillion. Since 2009, when trade flows declined sharply in the midst of the financial crisis, U.S. exports have grown—in nominal terms—48.5%, while U.S. imports have grown 47.6%. More broadly, since 1960, trade relative to gross domestic product (GDP) has risen markedly. U.S. exports as a percentage of GDP expanded from 5% in 1960 to over 12% of GDP in 2017, while U.S. imports expanded from 4% to over 15% of GDP. China was the top U.S. trading partner in 2017, with $711.7 billion in total goods and services trade, followed by Canada ($679.9 billion), Mexico ($622.1 billion), Japan ($286.1 billion), and Germany ($239.8 billion). China was the largest source of U.S. imports, while Canada was the largest destination for U.S. exports. However, considering the 28 member states of the European Union (EU) as a single trading partner, the EU is both the largest U.S. export destination ($528.2 billion) and the largest source of U.S. imports ($629.4 billion). The majority of U.S. global trade—approximately 65%—is with countries that do not have a free trade agreement (FTA) with the United States.
The changing dynamics and composition of U.S. trade pose both opportunities and challenges for U.S. trade relations. These developments have intensified congressional interest in U.S. trade policy and heightened congressional demand for comparative analysis of U.S. bilateral trade flows. In the coming months, Congress may face matters such as shaping U.S. trade policy to reflect the changing composition of U.S. trade; enhancing the competitive position of U.S. industries, firms, and workers; promoting access to new foreign markets for U.S. businesses; and addressing new trade tensions, barriers, and other issues raised by the growing role of emerging economies in the global economy. In addition, questions affecting U.S. trade trends could arise as the Trump Administration renegotiates existing FTAs and pursues new ones, and Congress debates and potentially ratifies them. Congress may closely monitor negotiations on other trade agreements, as well as developments at the World Trade Organization.
Key U.S Trade Developments with Major Trading Partners in 2017
Trade in Goods
In 2017, the European Union (EU) was the United States' top trading partner in terms of two-way (exports plus imports) merchandise trade. The value of U.S. merchandise trade with the EU increased 4.7% to $722.2 billion in 2017. The U.S. trade deficit with the EU rose 3.0%, from $148.1 billion in 2016 to $152.6 billion in 2017. China was the largest single-country U.S. trading partner based on two-way merchandise trade. U.S. two-way merchandise trade with China amounted to $636.7 billion in 2017, an increase of 9.9% from the level recorded in 2016. The U.S. merchandise trade deficit with China of $375.9 billion remained higher than the U.S. trade deficit registered with any other trading partner in 2017.
Trade in Services
The EU was the United States' top trading partner in terms of two-way services trade in 2017, while the largest single-country trading partners were the United Kingdom, Canada, Japan, China, and Germany. The value of U.S. services trade with the EU increased 5.1%, from $414.4 billion in 2016 to $435.4 billion in 2017. The U.S. trade surplus with the EU declined 8.3%, from $56.1 billion in 2016 to $51.4 billion in 2017. In 2017, China was the United States' fourth-largest single-country trading partner based on two-way services trade. U.S. two-way services trade with China amounted to $75.0 billion in 2017, an increase of 5.7% from the $71.0 billion recorded in 2016. The U.S. services surplus with China in 2017 amounted to $40.2 billion, increasing 3.4% over the previous year.
U.S. Total Trade in Goods and Services
The EU was the United States' largest market for U.S. goods and services exports, accounting for $528.2 billion (22.5% of total U.S. exports), as well as the leading source of U.S. imports, which totaled $629.4 billion (21.7% of total U.S. imports). Canada was the second-largest U.S. export market, with $341.3 billion worth of U.S. exports (14.5% of total U.S. exports), and the fourth-largest source of U.S. imports, which totaled $338.5 billion (11.6% of total U.S. imports). China's share of U.S. trade has increased dramatically over the past few decades. In 2000, it accounted for 2.0% of total U.S. exports and 7.1% of total U.S. imports. By 2017, China's share had risen to 8.0% of total U.S. exports and 18.0% of U.S. imports.