The United States’ trade landscape in 2024 and early 2025 has been marked by record-breaking volumes, shifting partnerships, and significant policy changes. Total trade surpassed $5.4 trillion in 2024, with exports reaching $2.06 trillion as per the US export data and imports exceeding $3.35 trillion as per the US import data, resulting in a trade deficit of around $1.29 trillion. The total US trade volume reached $2.61 trillion in the 2025 quarter 1, as per the US trade data. This blog delves into the key components of U.S. trade, highlighting major partners, top commodities, and the broader economic implications, with a key focus on the US import data and US export data 2024-25. 

The Numbers: U.S. Trade Data in 2024 at a Glance

• Total trade volume: $5.41 trillion
• Exports: $2.06 trillion
• Imports: $3.35 trillion
• Trade deficit: $1.29 trillion
• Top trading partner: Mexico
• Fastest-growing export: LNG (Liquefied Natural Gas)
• Top import category: Machinery and electronics

U.S. Trading Partners: Mexico Moves to the Top

For decades, China held the top spot as America’s largest trade partner. That changed in 2024. Mexico moved into first place, accounting for $776 billion in total trade with the U.S.—nearly 16% of all American trade, as per the data on US imports from to Mexico. Canada followed closely behind at nearly $700 billion. China, while still important, saw its share dip due to tariffs, sanctions, and intentional diversification by U.S. businesses.

Germany and Japan rounded out the top five, driven largely by the automotive and tech trade. The shift toward regional partners is no accident. With nearshoring strategies taking off, U.S. firms are choosing to move manufacturing closer to home, especially to Mexico.

What the U.S. is Importing: Top US Imports

In 2024, the U.S. imported over $4.1 trillion worth of goods. The biggest categories were machinery, electronics, vehicles, fuel, and pharmaceuticals, as per the US import data.

Machinery, including boilers, engines, and industrial equipment, topped the list at over $531 billion, as per the US machinery import data. Electronics—including computers, chips, and communications gear—were a close second at $486 billion. Automobiles and parts added another $381 billion, reflecting both demand and America’s dependence on foreign auto manufacturing.

Energy imports, including crude oil and petroleum products, came in at $266 billion, even as domestic production remained strong. Finally, pharmaceuticals accounted for roughly $177 billion in imports, driven by both branded drug costs and global supply chains for active ingredients.

These numbers show that the U.S. remains deeply reliant on imported tech, transport, and health products—areas where domestic production often lags or costs remain too high.

What the U.S. is Exporting: Biggest US Exports

Though overshadowed by imports, U.S. exports topped $3.19 trillion in 2024—a record. A major chunk of this came from the energy and aerospace sectors, as per the US export data.

Mineral fuels and Civilian aircraft, aircraft engines, and related parts were the leading US exports at $123 billion, buoyed by global air travel demand and the dominance of U.S. aerospace firms like Boeing. Oil and fuel exports—particularly to Europe and Asia—accounted for a combined $236 billion, thanks to high demand and shifting energy dependencies post-Russia sanctions.

Liquified Natural Gas (LNG) exports were also notable, surging to $62.2 billion as U.S. terminals ramped up output to feed energy-starved allies.

Low-value shipments—typically small e-commerce orders—reached $68.2 billion, underscoring the growth of digital retail exports and platforms like Etsy, eBay, and Shopify, businesses selling internationally.

Among the top destinations for U.S. exports were Canada, Mexico, China, the Netherlands, and Germany. Trade with Canada alone hit $352.8 billion, followed by Mexico at $323.2 billion. China remained a major customer at $147.8 billion despite tensions.

Tariffs and Trade Wars: 2025 Policy Shocks

Two major policies are defining the trade narrative in 2025.

First, the so-called “Liberation Day” tariffs and reciprocal tariffs, announced in April 2025, imposed a sweeping 10% baseline tariff on all imports. On top of that, dozens of countries were hit with elevated, targeted tariffs—some as high as 25%—covering everything from semiconductors to electric vehicles.

Second, in June 2025, the U.S. administration doubled tariffs on imported steel and aluminum, raising rates from 25% to 50%. The goal? Revive domestic production and reduce reliance on foreign suppliers, particularly from China and Eastern Europe.

While these policies aim to protect U.S. industry, they come with trade-offs: increased costs for manufacturers, higher prices for consumers, and potential retaliation from trade partners.

Who’s Winning, Who’s Losing

The winners in this scenario include U.S. steelmakers, LNG exporters, and aerospace giants. These industries benefit directly from tariffs that limit foreign competition and subsidies that encourage domestic production.

But the losers are just as clear: carmakers who depend on foreign parts, construction firms that rely on affordable imported steel, and consumers who now pay more for electronics, appliances, and vehicles.

Small businesses that depend on inexpensive imported goods are also feeling the squeeze. Many have had to raise prices or absorb losses as shipping costs, duties, and sourcing disruptions hit their bottom lines.

The Supply Chain Rebuild

If 2020–2022 was about supply chain chaos, 2024–2025 is about reconstruction. Companies are rethinking everything—where they source parts, how they ship goods, even where they manufacture final products.

Mexico has become the center of the nearshoring revolution. Low labor costs, geographic proximity, and trade-friendly policies make it a top pick for companies leaving China. U.S. ports in Laredo, El Paso, and Houston have seen double-digit increases in traffic as a result.

There’s also a tech angle: automation, AI-driven logistics, and data analytics are helping firms optimize global operations. The pandemic forced the issue, but the long-term payoff is a smarter, more agile trade system.

What’s Next for U.S. Trade

Looking forward into the rest of 2025 and beyond, several trends are set to define the next phase of American trade:

• Energy exports will dominate. With Europe moving away from Russian oil and gas, the U.S. is stepping in as a key supplier, particularly for LNG.
• Digital trade will accelerate. E-commerce cross-border sales, cloud services, and digital goods are all growing faster than traditional physical exports.
• Retaliatory tariffs are coming. Countries hit by U.S. trade measures—including China, India, and the EU—are likely to respond with their restrictions.
• Green trade policies are emerging. Expect carbon tariffs, sustainability incentives, and environmental import restrictions to shape future deals.
• Reshoring is still a wild card. While some industries like semiconductors and EVs are building capacity domestically, others remain too reliant on global inputs to fully return home.

Bottom Line and Conclusion

U.S. trade in 2024–2025 is both a comeback story and a pressure test. Volumes are up, exports are climbing, and domestic industries are getting attention—but at a cost. Rising tariffs, disrupted partnerships, and inflation are the toll of this new strategy. The global economy isn’t standing still. Neither can the U.S., and whether you’re a manufacturer, policymaker, or entrepreneur, understanding these trade currents isn’t optional. It’s survival.

To know more about the latest US trade trends and get exclusive access to US import-export data, you can contact TradeImeX at info@tradeimex.in and get a customized US trade database report as per your business needs.