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Export and Import Services in USA

Export and Import Services in USA
  • Need of time for set up a business: 4.2 Days
  • Inflation (annual): 1.81%
  • Gross domestic product (gdp): 21.43 Trillion $
  • Growth of gdp (annual): 2.16%
  • Merchandise exports: 1.43 Trillion $

The United States is a federation of fifty states in North America. The USA, which has the largest economy in the world, has adopted a mixed economic model; In other words, it operates as a free market economy in consumer goods and commercial services. It is a center that has a say in world trade with its technological development level, qualified workforce, solid infrastructure and natural resources. According to the International Monetary Fund (IMF), the US dollar, the world's richest currency in terms of reserves, accounts for more than 60% of all known central bank foreign exchange reserves in 2019. The World Bank ranks 8th in the "Ease of Doing Business" index.

With a population of 328.2 million, the USA is the third most populous country in the world. The unemployment rate of the USA, whose labor force participation rate is 62%, is below the world average with 3.7%. 76% of the workforce in 2019 is employed in the services sector and 20% in the industry. According to World Bank data, the size of the US GDP in 2019 is 21.4 trillion dollars in current prices. According to IMF data, the US economy, which grew by 2.3% in real terms in 2019, is predicted to contract by -5.9% in 2020 with the effect of the COVID-19 pandemic.

According to Comtrade data, the USA realized exports of 1.64 trillion dollars and imports of 2.56 trillion dollars in 2019. It has established its closest trade relations with China, Canada and Mexico. While Turkey exports approximately 9 billion dollars to the USA in 2019, it imported 11.8 billion dollars from the USA. With a bilateral trade size of approximately 21 billion dollars in 2019, the USA is the fourth largest trade partner of Turkey.