APEC Members
APEC has 21 members, referred to as "Member Economies", which account for approximately 38 percent of the world's population, 60 percent of the world's total GDP and 47 percent of the world's trade. APEC Member Economies are Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; the United States of America; and Viet Nam.
U.S.-APEC Trade Facts
U.S. goods and services trade with APEC totaled an estimated $2.9 trillion in 2020. Exports were $1.1 trillion; imports were $1.7 trillion. The U.S. goods and services trade deficit with APEC was $571.7 billion in 2020.
U.S. Goods trade (exports plus imports) with APEC totaled $2.5 trillion in 2020. Goods exports totaled $887.4 billion; goods imports totaled $1.6 trillion. The U.S. goods trade deficit with APEC was $681.6 billion in 2020.
Trade in services with APEC (exports and imports) totaled an estimated $407.1 billion in 2020. Services exports were $258.5 billion; services imports were $148.6 billion. The U.S. services trade surplus with APEC was $109.9 billion in 2020.
According to the Department of Commerce, U.S. exports of goods and services to APEC supported an estimated 5.6 million jobs in 2019 (latest data available) (3.9 million supported by goods exports and 1.7 million supported by services exports)
Exports
- U.S. goods exports to APEC in 2020 were $887.4 billion, down 10.8 percent ($107.4 billion) from 2019 but up 14 percent from 2010. U.S. exports to APEC account for 62.3 percent of overall U.S. exports in 2020.
- The top export markets in the region for 2020 were: Canada ($256.1 billion), Mexico ($211.5 billion), China ($124.5 billion), Japan ($63.8 billion), and South Korea ($51.0 billion).
- The top export categories (2-digit HS) in 2020 were: machinery ($127.8 billion), electrical machinery ($120.5 billion), mineral fuels ($81.5 billion), vehicles ($73.2 billion), and optical and medical instruments ($46.5 billion).
- U.S. total exports (domestic exports plus re-exports) of agricultural products to APEC totaled $113.6 billion in 2020. Leading domestic export categories include: soybeans ($20 billion), pork and pork products ($7.1 billion), beef and beef products ($7.1 billion), corn ($7.0 billion), and dairy products ($5.3 billion).
- U.S. exports of services to APEC were an estimated $258.5 billion in 2020, 23.9 percent ($81 billion) less than 2019, but 15 percent greater than 2010 levels. Leading services exports from the U.S. to APEC were in the travel, intellectual property (licenses for the use of research and development), and financial services sectors.
Imports
- U.S. goods imports from APEC totaled $1.6 trillion in 2020, down 5.4 percent ($90.1 billion) from 2019, but up 27 percent from 2010. U.S. imports from APEC account for 67.2 percent of overall U.S. imports in 2020.
- The top import markets in the region for 2020 were: China ($434.7 billion), Mexico ($325.2 billion), Canada ($275.9 billion), Japan ($119.5 billion), and Vietnam ($79.6 billion).
- The top import categories (2-digit HS) in 2020 were: electrical machinery ($299.9 billion), machinery ($271.5 billion), vehicles ($201.9 billion), mineral fuels ($82.8 billion), and furniture and bedding ($52.9 billion).
- U.S. total imports (general definition) of agricultural products from APEC totaled $63.8 billion in 2020. Leading categories include: fresh vegetables ($9.5 billion), processed fruit and vegetables ($6.5 billion), baked goods, cereals, and pasta ($6.4 billion), beef and beef products ($5.7 billion), and sugars, sweeteners, beverages bases ($4.3 billion).
- U.S. imports of services from APEC were an estimated $148.6 billion in 2020, 24.3 percent ($47.6 billion) less than 2019, but 16 percent greater than 2010 levels. Leading services imports from APEC to the U.S. were in the transportation, professional and management services, and travel sectors.
Trade Balance
- The U.S. goods trade deficit with APEC was $681.6 billion in 2020, a 2.6 percent increase ($17.3 billion) over 2019.
- The United States has a services trade surplus of an estimated $109.9 billion with APEC in 2020, down 23.5 percent from 2019.
Investment
- U.S. foreign direct investment (FDI) in APEC (stock) was $1.5 trillion in 2020, a 3.3 percent increase from 2019. U.S. direct investment in APEC is led by nonbank holding companies, manufacturing, and finance and insurance.
- APEC's FDI in the United States (stock) was $1.4 trillion in 2020, up 3.3 percent from 2019. APEC's direct investment in the U.S. is led by manufacturing, wholesale trade, and finance and insurance.
- Sales of services in APEC by majority U.S.-owned affiliates were $570.9 billion in 2019 (latest data available), while sales of services in the United States by majority APEC-owned firms were $443.6 billion.
