U.S.-APEC Trade Facts

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

In 2023, APEC GDP (including the United States) was an estimated $63.8 trillion (current market exchange rates), and the population was 3.0 billion. Not including the United States, APEC GDP was an estimated $36.9 trillion, and the population was 2.6 billion (Source: IMF)

U.S. goods and services trade with APEC totaled an estimated $3.8 trillion in 2023. Exports were $1.6 trillion; imports were $2.3 trillion. The U.S. goods and services trade deficit with APEC was $697.2 billion in 2023.

U.S. Goods trade (exports plus imports) with APEC totaled $3.2 trillion in 2023. Goods exports totaled $1.2 trillion; goods imports totaled $2.0 trillion. The U.S. goods trade deficit with APEC was $818.5 billion in 2023.

Trade in services with APEC (exports and imports) totaled an estimated $609.4 billion in 2023. Services exports were $365.4 billion; services imports were $244.1 billion. The U.S. services trade surplus with APEC was $121.3 billion in 2023.

According to the Department of Commerce, U.S. exports of goods and services to APEC supported an estimated 4.8 million jobs in 2021 (latest data available) (3.6 million supported by goods exports and 1.2 million supported by services exports).

Exports

• U.S. goods exports to APEC in 2023 were $1.2 trillion, down 2.5 percent ($31.3 billion) from 2022 but up 25 percent from 2013. U.S. exports to APEC account for 59.0 percent of overall U.S. exports in 2023.

• The top export categories (2-digit HS) in 2023 were: mineral fuels ($160.0 billion), machinery ($158.2 billion), electrical machinery ($142.0 billion), vehicles ($108.0 billion), and optical and medical instruments ($56.7 billion).

• U.S. total exports (domestic exports plus re-exports) of agricultural products to APEC totaled $132.8 billion in 2023. Leading domestic export categories include: soybeans ($22 billion), corn ($10 billion), beef and beef products ($9.0 billion), pork and pork products ($7.1 billion), and dairy products ($6.5 billion).

• U.S. exports of services to APEC were an estimated $365.4 billion in 2023, 13.5 percent ($38 billion) more than 2022, and 19 percent greater than 2013 levels. Leading services exports from the U.S. to APEC were in the travel, intellectual property (charges for use of IP), and financial services sectors.

Imports

• U.S. goods imports from APEC totaled $2.0 trillion in 2023, down 6.6 percent ($143.0 billion) from 2022, but up 37 percent from 2013. U.S. imports from APEC account for 65.1 percent of overall U.S. imports in 2023.

• The top import categories (2-digit HS) in 2023 were: electrical machinery ($385.8 billion), machinery ($330.4 billion), vehicles ($295.1 billion), mineral fuels ($159.2 billion), and optical and medical instruments ($62.5 billion).

• U.S. total imports (general definition) of agricultural products to APEC totaled $122.1 billion in 2023. Leading categories include: fresh vegetables ($11 billion), baked goods, cereals, and pasta ($10 billion), vegetable oils ($8.6 billion), processed fruit and vegetables ($8.4 billion), and beef and beef products ($7.7 billion).

• U.S. imports of services from APEC were an estimated $244.1 billion in 2023, 25.9 percent ($47.8 billion) more than 2022, and 58 percent greater than 2013 levels. Leading services imports from APEC to the U.S. were in the transport, travel, and telecommunications, computer, and information services sectors.

Trade Balance

• The U.S. goods trade deficit with APEC was $818.5 billion in 2023, a 12.0 percent decrease ($111.7 billion) over 2022.

• The United States has a services trade surplus of an estimated $88.2 billion with APEC in 2022, down 10.0 percent from 2021.

Investment

• U.S. foreign direct investment (FDI) in APEC (stock) was $1.5 trillion in 2022, a 3.0 percent increase from 2021 (latest data available). 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 $807.4 billion in 2022, up 7.8 percent from 2021. 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 $679.0 billion in 2021 (latest data available), while sales of services in the United States by majority APEC-owned firms were $443.4 billion.