USTR's Office of the Western Hemisphere is responsible for developing, implementing and monitoring U.S. trade policy in the Western Hemisphere.
The Office leads the negotiation and implementation of U.S. trade agreements in the Western Hemisphere, and oversees the administration and operation of these agreements, including the United States-Mexico-Canada Agreement, the Dominican Republic-Central America-United States Free Trade Agreement, and U.S. Free Trade Agreements with Chile, Peru, Colombia, and Panama.
The Office of the Western Hemisphere also manages U.S. trade relations with the Southern Common Market (Mercosur) and the Caribbean Common Market (CARICOM), including bilateral trade councils with Argentina, Brazil, Uruguay and Paraguay. In addition, it oversees U.S. trade preference programs in the region, including the Caribbean Basin Initiative and the Haitian Hemispheric Opportunity through Partnership Encouragement.
Western Hemisphere Trade & Investment Summary
U.S. goods and services trade with the Western Hemisphere totaled an estimated $2.4 trillion in 2022. Exports were $1.2 trillion; imports were $1.2 trillion. The U.S. goods and services trade deficit with the Western Hemisphere was $76.9 billion in 2022.
U.S. goods exports to the Western Hemisphere in 2022 were $905.5 billion, up 18.9 percent ($143.8 billion) from 2021 and up 31 percent from 2012. U.S. goods imports from the Western Hemisphere totaled $1.0 trillion in 2022, up 20.9 percent ($179.7 billion) from 2021, and up 35 percent from 2012. U.S. exports to the Western Hemisphere account for 43.8 percent of overall U.S. exports in 2022. The U.S. goods trade deficit with the Western Hemisphere was $135.1 billion in 2022, a 36.2 percent increase ($35.9 billion) over 2021.
U.S. exports of services to the Western Hemisphere were an estimated $244.6 billion in 2022, 13.3 percent ($29 billion) more than 2021, and 19 percent greater than 2012 levels. U.S. imports of services from the Western Hemisphere were an estimated $186.5 billion in 2022, 22.7 percent ($34.5 billion) more than 2021, and 37 percent greater than 2012 levels. Leading services exports from the U.S. to the Western Hemisphere were in the travel, professional and management services, and financial services sectors. The United States has a services trade surplus of an estimated $58.1 billion with the Western Hemisphere in 2022, down 9.0 percent from 2021.
U.S. foreign direct investment (FDI) in the Western Hemisphere (stock) was $1.5 trillion in 2022, a 2.7 percent increase from 2021. U.S. direct investment in the Western Hemisphere is led by nonbank holding companies, finance and insurance, and manufacturing.
The Western Hemisphere's FDI in the United States (stock) was $801.2 billion in 2022, up 5.5 percent from 2021. The Western Hemisphere's direct investment in the U.S. is led by manufacturing, finance and insurance, and depository institutions.
