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Asia-Pacific Economic Cooperation

APEC logo

Comprised of twenty-one “member economies,” the APEC forum operates on the basis of non-binding commitments. APEC economies include The United States, Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, and Vietnam

Key to achieving APEC's vision are what are referred to as the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific. This goal was adopted by Leaders at their 1994 meeting in Bogor, Indonesia.

U.S. Trade and Investment Liberalization Initiatives at APEC

USTR represents the United States on critical trade and investment liberalization initiatives at APEC, with the goal of delivering for U.S. exporters concrete and meaningful results that break down barriers to trade in the Asia-Pacific, create jobs, and contribute to economic growth. 

U.S.-APEC Trade Facts

U.S. goods and services trade with APEC economies totaled $2.8 trillion in 2016. Exports totaled $1.2 trillion; Imports totaled $1.6 trillion.  The U.S. goods and services trade deficit with APEC economies was $448 billion in 2016.

The United States has a $2.4 trillion in total (two ways) goods trade with APEC economies during 2016. Goods exports totaled $905 billion; Goods imports totaled $1.5 trillion.  The U.S. goods trade deficit with APEC economies was $577 billion in 2016.

Trade in services with APEC economies (exports and imports) totaled $458 billion in 2016. Services exports were $293 billion; Services imports were $165 billion.  The U.S. services trade surplus with APEC economies was $128 billion in 2016.

According to the Department of Commerce, U.S. goods exports to APEC countries supported an estimated 4.2 million jobs in 2015 (latest data available).

Exports

  • U.S. goods exports to APEC economies in 2016 were $905.0 billion, down 3.3% ($31.2 billion) from 2015, but up 42% from 2006.  U.S. exports to APEC economies account for 62% of overall U.S. exports in 2016.

  • The five largest export markets are: Canada ($266.8 billion), Mexico ($229.7 billion), China ($115.6 billion), Japan ($63.2 billion), and Korea ($42.3 billion).

  • The top export categories (2-digit HS) in 2016 were: Machinery ($130.7 billion), Electrical Machinery ($124.4 billion), Vehicles ($90.9 billion), Aircraft ($58.5 billion), and Mineral Fuel (oil) ($50.3 billion).

  • U.S. domestic exports of agricultural products to APEC economies totaled $98.8 billion in 2016 (total exports of $102.7 billion).  Leading categories include: soybeans ($19.6 billion), corn ($6.9 billion), beef and beef products ($5.6 billion), pork and pork products ($5.5 billion), and prepared food ($4.5 billion)

  • U.S. exports of services to APEC were $293.1 billion in 2016, up 2.3% ($6.5 billion) from 2015, and up roughly 80 percent from 2006.

Imports

  • U.S. goods imports from APEC economies totaled $1.5 trillion in 2016, down 2.6% ($39.3 billion) from 2015, but up 25% from 2006.  U.S. imports from APEC economies account for 67.7% of overall U.S. imports in 2016.

  • The top 5 U.S. import suppliers from the APEC countries for 2016 were: China ($462.6 billion), Mexico ($294.1 billion), Canada ($277.8 billion), Japan ($132.0 billion), and Korea ($69.9 billion).

  • The top import categories (2-digit HS) in 2016 were: electrical machinery ($295.9 billion), machinery ($234.1 billion), vehicles ($221.3 billion), mineral fuels (oil) ($75.3 billion), and furniture and bedding ($53.0 billion).

  • U.S. imports for consumption of agricultural products from APEC economies totaled $70.9 billion in 2016.  Leading categories include:  fresh fruit ($7.9 billion), fresh vegetables ($7.5 billion), snack foods (including chocolate) ($6.7 billion), red meats, fresh/chilled/frozen ($6.5 billion), and processed fruit and vegetables ($5.7 billion). 

  • U.S. imports of services were $165.1 billion in 2016, up 3.6% ($5.8 billion) from 2015, and up roughly 50% since 2006.

Trade Balance

  • The U.S. goods trade deficit with APEC economies was $576.5 billion in 2016, a 1.4% decrease ($8.1 billion) over 2015.

  • The United States has a services trade surplus of $128.0 billion with APEC economies in 2016, up 0.1% from 2015.  

Investment

  • U.S. foreign direct investment (FDI) in the APEC economies (stock) totaled $1.3 trillion in      2016, up 5.0% from 2015.

  • U.S. direct investment in the APEC economies is concentrated in the nonbank holding companies, manufacturing, and finance/insurance sectors.

  • The APEC economies’ FDI in the United States (stock) was $984.2 billion in 2016, up 9.5% from 2015.

  • The APEC economies reported direct investment in the U.S. is led by the manufacturing, wholesale trade, and finance/insurance sectors.

NOTE: Services trade data includes all of APEC economies except Papua New Guinea, from 2013 onward; prior to 2013 data not include Brunei, Peru, Papua New Guinea, Russia, and Vietnam.