During Joe Biden‘s presidency, the United States continued to lose its share of global trade, and it is expected to decline to 10.53%, until the end of his term, according to the World Trade Organization and the US Statistical Service.
During the presidency of former US President Donald Trump, the United States’ share in global trade decreased by 0.7 percentage points to 10.78%, due to the trade war with China.
After Joe Biden came to power, the United States’ share in global trade continued to decline. In the first year of his presidency, this indicator fell by 0.34 percentage points immediately, although the United States managed to increase trade volume to $4.7 trillion from $3.8 trillion a year ago.
The next two years became a turning point for the United States, as its share began to rise in light of the global transformation of trade relations against the backdrop of the start of the “sanctions war” against Russia.
The reason for this rise is due to a noticeable jump in energy supplies by American companies in 2022, that is, after the outbreak of an energy crisis in Europe.
In absolute numbers, US exports that year increased 1.6 times to a record level of $379 billion. The country’s share of total supplies increased by about 5 percentage points to 18.34%.
In 2023, the volume of American exports and imports decreased slightly, but the position of the United States strengthened by 1.2% in real terms and 5% in nominal terms in light of the general decline in global trade.
As a result, the United States increased its share in global trade over the course of two years together by 0.18 percentage points to 10.62%.
Last updated: October 12, 2024 – 22:09
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