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US economy continues to hold the leading position in 2019

Updated Time 20 Mar, 2020, 10:02 (UTC+08:00)

For a long time, the US economy has always affirmed its leading position in the world economy. Along with the internal economic potentials, the US is more likely to continue to maintain its leading position in 2020. So what are the highlights of the US economy?

1. Huge total export turnover and superior service

In 2019, despite intense trade war with China, the total US exported goods value is US$ 1,650 billion. The export value of the US in 2019 is similar to the export value in 2018. The major export markets of the US include European Union countries, Canada and Mexico.

To achieve this impressive figure, the US has always maintained quality on products, especially machinery. Exported goods accounted for 66% and contributed 1.7 trillion USD, as follows:

  • Manufactured goods accounted for 547 billion USD with high density items such as aircraft components (accounting for 132 billion USD), industrial machinery (57 billion USD), semiconductors (50 billion USD), telecommunication components (36 billion USD), electronic machinery (44 billion USD) and medical instruments (38 billion USD).
  • Industrial materials accounted for 531 billion USD with high proportion items such as petroleum products (122 billion USD), chemicals (81 billion USD), crude oil (41 billion USD), plastics (37 billion USD). , non-monetary gold (19 billion USD).
  • Consumer goods accounted for 206 billion USD, focusing on pharmaceutical materials (55 billion USD), phones (27 billion USD), diamonds (20 billion USD).
  • Cars accounted for 10% with162 billion USD.
  • Food, beverages and animal feed only accounted for USD 131 billion.

The remaining 34% was accounted for by service with a total value of 847 billion USD. High proportion of services such as tourism (306 billion USD), royalties and diplomas (129 billion USD), financial services (131 billion USD) and government / military contracts (21 billion USD).

US economy continues to hold the leading position in 2019

2. Impressive scale and productivity

The US economy ranked first with a total GDP of 21.440 billion USD, accounting for 23.6% of the world but the US population only accounted for 4.3%. The United States also has a high GDP growth rate of 2.1% in 2019.

3. Global brands

Most of us may know or use products or services from Google, Facebook, Amazon, Apple, Abbott, Oracle, etc. Those American brands always hold high positions in the business rankings. Typically, there are 8 US businesses in the top 10 brands by Forbes magazine.

Global brands

4. The US has a special attraction to investors

Many investors choose the US as an investment destination when the US has great economic potential. According to 2018 data, the US has attracted US $ 296 billion in investment from abroad.

Not only that, the US always has programs to attract investors to settle in the US like the EB-5 program. Thereby, helping the US earn billions of dollars from investment from foreign countries, especially from China, Vietnam and India.

5. Focus on technology development

Every year, the US government spends a lot of time and budget focusing on technology research and development. Typical technology corporations in the US can be mentioned as Google, Microsoft, Apple, Amazon, Facebook. Another evidence is that the 4.0 technology era also originated from these corporations.

Focus on technology development

6. USD always maintains its value

Through many major global economic fluctuations, the value of the US dollar has not decreased due to the fact that the US dollar always accounts for a high proportion of the global monetary reserve. The evidence is that in any country we can see the most used USD.

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