section_path: International trade
section_name: International trade
paragraph_text: International trade
  
  The United States is the world's second-largest trading nation. There is a large amount of U.S. dollars in circulation all around the planet; about 60% of funds used in international trade are U.S. dollars. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
  
  The North American Free Trade Agreement, or NAFTA, created one of the largest trade blocs in the world in 1994.
  
  Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, current account deficits. The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013.
  
  The U.S. trade deficit increased from $502 billion in 2016 to $552 billion in 2017, an increase of $50 billion or 10%. During 2017, total imports were $2.90 trillion, while exports were $2.35 trillion. The net deficit in goods was $807 billion, while the net surplus in services was $255 billion.
  
  Americas ten largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India and Taiwan. The goods trade deficit with China rose from $347 billion in 2016 to $376 billion in 2017, an increase of $30 billion or 8%. In 2017, the U.S. had a goods trade deficit of $71 billion with Mexico and $17 billion with Canada.
  
  According to the KOF index of globalization and the globalization index by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of globalization. U.S. workers send a third of all remittances in the world.
  
  The United States is the world's second-largest trading nation. There is a large amount of U.S. dollars in circulation all around the planet; about 60% of funds used in international trade are U.S. dollars. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
  
  The North American Free Trade Agreement, or NAFTA, created one of the largest trade blocs in the world in 1994.
  
  Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, current account deficits. The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013.
  
  The U.S. trade deficit increased from $502 billion in 2016 to $552 billion in 2017, an increase of $50 billion or 10%. During 2017, total imports were $2.90 trillion, while exports were $2.35 trillion. The net deficit in goods was $807 billion, while the net surplus in services was $255 billion.
  
  Americas ten largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India and Taiwan. The goods trade deficit with China rose from $347 billion in 2016 to $376 billion in 2017, an increase of $30 billion or 8%. In 2017, the U.S. had a goods trade deficit of $71 billion with Mexico and $17 billion with Canada.
  
  According to the KOF index of globalization and the globalization index by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of globalization. U.S. workers send a third of all remittances in the world.
  
  The United States is the world's second-largest trading nation. There is a large amount of U.S. dollars in circulation all around the planet; about 60% of funds used in international trade are U.S. dollars. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
  
  The North American Free Trade Agreement, or NAFTA, created one of the largest trade blocs in the world in 1994.
  
  Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, current account deficits. The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013.
  
  The U.S. trade deficit increased from $502 billion in 2016 to $552 billion in 2017, an increase of $50 billion or 10%. During 2017, total imports were $2.90 trillion, while exports were $2.35 trillion. The net deficit in goods was $807 billion, while the net surplus in services was $255 billion.
  
  Americas ten largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India and Taiwan. The goods trade deficit with China rose from $347 billion in 2016 to $376 billion in 2017, an increase of $30 billion or 8%. In 2017, the U.S. had a goods trade deficit of $71 billion with Mexico and $17 billion with Canada.
  
  According to the KOF index of globalization and the globalization index by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of globalization. U.S. workers send a third of all remittances in the world.