Data from 2014 shows that while American exports to the 11 other TPP nations totaled more than half a trillion dollars in absolute terms, there remains considerable room for improvement in relative terms. Looking at the US’ percentage share of import makes clear that there is market share to be gained with trading partners like Japan (where the US accounts for just 8.25% of imports), Australia (11.74%), and Malaysia (6.27%).
As the world’s largest economy, with one of the world’s most open and liberalized markets, the US could be expected to be the #1 exporter to countries around the world. But looking at the competition and relative ranking, the US is far from the top exporter to most TPP nations. With Australia, New Zealand, Japan, the US is in second place or lower, while with NAFTA partners Canada and Mexico, the US is the leading source of exports.
As The Economist highlighted last week, there is disagreement among economists and trade professionals about the exact size of the economic impact of the TPP, with advocates claiming something in the range of $300 billion over a decade. But from the US’ point of view, the opportunity to rise in the ranks of exporters and increase its share of imports in TPP nations is an opportunity.
*Import data for Brunei and Peru are from 2013.