The Digital B2B Outlook for the United States in 2023

With so many recent changes in the global economy, American exporters are left wondering what the New Year holds. Fortunately, many exporting prospects are on the horizon.

This article will cover the United States’ economic prospects and exporting chances for 2023. We’ll also look at a few significant US exports for the coming year. To conclude, we will look at how a B2B e-commerce platform may assist wholesalers in expanding into new markets.

Section I: Table of Contents

Economic prospects for the U.S.

Export opportunities for the United States

In 2023, there will be five main US exports.

Economic prospects for the U.S.
Since the outbreak of the pandemic, the United States, like many other countries, has undergone significant economic change.

The American economy has experienced many ups and downs, and many fear that a recession will occur shortly. Fortunately, the US government has intervened to ameliorate some of the economic pain in the hopes of averting a negative conclusion.

Here are a few current indications that US exporters should be aware of in order to gain a better knowledge of the American economy’s present health.

Inflation

In the last two years, the United States has experienced considerable inflation. From gas prices to grocery prices, Americans have seen the expense of living rise faster than what is considered healthy.

Fortunately, inflation is anticipated to drop to 3.4% in 2023, less than half of the 7.7% seen in the US in 2022.

1 Rate rise by the Fed
The United States Federal Reserve said in September 2022 that it will raise the federal funds rate to combat inflation.

This raises interest rates, effectively increasing the cost of borrowing money. Higher interest rates, the theory goes, restrict the circulation of money and reduce aggregate demand, lowering market prices for a variety of goods.

2 Economists appear confidence in the effectiveness of this strategy, as evidenced by the positive projection for inflation in 2023.

The Fed rate is intended to have a direct impact on the American economy, but it has a global impact. This is because many organisations and institutions regard the US dollar (USD) as the global currency.

The value of the US dollar has already risen dramatically, reaching record levels against other world currencies in some situations.

3 This is critical for American exporters to remember because it means that certain of their international trade partners’ currencies will no longer travel as far as they did previously. We shall discuss global demand trends in greater detail later in this post.

GDP expansion
The United States’ gross domestic product (GDP) has increased significantly in recent years. Economists believe that growth would drop significantly in 2023. 4

Because GDP growth is a measure of economic health, a slowing of growth may be concerning to certain traders. This, however, should not deter exporters, but it is something they should be aware of.

Export opportunities for the U.S.

Despite the fact that the American economy is currently undergoing ups and downs, there are several variables at work that are creating exporting prospects for the country. Growth in international trade, a growing B2B e-commerce sector, rising worldwide demand, and favourable international trading parties are among these.

Let us now take a closer look at each of these possibilities.

B2B e-commerce market is thriving.

As previously stated, the United States’ economy has changed greatly in recent years and will most likely continue to fluctuate through 2023. Throughout the recent period of uncertainty, e-commerce has shown to be extremely beneficial. B2B e-commerce has been particularly significant in the United States.

As previously stated, the United States’ economy has changed greatly in recent years and will most likely continue to fluctuate through 2023. Throughout the recent period of uncertainty, e-commerce has shown to be extremely beneficial. B2B e-commerce has been particularly significant in the United States.

The B2B e-commerce market in the United States is thriving. Indeed, it is expected to reach $2 trillion in 2023 and $3 trillion in the next five years.

5 Given that the US B2B business is valued $16.273 trillion, there is still plenty of possibility for growth in the online sector.

6 The majority of the B2B e-commerce market in the United States is concentrated on four industries: food, electronics, autos, and vehicle parts.

7 There is a lot of overlap between these businesses and the biggest American exports, but we’ll get into the industries that are most important to exporters later in this essay.

International trade expansion
Despite the current economic environment’s potential obstacles, the United States is on track to reach $2.05 trillion in exports by the end of 2022. This represents a 16.9% increase year over year. 8 With that kind of development in mind, American wholesalers would be prudent to look into other markets.

China, Canada, Mexico, Japan, Germany, South Korea, the United Kingdom, France, and India are among the top ten trading partners of the United States. Italy, Brazil, Switzerland, Ireland, and Vietnam are some more emerging partners to consider. 

9 Although these are some of the most popular marketplaces, it is worthwhile to look into less popular partners as well. For example, building the groundwork for trade with nations on the verge of economic growth can pay dividends in the long run.

Global demand is increasing in the post-pandemic era.
The pandemic generated demand shifts, supply chain disruptions, and other disruptions, resulting in a global increase in demand in the post-pandemic era. After overcoming the limitations caused by the pandemic, it was projected that worldwide demand would rise.

Although worldwide demand has risen in the post-pandemic era, it is critical to remember the comments we made previously concerning the strengthening of the USD and its effects on global currency prices.

Nations whose currencies have fallen in value relative to the US dollar may have less demand for American goods in the near future. This is due to the fact that American goods have become more expensive in their respective currencies.

Favorable international trade policy
Favorable trade policies are also creating chances for American exporters.

In fact, the United States is currently a partner in twenty separate free trade agreements (FTAs).

10 The United States is also a signatory to a slew of Trade and Investment Framework Agreements (TIFAs). 11 Each of these alliances, partnerships, and treaties creates more avenues for US exporters to conduct business with organisations in other nations.

5 key US exports in 2023
The United States has numerous big exports, but several major B2B e-commerce exports are on the increase. Here are a few big US exports to consider as we approach 2023. 12

1. Mineral fuels