# Trade & external macro thread

Informational only - not investment advice.

Exports, imports, net exports, and import prices from BEA and BLS public data.

As of: 2026-05-08
Related topic page: /skills/trade-external.html

This page is a data-driven assembly of existing grepcent indicators, SIC crosswalks, SEC company financials, and sanitized SEC MD&A text. The mapped sectors are grepcent descriptive editorial mappings, not forecasts, recommendations, or investment advice. Company inclusion is mechanical - largest by revenue in the mapped SIC sectors - and is not a recommendation, endorsement, or an assessment of any company's exposure to this theme.

Sector mapping is coarse (SIC level) and does not imply a company's business is driven by this theme; keyword matches are literal and may be incidental - read the linked filing for context.

## Macro Side

| Indicator | Latest reading | Units | As of | Source |
| --- | ---: | --- | --- | --- |
| [NETEXP](/indicator/NETEXP/) - Net Exports of Goods and Services | -895.042 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/NETEXP |
| [EXPGS](/indicator/EXPGS/) - Exports of Goods and Services | 3526.18 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/EXPGS |
| [IMPGS](/indicator/IMPGS/) - Imports of Goods and Services | 4421.22 | Billions of Dollars, seasonally adjusted annual rate | 2026-01-01 | https://fred.stlouisfed.org/series/IMPGS |
| [IR](/indicator/IR/) - Import Price Index (End Use): All Commodities | 147.6 | Index 2000=100 | 2026-04-01 | https://fred.stlouisfed.org/series/IR |

## Mapped SIC Sectors

Mapped from the existing topic crosswalk, refined where needed to SIC major-group scope for company selection.

- [Manufacturing](/division/D/): SIC division D
- [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/): SIC division E
- [Wholesale Trade](/division/F/): SIC division F
- [Retail Trade](/division/G/): SIC division G

## Largest Companies in Mapped Sectors (by revenue)

Companies are selected from the mapped SIC sectors and sorted by latest reported annual revenue (from SEC companyfacts). Missing metrics are left blank. MD&A signals are keyword matches against the sanitized latest 10-K MD&A text. Keywords scanned: exports, imports, tariff, foreign currency, supply chain.

| Company | Revenue | FY | Net margin | Operating margin | Revenue growth | MD&A mentions | Verbatim MD&A excerpt |
| --- | ---: | ---: | ---: | ---: | ---: | --- | --- |
| [AMZN](/company/AMZN/) - AMAZON COM INC | 716,924,000,000 | 2025 | 10.83% | 11.16% | 12.38% | tariff, foreign currency, supply chain | "We expect variability in inventory turnover over time since it is affected by numerous factors, including our product mix, the mix of sales by us and by third-party sellers, our continuing focus on in-stock inventory availability and selection of product offerings, supply chain disruptions and resulting vendor lead times, our investment in new geographies and product lines, and the extent to which we choose to utilize third-party fulfillment providers." (verbatim sentence from AMZN latest 10-K MD&A, filed 2026-02-06; https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm) |
| [WMT](/company/WMT/) - Walmart Inc. | 713,163,000,000 | 2026 | 3.07% | 4.18% | 4.73% | imports, tariff, supply chain | "We expect continued uncertainty in our business and the global economy due to the following factors: tariffs and trade restrictions; inflationary trends; fluctuations in global currencies; swings in macroeconomic conditions and their effect on consumer confidence; changes in employment trends; volatility in fuel prices; and supply chain pressures, any of which may impact our results." (verbatim sentence from WMT latest 10-K MD&A, filed 2026-03-13; https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm) |
| [AAPL](/company/AAPL/) - Apple Inc. | 416,161,000,000 | 2025 | 26.92% | 31.97% | 6.43% | imports, tariff, supply chain | "Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU, among others." (verbatim sentence from AAPL latest 10-K MD&A, filed 2025-10-31; https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm) |
| [MCK](/company/MCK/) - MCKESSON CORP | 403,430,000,000 | 2026 | 1.18% | 1.54% | 12.36% | foreign currency | "Refer to Item 1A - Risk Factors in Part I of this Annual Report for a risk factor related to fluctuations in foreign currency exchange rates, and risks from trade and tariffs." (verbatim sentence from MCK latest 10-K MD&A, filed 2026-05-08; https://www.sec.gov/Archives/edgar/data/927653/000092765326000069/mck-20260331.htm) |
| [CVS](/company/CVS/) - CVS HEALTH Corp | 402,067,000,000 | 2025 | 0.44% | 1.16% | 7.85% | supply chain | "Changes in the economic environment, including inflation, the implementation of new tariffs or changes in tariffs, including the impact of tariffs on trade relations between the U.S. and foreign countries, and labor and other market dynamics could create exposure for increased costs and supply chain disruptions that can adversely impact consumer demand, the ability to deliver client savings or the Company’s financial results." (verbatim sentence from CVS latest 10-K MD&A, filed 2026-02-10; https://www.sec.gov/Archives/edgar/data/64803/000006480326000010/cvs-20251231.htm) |
| [XOM](/company/XOM/) - EXXON MOBIL CORP | 332,238,000,000 | 2025 | 8.68% |  | -4.96% | imports, foreign currency | "Price ranges for crude oil and natural gas, including price differentials, refinery and chemical margins, volumes, development and operating costs, including greenhouse gas emissions pricing, and foreign currency exchange rates are part of the Corporate Plan assumptions developed annually." (verbatim sentence from XOM latest 10-K MD&A, filed 2026-02-18; https://www.sec.gov/Archives/edgar/data/34088/000003408826000045/xom-20251231.htm) |
| [COR](/company/COR/) - Cencora, Inc. | 321,332,819,000 | 2025 | 0.48% | 0.82% | 9.31% | foreign currency, supply chain | "We deliver innovative programs and services designed to increase the effectiveness and efficiency of the pharmaceutical supply chain in both human and animal health." (verbatim sentence from COR latest 10-K MD&A, filed 2025-11-25; https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm) |
| [COST](/company/COST/) - COSTCO WHOLESALE CORP /NEW | 275,235,000,000 | 2025 | 2.94% | 3.77% | 8.17% | foreign currency | "Foreign-currency transaction gains, net, include revaluation or settlement of monetary assets and liabilities, and mark-to-market adjustments for forward foreign-exchange contracts." (verbatim sentence from COST latest 10-K MD&A, filed 2025-10-08; https://www.sec.gov/Archives/edgar/data/909832/000090983225000101/cost-20250831.htm) |
| [CAH](/company/CAH/) - CARDINAL HEALTH INC | 222,578,000,000 | 2025 | 0.70% | 1.02% | -1.87% | tariff, supply chain | "We provide pharmaceuticals and medical products and cost-effective services and solutions that enhance the healthcare system and supply chain efficiency." (verbatim sentence from CAH latest 10-K MD&A, filed 2025-08-12; https://www.sec.gov/Archives/edgar/data/721371/000072137125000079/cah-20250630.htm) |
| [NVDA](/company/NVDA/) - NVIDIA CORP | 215,938,000,000 | 2026 | 55.60% | 60.38% | 65.47% | exports, imports, tariff, foreign currency, supply chain | "Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses." (verbatim sentence from NVDA latest 10-K MD&A, filed 2026-02-25; https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm) |
| [CVX](/company/CVX/) - CHEVRON CORP | 189,031,000,000 | 2025 | 6.51% |  | -6.79% | exports, imports, tariff, foreign currency, supply chain | "Supply Chain and Inflation Impacts The company is actively managing its contracting, procurement and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company’s operational goals." (verbatim sentence from CVX latest 10-K MD&A, filed 2026-02-24; https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx-20251231.htm) |
| [F](/company/F/) - FORD MOTOR CO | 187,267,000,000 | 2025 | -4.36% | -4.90% | 1.23% | tariff, foreign currency, supply chain | "To the extent governments in various regions implement or intensify restrictions or barriers to trade, such as tariff or non-tariff barriers, export controls, currency manipulation, or policies that otherwise favor domestic companies, there can be a significant negative impact on manufacturers based in other markets." (verbatim sentence from F latest 10-K MD&A, filed 2026-02-11; https://www.sec.gov/Archives/edgar/data/37996/000003799626000015/f-20251231.htm) |
| [GM](/company/GM/) - General Motors Co | 185,019,000,000 | 2025 | 1.46% | 1.57% | -1.29% | imports, tariff, foreign currency, supply chain | "Over the course of 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements." (verbatim sentence from GM latest 10-K MD&A, filed 2026-01-27; https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm) |
| [HD](/company/HD/) - HOME DEPOT, INC. | 164,683,000,000 | 2026 | 8.60% | 12.68% | 3.24% | supply chain | "We have worked, and continue to work, diligently to diversify our global supply chain and to implement other cost mitigation initiatives." (verbatim sentence from HD latest 10-K MD&A, filed 2026-03-18; https://www.sec.gov/Archives/edgar/data/354950/000162828026019436/hd-20260201.htm) |
| [KR](/company/KR/) - KROGER CO | 147,642,000,000 | 2026 | 0.69% | 1.28% | 0.35% | supply chain | "This increase resulted primarily from the sale of our Kroger Specialty Pharmacy business, which has a lower gross margin rate, sourcing improvements, lower shrink, lower supply chain costs and decreased fuel sales, which have a lower gross margin rate, partially offset by increased pharmacy sales, which have a lower gross margin rate, and increased price investments." (verbatim sentence from KR latest 10-K MD&A, filed 2026-03-31; https://www.sec.gov/Archives/edgar/data/56873/000110465926037723/kr-20260131x10k.htm) |