Order Code IB96038
Issue Brief for Congress
Received through the CRS Web
U.S. International Trade:
Data and Forecasts
Updated November 27, 2002
Dick K. Nanto and Thomas Lum
Foreign Affairs, Defense, and Trade Division
Congressional Research Service ˜ The Library of Congress

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CONTENTS
SUMMARY
MOST RECENT DEVELOPMENTS
BACKGROUND AND ANALYSIS
Background
U.S. Merchandise Trade Balance
Merchandise Trade Balance in Volume Terms
Current Account Balance
Forecasts
U.S. Bilateral Trade Balances

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U.S. International Trade: Data and Forecasts
SUMMARY
In 2001 the United States incurred a trade
from 1986 through 1988.
deficit in goods of $411.3 billion on a Census
basis and $426.6 billion on a balance-
The worsening of the deficit in 1993-95
of-payments basis (BoP). A surplus in ser-
can be attributed primarily to the faster recov-
vices trade of $80.3 billion gave a deficit of
ery from recession in the United States than in
346.2 billion on goods and services (BoP) for
Europe or Japan. In 1997-99, the Asian finan-
the year. For September 2002, the trade
cial crisis caused a sizable fall in U.S. exports
deficit in goods and services fell slightly to
to Asia and a marked increase in U.S. imports
$38 billion from $38.3 billion in August.
from Asia as well as rising U.S. imports of
capital.
Overall U.S. trade deficits reflect a short-
age of savings in the domestic economy and a
In 2001, total U.S. goods trade reached
reliance on capital imports to finance that
$1.87 trillion, compared to $2.0 trillion in
shortfall. They are a concern for Congress for
2000, with exports of $731 billion and imports
several reasons. Financial, budgetary and
of $1.142 trillion (Census basis). In 2001,
other policies may affect the size of the trade
U.S. exports decreased by 6.6%, while im-
deficit, while trade and capital flows affect the
ports decreased by 6.2% primarily because of
exchange value of the U.S. dollar. A large
the U.S. and global recession.
overall trade deficit may also indicate that
certain U.S. industries are having difficulty
The broadest measure of U.S. interna-
competing with imports at home and in mar-
tional economic transactions is the balance on
kets abroad. This may generate trade friction
current account. In addition to merchandise
and pressures for the government to do more
trade, it includes trade in services and unilat-
to open foreign markets, shield U.S. producers
eral transfers. In 2001, the current account
from foreign competition, or assist U.S. indus-
deficit fell to $417.4 billion from a record
tries to become more competitive.
$444.7 billion in 2000. After reaching a peak
of $160.7 billion in 1987, the current account
Since 1976, the United States has in-
deficit had fallen steadily through 1991 when
curred continual merchandise trade deficits.
it reached a surplus of $3.8 billion. Economic
They increased dramatically from $36.5 bil-
projections indicate that the current account
lion in 1982 to a peak in 1987 at $159.6 bil-
deficit may rise to about $468.6 billion in
lion. The deficit dropped to $74.1 billion in
2002.
1991 but rose to $436.1 billion in 2000. It

fell to $411.3 billion in 2001 (Census basis).
In trade in advanced technology products,
the U.S. surplus dropped from $19.1 billion in
Much of the improvement in the U.S.
1999 to $4.8 billion in 2001.
trade deficit between 1987 and 1991 resulted
from a depreciation of the dollar and the
In trade in passenger automobiles, the
recession in 1990-1991. The multilateral
United States has been running a deficit,
trade-weighted real value of the U.S. dollar
particularly with Canada, Japan, Mexico, and
reached a high in 1985, then dropped sharply
Germany.
Congressional Research Service ˜ The Library of Congress

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MOST RECENT DEVELOPMENTS
For September 2002 the U.S. international trade deficit in goods and services fell
slightly to $38 billion, from $38.3 billion in August (BoP basis). Exports of goods and
services decreased to $82.1 billion in September, from $82.5 billion in August. September
imports fell to $120.2 billion, from $120.7 billion in August. Exports of goods alone
increased to $58.3 billion, from $58.2 billion in August, while imports of goods fell to $100.1
billion, from $100.6 billion in August.
The year-to-date deficit (January to September 2002) on goods trade with Mexico was
$28.1 billion (Census basis), with Japan was $49.9 billion, with China was $83.6 billion,
with the European Union was 58.3 billion, and with the Asian Newly Industrialized
Countries (Hong Kong, South Korea, Singapore, and Taiwan) was $15.2 billion.
BACKGROUND AND ANALYSIS
Background
The rising U.S. trade deficit was one of the few negatives as the American economy
boomed over the 1990s. As the economy has slowed, the deficit also has been declining
somewhat. Still, the U.S. deficits on goods trade and current account have roughly doubled
over the past 2 years. Historically, between 1980 and 1987, both trade and current account
deficits expanded but then decreased substantially between 1988 and 1991. Since then, both
have risen again and have been running at record-breaking levels. This issue brief provides
historical and current data as well as some forecasts on U.S. trade and current accounts.
U.S. trade balances are macroeconomic variables that may or may not indicate
underlying problems with the competitiveness of particular industries or what some refer to
as the competitiveness of a nation. The reason is that overall trade flows are determined,
within the framework of institutional barriers to trade and the activities of individual
industries primarily by macroeconomic factors such as rates of growth, savings and
investment behavior (including government budget deficits/surpluses), international capital
flows, and exchange rates.
Increases in trade deficits may diminish economic growth, since net exports (exports
minus imports) are a component of gross domestic product. In the late 1980s and early
1990s, export growth was an important element in overall U.S. economic growth. In 1999,
merchandise exports accounted for about 8.5% of GDP, compared with 5.9% in 1990.
Recently, however, rising trade deficits have reduced total domestic demand in the economy,
although the deficits have been offset by rising consumer, business, and government demand.
The U.S. government compiles trade data in four different ways. The data are first
reported on a Census or Customs basis. These numbers are then adjusted and reported on
an international transactions basis, which is essentially the same as the balance of payments
(BoP) basis (including adjustments for valuation, coverage, and timing and excluding
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military transactions). The data are finally reported in terms of national income and product
accounts (NIPA). In 2001, for example, the U.S. merchandise trade deficit on a Census basis
was $411.3 billion, on a balance-of-payments basis was $426.6 billion, and on a NIPA basis
was $348.6 billion. Most bilateral and sectoral data are reported only on a Census basis.
Export and import data also may be adjusted for inflation to gauge movement in trade
volumes as distinct from trade values. Conceptually, this procedure is analogous to adjusting
macroeconomic data from nominal to real values. The Census Bureau also reports imports
on a c.i.f. (cost-insurance-freight) basis which includes the value of insurance, international
shipping, and other charges incurred in bringing merchandise to U.S. ports of entry. The
Customs, or f.a.s. (free-alongside-ship), data do not include these supplementary costs. The
data on merchandise trade presented below do not include insurance and freight charges that
are counted in U.S. services trade.
U.S. Merchandise Trade Balance
The merchandise (goods) trade balance is the most widely known and frequently used
indicator of U.S. international economic activity (see Figure 1). In 2001, total U.S.
merchandise trade on a Census basis amounted to $1.87 trillion, with exports of $730 billion
and imports of $1,142 billion. The U.S. merchandise trade deficit decreased 5.7% in 2001
to $411.3 billion (Census basis), following a 26% increase in 2000. Prior to 1992, the deficit
had decreased for 4 consecutive years, from a previous peak of $159.6 billion in 1987 to
$74.1 billion in 1991. The increase in the trade deficit to 2000 was due largely to sluggish
demand for U.S. exports caused primarily by a combination of capital inflows into the U.S.
market with slow economic recovery in other countries and increasing demand for imports
caused mainly by faster economic growth in the United States. As a share of gross domestic
product (GDP), the deficit on goods trade rose from 1.9% in 1990 to 4.5% in 2000, then fell
to 4.1% in 2001.
Figure 1. U.S. Imports, Exports, Merchandise
Trade Balance, and Real Effective Dollar
Exchange Rate, 1980-2001
$ Billions
Exchange Rate Index
1200
Real Effective Dollar
1000
Exchange Rate
Exports
(Right Scale)
800
Imports
600
400
200
0
-200
Trade Balance
-400
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01
Year
Source: U.S. Department of Commerce. Balance of Payments Basis
Note: For Exchange Rate Index, 1990=100
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As shown in Table 1 and Figure 2, Figure 2. Annual Growth in U.S. Exports
U.S. merchandise exports decreased in
and Imports, 1981-2001 (Census Basis)
1998 for the first time since 1986, and
30
again fell in 2001 as they dropped by
25
6.5% in response to the global
20
slowdown. In, general, however, they
15
have been increasing each year. The
10
rate of growth of imports has also been
high, although they too fell by 6.2% in
5
2001. In 2001, imports exceeded
0
exports by 56% — an improvement
-5
over the 1987 figure of 64%. The fact
-10
that imports exceeded exports by 56%
-15
in 2001, however, implies that U.S.
81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01
exports must grow 56% faster than
Source: U.S. Department of Commerce
imports just for the trade deficit to stay
the same.
Merchandise Trade Balance in Volume Terms
Like other economic variables, Figure 3. U.S. Exports, Imports, and Trade
exports and imports, reported in Balance by Volume (1996 base), 1982-2001
terms of their values, can change
1500
merely because prices change. Trade
1250
data, therefore, can be adjusted for
1000
inflation by dividing by a price index
U.S. Imports
750
(currently based on prices and
500
weights in 1996). Such corrected
250
data are referred to as “volume” and
U.S. Exports
0
not “real,” because some trade
-250
commodities actually are reported in
Trade Balance
-500
volume terms (e.g., tons of wheat).
-750
The volume data provide a more
-1000
accurate picture of how the
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 0
1
underlying flows of merchandise are
Source: U.S. Bureau of the Census
changing.
As shown in Table 2 and Figure 3, the constant-dollar value, or physical volume, of
merchandise exports increased by 11.6% in 2000, 4.0% in 1999, 2.2% in 1998, and 14.5%
in 1997. The physical volume of imports increased by 13.9% in 2000, 12.5% in 1999, as
compared with 11.8% in 1998, and 14.2% in 1997. Because the growth in merchandise
imports is higher than the growth of exports and because imports exceed exports by 37% on
a physical volume basis, the U.S. trade deficit in terms of volume is also increasing. In
recent years, the deficit in volume terms has varied relative to the deficit in value terms partly
because of fluctuations in oil import prices (when oil prices rise, the deficit in value rises
relative to that in volume terms).
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Current Account Balance
The current account provides a
Figure 4. U.S. Current Account and
broader measure of U.S. trade
Merchandise Trade Balances, 1981-2001
because it includes services,
investment income, and unilateral
transfers in addition to merchandise.
The balance on services includes
travel, transportation, fees and
royalties, insurance payments, and
other government and private
services. The balance on investment
income includes income received on
U.S. assets abroad minus income
paid on foreign assets in the U.S.
Unilateral transfers are international
transfers of funds for which there is
Source: U.S. Department of Commerce
no quid pro quo. These include
private gifts, remittances, pension
payments, and government grants (foreign aid).
Table 3 summarizes the components of the U.S. current account. The U.S. deficit on
current account fell from a record-high $160.7 billion in 1987, to $79.0 billion in 1990, and
rose to a $3.8 billion surplus in 1991 (primarily because of payments to fund the Gulf War
by Japan and other nations). However, in 1992, the current account deficit increased
significantly to $48.5 billion and again to $82.7 billion in 1993, $118.6 billion in 1994,
$120.8 billion in 1996, $217.5 billion in 1998, and increased to $444.7 billion in 2000 or
4.5% of GDP – up from 1.3% in 1990. In 2001, the current account deficit fell to $417
billion or 4.1% of GDP.
Since the merchandise trade balance comprises the greater part of the current account,
the two tend to track each other. Unlike the merchandise trade balance, however, the
services account has been in surplus since 1975. In 2001, the United States enjoyed a $78.8
billion surplus with the world in services trade. Since Americans are such large investors in
foreign economies, the United States traditionally has had a surplus in its investment income.
This surplus on income from investments, an amount that reached as high as $36.3 billion
in 1983, dropped to a deficit of $19.1 billion in 2001, an increase from the $9.6 billion deficit
in 2000. The U.S. deficit in unilateral transfers at $50.5 billion in 2001 has moderated from
the high of $54.1 billion in 2000, but the trend line has been rising in recent years and is
roughly double the level of the mid-1980s. This partially offsets the U.S. surplus in services.
Forecasts
According to DRI-WEFA, a leading U.S. economic forecasting firm, in 2002 the U.S.
merchandise (goods) trade deficit is expected to increase to about $460 billion on a
balance-of-payments basis (see Figure 5). In 2003, the deficit is projected to increase further
to $488 billion. Table 4 includes these published forecasts. As for the U.S. current account
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deficit, DRI-WEFA projects it to increase to around $460 billion in 2002 and rise further to
$536 billion in 2003.
Figure 5. U.S. Balances of Trade in Goods
and Current Account, Actual from 1997 and
Forecast to 2003 (in current dollars)
$Billions
0
Actual
Forecast
-100
Current Account
Balance
-200
-300
-400
Merchandise Trade
Balance
-500
-600
97
98
99
2000
01
02
03
Year
Source: Actual from U.S. Department of Commerce. Forecast from DRI-WEFA, Inc.
Figure 6 shows the current account balance as a percent of U.S. gross domestic product.
It has grown in magnitude from near zero in 1980 to -4.5% in 2000 and declined to -4.1%
in 2001.
Figure 6. U.S. Current Account Balance as a
Percent of U.S. Gross Domestic Product, 1980 to
2003 (forecast)
Actual
Forecast
1
0.1
0.2
0.1
0
-0.2
-1
-0.8
-1.1
-1.3
-1.2
-1.5-1.6
-2
-1.8
-1.7
-1.7
-2.4
-2.4
-2.5
-3
-2.8
-3.3-3.4
-3.5
-4
-4.1
-4.5
-4.4
-5
-5.1
-6
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03
Data from U.S. Department of Commerce. Forecasts by DRI-WEFA, Inc., Summer 2001
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U.S. Bilateral Trade Balances
The overall U.S. merchandise trade balance consists of deficits or surpluses with all
trading partners. Although no country attempts to balance its trade with each nation,
abnormally large or rapidly increasing trade deficits with particular countries can indicate
that underlying problems may exist with market access, the competitiveness of particular
industries, currency misalignment, or macroeconomic adjustment. Table 5 shows U.S. trade
balances with selected nations.
Most of the U.S. trade deficit can be accounted for by trade with China, Japan, Canada,
Mexico, Germany, and Taiwan. Trade with the oil exporting countries also is in deficit.
U.S. trade surpluses occur in trade with the Netherlands, Australia, Hong Kong, Belgium,
and other countries including Brazil and Argentina (see Figure 7). In 2001, Canada was
America’s largest merchandise trading partner, followed by Mexico, Japan, China, and
Germany. Table 6 lists the United States’ top 30 trading partners ranked by trade turnover
(imports plus exports). Trade with Canada accounts for 20% of total U.S. trade. By far,
Canada is the largest supplier of U.S. imports and the top purchaser of U.S. exports. Trade
with Mexico accounts for 12%, and trade with Japan accounts for 10% of total U.S. trade.
Trade with China is expanding with China accounting for 7% of total U.S. trade.
Table 7 lists the U.S. top 10 deficit trading partners. In 2000 and 2001, China overtook
Japan as the top U.S. deficit trading partner. The next highest deficit trading partners are
Japan, Canada, Germany, Mexico, and Taiwan. Table 8 lists trade balances on goods,
services, and income, net unilateral transfers and current account balances for selected U.S.
trading partners in 1999.
Table 9 shows U.S. trade in advanced technology products. This includes about 500
commodity codes representing products whose technology is from a recognized high
technology field (e.g., biotechnology) or that represent the leading technology in a field. The
United States has been running a surplus in these products, but that surplus has been
declining and in 2002 has been in deficit. It fell from $32.2 billion in 1997 to $29.6 billion
in 1998 and again in 1999 to $19.1 billion. In 2000, the surplus in advanced technology
products dropped to $5.3 billion and fell further to $4.8 billion in 2001.
Table 10 provides data on trade in passenger cars with major automobile producing
nations for 2001. This does not include foreign cars assembled in the United States. The
United States incurs deficits in this trade with Canada, Japan, Germany, Mexico, and the
United Kingdom.
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Figure 7. U.S. Merchandise Trade Balances with
Selected Nations, 2001
Country
China
-83
Japan
-68.9
Canada
-53.2
Mexico
-29.9
Germany
-29
Taiwan
-15.2
Italy
-13.9
Malaysia
-12.9
South Korea
-12.9
Thailand
-8.7
Netherlands
10
Australia
4.4
Hong Kong
4.4
Belgium
3.4
Egypt
2.9
Brazil
1.4
UAR
1.4
Panama
1
Argentina
0.9
Spain
0.6
-100
-80
-60
-40
-20
0
20
$ Billions
Source: U.S. Department of Commerce (Census Bureau)
Figure 8. U.S. Balance of Trade in Goods and Services by
Month, 2001-2002 (in Current Dollars)
20
Services 2001
Services 2002
10
0
-10
-20
-30
-40
Goods 2001
Goods 2002
-50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: U.S. Department of Commerce
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Table 1. U.S. Exports, Imports, and Merchandise Trade Balances,
1980-2001
(Census Basis, billions of U.S. dollars)
Exports
Imports,
Merchandise
Year
f.a.s.a
Customs
Trade
Balance
1979
181.8
209.4
-27.6
1980
220.7
245.5
-24.8
1981
233.7
261.3
-27.6
1982
212.3
243.9
-31.6
1983
201.7
261.7
-60.0
1984
218.7
330.5
-111.8
1985
212.6
336.4
-123.8
1986
226.4
365.7
-139.3
1987
253.9
406.3
-152.4
1988
323.3
441.9
-118.6
1989
362.9
473.4
-110.5
1990
392.9
495.2
-102.3
1991
421.8
487.1
-65.3
1992
448.2
532.6
-84.4
1993
464.8
580.5
-115.7
1994
512.6
663.2
-150.6
1995
584.7
743.5
-158.8
1996
625.1
795.3
-170.2
1997
689.2
869.7
-180.5
1998
682.1
911.9
-229.8
1999
695.8
1,024.6
-328.8
2000
781.9
1,218.0
-436.1
2001
730.9
1,142.3
-411.4
Source: Council of Economic Advisers. Economic Report of the President, January 2001,Table B-103, p. 392;
Bureau of the Census, International Trade in Goods and Services, issued monthly; U.S. Department of
Commerce, Bureau of Economic Analysis, U.S. International Transactions Accounts Data.
a Exports are valued on the f.a.s. basis, which refers to the free-alongside-ship value at the port of export and
generally includes inland freight, insurance, and other charges incurred in placing the goods alongside
the carrier at the port of exportation.
b Imports are valued as reported by the U.S. Customs Service. (Excludes import duties, the cost of freight,
insurance, and other charges incurred in bringing merchandise to the United States.)
Note: For trade data on a balance-of-payments basis, see Tables 3 and 4.
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Table 2. U.S. Merchandise Trade in Volume Terms, 1991-2001
(billions of chained 1996 dollars)
Export
Import
Net
Year
Exports
Imports
Growth
Growth
Exports
1991
421.1
7.1
497.6
6.2
-76.5
1992
449.8
6.8
543.7
9.3
-93.9
1993
463.4
3.0
598.5
10.1
-135.0
1994
508.2
9.7
677.9
13.3
-169.7
1995
568.8
11.9
739.1
9.0
-170.3
1996
618.4
8.7
808.3
9.4
-189.1
1997
708.1
14.5
923.1
14.2
-215.0
1998
722.9
2.2
1031.4
11.8
-308.5
1999
751.3
4.0
1159.2
12.5
-407.9
2000
836.1
11.6
1315.6
13.9
-479.5
2001
778.9
-6.8
1278.1
-2.8
-499.2
Source: Bureau of Economic Analysis, 2002.
Table 3. U.S. Current Account Balances: 1983 to 2001
(billions of U.S. dollars)
Merchandise
Investment
Net
Current
Calendar
Services
Trade
Income
Unilateral
Account
Year
Balance b
Balance a
Balance c
Transfers d
Balance e
1983
-67.1
9.3
36.3
-17.3
-38.7
1984
-112.5
3.4
35.1
-20.3
-94.3
1985
-122.2
0.3
25.7
-22.0
-118.2
1986
-145.1
6.5
15.5
-24.1
-147.2
1987
-159.6
7.9
14.3
-23.3
-160.7
1988
-127.0
12.4
18.7
-25.3
-121.2
1989
-115.2
24.6
19.8
-26.2
- 99.4
1990
-109.0
30.2
28.6
-26.7
-79.0
1991
-74.1
45.8
24.1
10.8
3.8
1992
-96.1
60.4
23.0
-35.0
-48.5
1993
-132.6
63.7
23.9
-37.6
-82.7
1994
-166.2
69.1
21.1
-38.3
-118.6
1995
-173.7
77.8
25.0
-34.0
-109.5
1996
-191.3
89.2
25.5
-40.1
-120.8
1997
-196.7
90.7
13.6
-40.8
-139.8
1998
-246.9
80.0
-1.2
-44.0
-217.5
1999
-345.6
83.6
-8.5
-48.9
-324.4
2000
-452.2
76.5
-9.6
-54.1
-444.7
2001
-426.6
78.8
-19.1
-50.5
-417.4
Source: DRI-WEFA, March 2002. U.S. Department of Commerce.
a On a balance-of-payments basis.
b Includes travel, transportation, fees and royalties, insurance payments, other government and private services,
and investment income.
c Income receipts on U.S. assets abroad minus income payments on foreign assets in the United States.
d International transfers of funds, such as private gifts, pension payments, and government grants for which
there is no quid pro quo.
e The trade balance plus the service balance plus investment income balance plus net unilateral transfers,
although conceptually equal to the current account balance, may differ slightly as a result of rounding
errors.
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Table 4. U.S. Merchandise and Current Account Trade:
Actual and Forecasts
(billions of U.S. dollars)
Actual
Forecast
1997
1998
1999 2000
2001
2002
2003
Merchandise Trade
Exports
Actual
679.7
670.3
684.4
772.2
722.7 – –
DRI-WEFAa
–
–
–
–
–
649.7
699.9
Imports
Actual
876.4
917.2
1029.9
1224.4
1155.0 – –
DRI-WEFAa
– – –
–
–
1111.2
1189.8
Trade Balance
Actual
-196.7
-246.9
-345.6
-452.2
-432.4
–
–
DRI-WEFAa
– –
–
–
–
-461.5
-489.9
Services Trade Balance
Actual
90.7
80.0
83.6
76.5
83.4
– –

DRI-WEFAa
–
–
–
–
–
53.5
44.6
Current Account Balance
Actual
-139.7
-217.1
-324.4
-444.7
-418.7
–
–
DRI-WEFAa
–
–
–
–
–
-468.6
-570.4
Sources: U.S. Bureau of Economic Analysis, Survey of Current Business, January 2001; DRI-WEFA,
Summary for the U.S. Economy, April 2002. All figures on a balance-of-payments basis.
a DRI-WEFA was formed in May 2001 from a merger of Standard & Poor’s Data Resources, Inc. and the
WEFA Group.
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11-27-02
Table 5. U.S. Merchandise Trade Balances with Selected Nations:
1997-2001
(millions of U.S. dollars, Census basis)
Country
1997
1998
1999
2000
2001
Total
-182,615
-233,411
-331,945
-436,104
-411,389
North America
-32,420
-36,391
-57,073
-76,475
-83,190
Canada
-17,926
-20,692
-34,411
-51,897
-53,266
Mexico
-14,494
-15,699
-22,662
-24,577
-29,924
Western Europe
-17,412
-28,722
-47,256
-59,152
-63,985
European Union
-16,716
-26,896
-43,723
-54,954
-60,856
United Kingdom
3,746
4,278
-853
-1,775
-599
Germany
-18,602
-23,182
-28,305
-29,064
-29,037
France
-4,743
-6,349
-7,071
-9,439
-10,400
Italy
-10,387
-11,986
-12,344
-13,982
-13,908
Netherlands
12,543
11,413
10,939
12,165
10,024
European Free Trade
-2,255
-2,856
-4,116
-4,634
-3,332
Association (EFTA)
Former Soviet Republics
-284
-2,115
-4,123
-6,922
-4,096
Eastern Europe
-815
-3,621
-6,187
-10,166
-7,678
Pacific Rim Countries
-121,627
-160,376
-185,969
-215,434
-194,393
Japan
-56,686
-64,093
-73,920
-81,555
-68,962
China
-49,746
-56,897
-68,668
-83,833
-83,045
Newly Industrialized
-7,850
-22,663
-24,211
-26,814
-21,093
Countries (NICS)
Singapore
-2,340
-2,684
-1,941
-1,372
2,712
Hong Kong
4,818
2,385
2,116
3,133
4,423
Taiwan
-12,236
-14,966
-16,077
-16,097
-15,240
Republic of Korea
1,908
-7,398
-8,308
-12,478
-12,988
South/Central American
-5,083
-2,669
-25,845
-38,233
-38,982
Countries
Argentina
3,595
3,633
2,339
1,596
913
Brazil
6,282
5,034
1,935
1,468
1,466
Colombia
474
165
-2,743
-3,297
-2,091
OPEC
-18,500
-8,771
-21,812
-48,012
-39,688
Venezuela
-6,876
-2,666
-5,981
-13,073
-9,552
Indonesia -4,642
-7,047
-7,575
-7,965
-7,605
Saudi Arabia
-927
4,279
-342
-8,131
-7,363
Nigeria
-5,522
-3,375
-3,733
-9,816
-7,829
Trade Balance equals Total Exports (f.a.s. value) minus General Imports (Customs value).
Sources: United States Census Bureau, Foreign Trade Statistics; World Trade Atlas
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IB96038
11-27-02
Table 6. Top 30 U.S. Trading Partners Ranked by Total Trade in Goods
(Exports + Imports) in 2001
(millions of U.S. dollars)
Trade
Exports
Imports
Country
Total Trade
Balance
(f.a.s.)
(customs)
World total
-411,388.9
730,897.1
1,142,286.0
1,873,183
Canada
-53,265.9
163,703
216,969
380,672
Mexico
-29,923.9
101,509
131,433
232,942
Japan
-68,962.7
57,639
126,602
184,241
China
-83,045.7
19,235
102,281
121,515
Germany
-29,037.4
30,114
59,151
89,265
United Kingdom
-599.0
40,798
41,397
82,195
Korea, South
-12,988.1
22,197
35,185
57,381
Taiwan
-15,239.7
18,152
33,391
51,543
France
-10,399.8
19,896
30,296
50,191
Italy
-13,907.7
9,916
23,824
33,740
Malaysia
-12,956.2
9,380
22,336
31,717
Ireland
-11,389.9
7,150
18,540
25,689
Venezuela
-9,551.8
5,684
15,236
20,920
Thailand
-8,733.4
5,995
14,729
20,724
Singapore
2,712.4
17,692
14,979
32,671
Brazil
1,466.2
15,929
14,462
30,391
Saudi Arabia
-7,363.0
5,971
13,334
19,304
Israel
-4,488.6
7,482
11,971
19,453
Philippines
-3,666.0
7,665
11,331
18,995
Indonesia
-7,605.4
2,499
10,105
12,604
Belgium
3,394.5
13,524
10,129
23,653
India
-5,973.4
3,764
9,738
13,502
Hong Kong
4,422.6
14,072
9,650
23,722
Netherlands
10,024.4
19,525
9,500
29,025
Switzerland
260.7
9,835
9,574
19,410
Nigeria
-7,829.1
957
8,786
9,744
Sweden
-5,303.0
3,548
8,851
12,399
Australia
4,465.8
10,945
6,479
17,424
Russia
-3,537.2
2,724
6,261
8,985
Iraq
-5,754.3
46
5,801
5,847
Source: Compiled from official statistics of the U.S. Department of Commerce by CRS.
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IB96038
11-27-02
Table 7. Top 10 U.S. Deficit Trading Partners: 2001
(billions of U.S. dollars, Customs basis)
U.S. Exports
U.S. Imports
Country
Trade Balance
(f.a.s.)
(customs)
China
17.9
102.1
-83.0
Japan
53.5
126.1
-68.9
Canada
144.6
216.8
-53.2
Mexico
90.5
130.5
-29.9
Germany
28.1
58.9
-29.0
Taiwan
16.6
33.2
-15.2
Italy
9.0
23.7
-13.9
South Korea
20.9
34.9
-12.9
Malaysia
8.5
22.2
-12.9
Ireland
6.6
18.6
-11.4
Source: Compiled from official statistics of the U.S. Department of Commerce by
CRS using the International Trade Commission’s (ITC) Dataweb
[http://dataweb.usitc.gov].
Table 8. U.S. Current Account Balances With
Selected U.S. Trading Partners, 2001
(billions of U.S. dollars)
Merchandise
Investment
Net
Current
Services
Country
Trade
Income
Unilateral
Account
Balance b
Balance a
Balance c
Transfers d
Balance e
All Countries
-426.6
78.8
-19.1
-50.5
-417.4
Canada
-55.6
7.2
21.6
-.7
-27.4
Japan
-70.6
14.7
-27.6
-.3
-83.7
United Kingdom
-1.3
4.4
-48.9
1.4
-44.4
European Union
-63.5
13.7
-31.3
-.06
-81.2
Eastern Europe
-7.6
1.8
1.2
-3.5
-8.1
Latin America
-40.2
15.3
1.1
-17.0
-40.8
Source: U.S. Department of Commerce, Survey of Current Business, April 2002.
a On a balance-of-payments basis.
b Includes travel, transportation, fees and royalties, insurance payments, other government and private services,
and investment income.
c Income receipts on U.S. assets abroad minus income payments on foreign assets in the United States.
d International transfers of funds, such as private gifts, pension payments, and government grants for which
there is no quid pro quo.
e The trade balance plus the service balance plus investment income balance plus net unilateral transfers,
although conceptually equal to the current account balance, may differ slightly as a result of rounding
errors.
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IB96038
11-27-02
Table 9. U.S. Trade in Advanced Technology Products
(billions of U.S. dollars)
Year
U.S. Exports
U.S. Imports
Trade Balance
1990
93.4
59.3
34.1
1991
101.6
63.3
38.3
1992
107.1
71.9
35.2
1993
108.4
81.2
27.2
1994
120.7
98.1
22.6
1995
138.4
124.8
13.6
1996
154.9
130.4
24.5
1997
179.5
147.3
32.2
1998
186.4
156.8
29.6
1999
200.3
181.2
19.1
2000
227.4
222.1
5.3
2001
200.1
195.3
4.8
June 2002
16.4
16.5
-0.1
July 2002
14.8
16.9
-2.1
August 2002
15.1
16.3
-1.1
September 2002
14.8
17.0
-2.2
Source: U.S. Bureau of the Census. U.S. International Trade in Goods and Services. FT-900, issued monthly.
Includes about 500 of some 22,000 commodity classification codes that meet the following criteria: (1)
contains products whose technology is from a recognized high technology field (e.g., biotechnology), (2)
represent leading edge technology in that field, and (3) constitute a significant part of all items covered in the
selected classification code.
Table 10. U.S. Trade in Passenger Automobiles by
Selected Countries, 2001
(millions of U.S. dollars)
Trading Partner
U.S. Exports
U.S. Imports
Trade Balance
Total World
17,863
106,621
-88,758
Canada
8,619
30,560
-21,941
Germany
1,768
14,977
-13,209
Korea
32
6,343
-6,311
Japan
571
31,113
-30,542
Mexico
3,250
14,309
-11,059
United Kingdom
526
2,700
-2,174
Source: U.S. Bureau of the Census. U.S. International Trade in Goods and Services. FT-900, issued monthly.
CRS-14

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