Order Code IB96038
CRS Issue Brief for Congress
Received through the CRS Web
U.S. International Trade:
Data and Forecasts
Updated July 29, 2003
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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07-29-03
U.S. International Trade: Data and Forecasts
SUMMARY
In 2002 the United States incurred a trade
The worsening of the deficit in 1993-95
deficit in goods of $470.1 billion on a Census
can be attributed primarily to the faster recov-
basis and $484.3 billion on a balance-
ery from recession in the United States than in
of-payments basis (BoP). A surplus in ser-
Europe or Japan. In 1997-99, the Asian finan-
vices trade of $49.1 billion gave a deficit of
cial crisis caused a sizable fall in U.S. exports
$435.2 billion on goods and services (BoP) for
to Asia and a marked increase in U.S. imports
the year. For May 2003, the trade deficit in
from Asia as well as rising U.S. imports of
goods and services rose slightly to $41.8
capital.
billion from $41.6 billion in April.
In 2002, total U.S. goods trade totaled
Overall U.S. trade deficits reflect a short-
$1.85 trillion, compared to $1.87 trillion in
age of savings in the domestic economy and a
2001 and $2 trillion in 2000, with exports of
reliance on capital imports to finance that
$693 billion and imports of $1,163 billion
shortfall. They are a concern for Congress for
(Census basis).
In 2002, U.S. exports
several reasons.
Financial, budgetary and
decreased by 4.8%, while imports increased
other policies may affect the size of the trade
by 2%.
deficit, while trade and capital flows affect the
exchange value of the U.S. dollar. A large
The broadest measure of U.S. interna-
overall trade deficit may also indicate that
tional economic transactions is the balance on
certain U.S. industries are having difficulty
current account. In addition to merchandise
competing with imports at home and in mar-
trade, it includes trade in services and unilat-
kets abroad. This may generate trade friction
eral transfers. In 2002, the current account
and pressures for the government to do more
deficit jumped to an estimated $503 billion
to open foreign markets, shield U.S. producers
from $393 billion in 2001. After reaching a
from foreign competition, or assist U.S. indus-
peak of $160.7 billion in 1987, the current
tries to become more competitive.
account deficit had fallen steadily through
1991, when it reached a surplus of $3.8 bil-
Since 1976, the United States has in-
lion, before turning into deficit again. Eco-
curred continual merchandise trade deficits.
nomic projections indicate that the current
They increased dramatically from $36.5 bil-
account deficit will rise to about $546 billion
lion in 1982 to a peak in 1987 at $159.6 bil-
in 2003.
lion. The deficit dropped to $74.1 billion in
1991 but rose to $436.1 billion in 2000 and to
In trade in advanced technology products,
$470.1 billion in 2002. (Census basis).
the U.S. surplus dropped from $29.6 billion in
1998 to $4.4 billion in 2001. The balance
Much of the improvement in the U.S.
turned to a deficit of $17.4 billion in 2002.
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 Japan, Canada, Germany,
reached a high in 1985, then dropped sharply
and Mexico.
from 1986 through 1988.
Congressional Research Service
˜ The Library of Congress

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IB96038
07-29-03
MOST RECENT DEVELOPMENTS
For May 2003 the U.S. international trade deficit in goods and services rose slightly to
$41.8 billion, from $41.6 billion in April (BoP basis). Exports of goods and services rose
to $82 billion in May, from $81.3 billion in April. May imports increased to $123.8 billion,
from $123 billion in April. Exports of goods alone increased to $57.5 billion, from $57.2
billion in April, while imports of goods increased to $104.3 billion, from $103.5 billion in
April.
The 2003 cumulative (January-May) deficit on goods trade with Mexico was $17.6
billion (Census basis), with Japan was $26.8 billion, with China was $43.9 billion, with the
European Union was $35 billion, and with the Asian Newly Industrialized Countries (Hong
Kong, South Korea, Singapore, and Taiwan) was $8.5 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 2002, for example, the U.S. merchandise trade deficit on a Census basis
was $470.1 billion, on a balance-of-payments basis was $484.3 billion, and on a NIPA basis
was $488.5 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 2002, total U.S.
merchandise trade on a Census basis amounted to $1.85 trillion, with exports of $693 billion
and imports of $1,163 billion. The U.S. merchandise trade deficit rose 14.2% in 2002 to
$470.1 billion (Census basis), following a 5.7% decrease in 2001. 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 4.6% in 2002.
Figure 1. U.S. Imports, Exports, Merchandise
Trade Balance, and Real Effective Dollar
Exchange Rate, 1980-2002
$ Billions
Exchange Rate Index
1200
1000
Real Effective Dollar
Exchange Rate (Right Scale)
Exports
800
Imports
600
400
200
0
Trade Balance
-200
-400
-600
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02
Sources: U.S. Department of Commerce; International Monetary Fund
Year
Note: For Exchange Rate, 1995=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, 1981-2002 (Census Basis)
1998 for the first time since 1985, and
30
again fell in 2001 and 2002 in response to
25
the global slowdown.
In general,
20
however, they have been increasing each
year. The rate of growth of imports has
15
also been high, although they too fell by
10
6.2% in 2001 before recovering slightly
5
in 2002.
In 2002, imports exceeded
0
exports by 68% — exceeding the
-5
previous peak of 64% in 1987. The fact
that imports exceeded exports by 68% in
-10
2002, however, implies that U.S. exports
-15
81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02
must grow 68% faster than imports just
for the trade deficit to stay the same.
Source: U.S. Department of Commerce
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), 1982-2002
terms of their values, can change
1500
merely because prices change. Trade
data, therefore, can be adjusted for
1000
inflation by dividing by a price index
U.S. Imports
(currently based on prices and
500
weights in 1996). Such corrected
data are referred to as “volume” and
U.S. Exports
0
not “real,” because some trade
commodities actually are reported in
-500
volume terms (e.g., tons of wheat).
Trade Balance
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
2
underlying flows of merchandise are
changing.
Source: U.S. Department of Commerce Bureau of Economic Analysis
As shown in Table 2 and Figure 3, the constant-dollar value, or physical volume, of
merchandise exports decreased by 4.6% and 6.3% in 2002 and 2001, respectively, compared
to increases of 11.6% in 2000 and 4% in 1999. The physical volume of imports increased
by 3.6% in 2002 compared to a decrease of 3.6% in 2001. In 2000, merchandise imports
grew by 13.5%. Because the growth in merchandise imports is higher than the growth of
exports and because imports exceed exports by over 75% 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, 1981-2002
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
no quid pro quo.
These include
Source: DRI-WEFA, Inc., March 2003
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,
$117.8 billion in 1996, $203.8 billion in 1998, and increased to $410.3 billion in 2000 or
4.2% of GDP — up from 1.3% in 1990. In 2001, the current account deficit fell to $393.4
billion or 3.9% of GDP, but rose again in 2002 to an estimated $503 billion or 4.8% 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 2002, the United States surplus in
services trade was $49.1 billion (a drop from $68.8 billion in 2001). 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 $11.8 billion in 2002. The U.S.
deficit in unilateral transfers at an estimated $56 billion in 2002 reflects a rising trend and
is roughly double the level of the late-1980s. This partially offsets the U.S. surplus in
services.
Forecasts
According to DRI-WEFA, a leading U.S. economic forecasting firm, in 2003 the U.S.
merchandise (goods) trade deficit is expected to increase to about $544 billion on a
balance-of-payments basis (see Figure 5). In 2004, the deficit is projected to decrease
slightly to $543.3 billion (see Table 4). As for the U.S. current account deficit, DRI-WEFA
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projects it to increase to around $546 billion in 2003 and to rise further to $596 billion in
2004.
Figure 5. U.S. Merchandise Trade and Current
Account Deficit, Actual from 1997 and Forecast to
2005 (in current dollars)
$Billions
0
Actual
Forecast
-100
Current Account
Balance
-200
-300
-400
Merchandise Trade
-500
Balance
-600
-700
97
98
99
2000
01
02
03
04
05
Year
Source: Actual from U.S. Department of Commerce. Forecast from DRI-WEFA, Inc.,
March 2003.
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 -4.8% in 2002 and is projected to rise
to -5.1% in 2004.
Figure 6. U.S. Current Account Balance as a Percent
of U.S. Gross Domestic Product, 1981 to 2005
(forecast)
Actual
Forecast
1
0.2
0.1
0
-0.2
-1
-0.8
-1.1
-1.3
-1.2
-1.5-1.5-1.5
-2
-1.8
-1.7
-2.4
-2.4
-2.3
-3
-2.8
-3.1
-3.3-3.4
-4
-3.9
-4.2
-5
-4.8 -5 -5.-51.1
-6
81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05
Data from U.S. Department of Commerce. Forecasts by DRI-WEFA, Inc., March 2003
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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 several other countries. Trade with the oil exporting countries also
is in deficit. U.S. trade surpluses occur in trade with the Netherlands, Australia, Belgium,
Hong Kong, and other countries including Egypt and Singapore (see Figure 7). In 2002,
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 9% of total U.S.
trade. Trade with China, which accounts for 8% of total U.S. trade, is expanding.
Table 7 lists the U.S. top 10 deficit trading partners. In 2000, China overtook Japan as
the top U.S. deficit trading partner. The next highest deficit trading partners are Japan,
Canada, Mexico, Germany, and Ireland. Table 8 lists trade balances on goods, services, and
income, net unilateral transfers and current account balances for selected U.S. trading
partners in 2002.
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 long ran a surplus in these products, but that surplus dropped sharply in 2000
and fell into deficit in 2002. The surplus decreased from $32.2 billion in 1997 to $29.6
billion in 1998 and again in 1999 to $19.1 billion. In 2000, the surplus dropped to $5.3
billion. In 2002, the deficit in U.S. trade in advanced technology products was $17.4 billion.
Table 10 provides data on trade in passenger cars with major automobile producing
nations for 2002. This does not include foreign cars assembled in the United States. The
United States incurs the largest deficits in this trade with Japan, Canada, Germany, Mexico,
and South Korea.
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Figure 7. U.S. Merchandise Trade Balances with
Selected Nations, 2002
Country
China
-103
Japan
-70
Canada
-49.8
Mexico
-37.2
Germany
-35.8
Ireland
-15.6
Italy
-14.2
Taiwan
-13.8
Malaysia
-13.6
South Korea
-12.9
Netherlands
8.4
Australia
6.6
Belgium
3.5
Hong Kon
3.2
UAR
2.6
Egypt
1.5
Singapore
1.4
Panama
1.1
Jamaica
1
Greece
0.6
-120
-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, 2002-2003 (in Current Dollars)
20
Services 2003
Services 2002
10
0
-10
-20
-30
Goods 2003
-40
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,
1981-2002
(Census Basis, billions of U.S. dollars)
Exports
Imports,
Merchandise
Year
f.a.s.a
Customs
Trade
Balance
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
2002
693.5
1,163.6
-470.1
Source: Council of Economic Advisers. Economic Report of the President, January 2001,Table B-103, p. 392;
U.S. Census Bureau, Foreign Trade Statistics, February 2003; U.S. Department of Commerce, Bureau of
Economic Analysis, U.S. International Transactions Accounts Data.
Note: For trade data on a balance-of-payments basis, see Tables 3 and 4.
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.)
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Table 2. U.S. Merchandise Trade in Volume Terms, 1992-2002
(billions of chained 1996 dollars)
Export
Import
Net
Year
Exports
Imports
Growth
Growth
Exports
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
820.5
11.6
1293.4
13.5
-472.9
2001
769.1
-6.3
1246.5
-3.6
-477.4
2002
733.9
-4.6
1291.0
3.6
-557.1
Source: Bureau of Economic Analysis, Survey of Current Business, April 2003.
Table 3. U.S. Current Account Balances: 1984 to 2002
(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
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
28.6
-40.1
-117.8
1997
-198.1
90.4
25.1
-40.8
-128.4
1998
-246.7
79.8
12.7
-44.5
-203.8
1999
-346.0
83.8
23.9
-48.8
-292.8
2000
-452.4
73.7
27.7
-53.4
-410.3
2001
-427.2
68.9
20.5
-49.5
-393.4
2002
-484.3
48.8
-11.8
-56.0
-503.4
Source: U.S. Department of Commerce. DRI-WEFA, Inc., March 2003.
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
1998
1999
2000
2001
2002
2003
2004
Merchandise Trade
Exports
Actual
670.3
684.4
772.2
718.7
682.5
—
—
DRI-WEFAa
—
—
—
—
—
739.0
812.8
Imports
Actual
917.2
1029.9
1224.4
1145.9
1166.9
—
—
DRI-WEFAa
—
—
—
—
—
1285.7
1358.3
Trade Balance
Actual
-246.9
-345.6
-452.2
-427.2
-484.3
—
—
DRI-WEFAa
—
—
—
—
—
-543.9
-543.3
Services Trade Balance
Actual
80.0
83.6
73.7
68.9
48.9
—
—
DRI-WEFAa
—
—
—
—
—
73.4
94.1
Current Account Balance
Actual
-203.8
-292.9
-410.3
-393.4
503.4
—
—
DRI-WEFAa
—
—
—
—
-545.8
-595.8
Sources: U.S. Bureau of Economic Analysis, Survey of Current Business, April 2003; U.S. Census Bureau,
Foreign Trade Statistics, February 2003; DRI-WEFA, Monthly Forecast Update, International Trade Tables,
March 2003. 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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Table 5. U.S. Merchandise Trade Balances with Selected Nations:
1998-2002
(millions of U.S. dollars, Census basis)
Country
1998
1999
2000
2001
2002
Total
-233,411
-331,945
-436,104
-411,389
-470,104
North America
-36,391
-57,073
-76,475
-83,190
-86,920
Canada
-20,692
-34,411
-51,897
-53,266
-49,760
Mexico
-15,699
-22,662
-24,577
-29,924
-37,202
Western Europe
-28,722
-47,256
-59,152
-63,985
-89,218
European Union
-26,896
-43,723
-54,954
-60,856
-82,368
United Kingdom
4,278
-853
-1,775
-599
-7,617
Germany
-23,182
-28,305
-29,064
-29,037
-35,852
France
-6,349
-7,071
-9,439
-10,400
-9,389
Italy
-11,986
-12,344
-13,982
-13,908
-14,201
Netherlands
11,413
10,939
12,165
10,024
8,471
European Free Trade
-2,856
-4,116
-4,634
-3,332
-6,324
Association (EFTA)
Former Soviet Republics
-2,115
-4,123
-6,922
-4,096
-4,503
Eastern Europe
-3,621
-6,187
-10,166
-7,678
-8,283
Pacific Rim Countries
-160,376
-185,969
-215,434
-194,393
-215,005
Japan
-64,093
-73,920
-81,555
-68,962
-70,055
China
-56,897
-68,668
-83,833
-83,045
-103,115
Newly Industrialized
-22,663
-24,211
-26,814
-21,093
-22,073
Countries (NICS)
Singapore
-2,684
-1,941
-1,372
2,712
1,429
Hong Kong
2,385
2,116
3,133
4,423
3,283
Taiwan
-14,966
-16,077
-16,097
-15,240
-13,805
Republic of Korea
-7,398
-8,308
-12,478
-12,988
-12,979
South/Central American Countries
-2,669
-25,845
-38,233
-38,982
-17,902
Argentina
3,633
2,339
1,596
913
-1,595
Brazil
5,034
1,935
1,468
1,466
-3,403
Colombia
165
-2,743
-3,297
-2,091
-2,018
OPEC
-8,771
-21,812
-48,012
-39,688
-34,482
Venezuela
-2,666
-5,981
-13,073
-9,552
-10,662
Indonesia
-7,047
-7,575
-7,965
-7,605
-7,063
Saudi Arabia
4,279
-342
-8,131
-7,363
-8,364
Nigeria
-3,375
-3,733
-9,816
-7,829
-4,907
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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Table 6. Top 30 U.S. Trading Partners Ranked by Total Trade in Goods
(Exports + Imports) in 2002
(millions of U.S. dollars)
Trade
Exports
Imports
Country
Total Trade
Balance
(f.a.s.)
(customs)
World total
-470,104
693,517
1,163,621
1,857,138
Canada
-49,761
160,829
210,589
371,418
Mexico
-37,201
97,531
134,732
232,263
Japan
-70,054
51,440
121,494
172,934
China
-103,115
22,053
125,167
147,220
Germany
-35,852
26,628
62,480
89,108
United Kingdom
-7,616
33,253
40,869
74,122
Korea, South
-12,979
22,596
35,575
58,171
Taiwan
-13,805
18,394
32,199
50,593
France
-9,389
19,019
28,408
47,427
Italy
-14,201
10,089
24,290
34,379
Malaysia
-13,661
10,348
24,009
34,357
Singapore
1,429
16,221
14,792
31,013
Ireland
-15,638
6,749
22,387
29,136
Brazil
-3,403
12,408
15,812
28,220
Netherlands
8,471
18,333
(9,864)
8,469
Belgium
3,508
13,342
(9,835)
3,507
Hong Kong
3,283
12,611
(9,328)
3,283
Thailand
-9,939
4,859
14,799
19,658
Australia
6,606
13,083
(6,478)
6,605
Venezuela
-10,661
4,446
15,108
19,554
Israel
-5,402
7,039
12,442
19,481
Philippines
-3,715
7,270
10,985
18,255
Saudi Arabia
-8,364
4,778
13,143
17,921
Switzerland
-1,600
7,781
9,382
17,163
India
-7,720
4,098
11,817
15,915
Sweden
-6,133
3,154
9,287
12,441
Indonesia
-7,062
2,580
9,643
12,223
Spain
-452
5,225
5,677
10,902
Russia
-4,426
2,398
6,824
9,222
Columbia
-2,017
3,588
5,606
9,194
Source: U.S. Census Bureau, Foreign Trade Statistics; International Trade Commission (ITC),
Dataweb [http://dataweb.usitc.gov].
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Table 7. Top 10 U.S. Deficit Trading Partners: 2002
(billions of U.S. dollars, Customs basis)
U.S. Exports
U.S. Imports
Trade
Country
(f.a.s.)
(customs)
Balance
China
22.0
125.1
-103.1
Japan
51.4
121.5
-70.1
Canada
160.8
210.6
-49.8
Mexico
97.5
134.7
-37.2
Germany
26.6
62.4
-35.8
Ireland
6.7
22.4
-15.7
Italy
10.0
24.3
-14.3
Taiwan
18.4
32.2
-13.8
Malaysia
10.3
24.0
-13.7
South Korea
22.6
35.5
-12.9
Venezuela
4.4
15.1
-10.7
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, 2002
(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
-484.3
48.8
-11.8
-56.0
-503.4
Canada
-52.3
4.8
13.7
-.8
-34.6
Japan
-71.8
11.7
-23.4
-.3
-83.7
United Kingdom
-8.5
3.1
-35.6
1.4
-39.6
European Union
-85.1
9.6
-19.6
-.1
-95.2
Eastern Europe
-8.5
1.9
.3
-3.8
-10.1
Latin America
-56.9
4.3
-.6
-17.5
-70.8
Source: U.S. Bureau of Economic Analysis, Survey of Current Business, April 2003.
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 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
4.4
2002
178.6
196.1
-17.4
March 2003
16.0
16.8
-0.8
April 2003
13.8
16.4
-2.5
May 2003
14.1
15.9
-1.8
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, 2002
(millions of U.S. dollars)
Trading Partner
U.S. Exports
U.S. Imports
Trade Balance
Total World
20,535
114,062
-93,527
Canada
10,149
31,001
-20,852
Germany
2,788
17,790
-15,002
Korea
89
6,802
-6,713
Japan
460
35,044
-34,584
Mexico
3,135
13,350
-10,215
United Kingdom
633
4,020
-3,387
Source: U.S. Bureau of the Census. U.S. International Trade in Goods and Services. FT-900, issued monthly.
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