Order Code IB96038
CRS Issue Brief for Congress
Received through the CRS Web
U.S. International Trade:
Data and Forecasts
Updated September 30, 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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U.S. International Trade: Data and Forecasts
SUMMARY
In 2002 the United States incurred a
recession in 1990-1991. The multilateral
merchandise trade deficit in of $470.1 billion
trade-weighted real value of the U.S. dollar
on a Census basis and $484.3 billion on a
reached a high in 1985, then dropped sharply
balance- of-payments basis (BoP). A surplus
from 1986 through 1988. The worsening of
in services trade of $49.1 billion gave a deficit
the deficit in 1993-95 can be attributed pri-
of $435.2 billion on goods and services (BoP)
marily to the faster recovery from recession in
for the year. For July 2003, the trade deficit
the United States than in Europe or Japan. In
in goods and services rose slightly to $40.3
1997-99, the Asian financial crisis caused a
billion from $40 billion in June. Year-to-date
sizable fall in U.S. exports to Asia and a
(January-July), the trade deficit in goods and
marked increase in U.S. imports from Asia as
services, at $285 billion, is nearly 25% higher
well as rising U.S. imports of capital.
compared to the same period in 2002.
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. Capital inflows may support a
(Census basis). In 2002, U.S. exports
strong dollar which, along with foreign trade
decreased by 4.8%, while imports increased
barriers, can help make U.S. products rela-
by 2%.
tively expensive in some overseas locations,
thereby contributing to a trade deficit in
The broadest measure of U.S. interna-
goods. Outsourcing by U.S. companies also
tional economic transactions is the balance on
creates foreign competition for U.S.-made
current account. In addition to merchandise
goods, although it generates foreign demand
trade, it includes trade in services and unilat-
for U.S.-made components as well. Trade
eral transfers. In 2002, the current account
deficits are a concern for Congress because
deficit jumped to an estimated $503 billion
they may generate trade friction and pressures
from $393 billion in 2001. After reaching a
for the government to do more to open foreign
peak of $160.7 billion in 1987, the current
markets, shield U.S. producers from foreign
account deficit had fallen steadily through
competition, or assist U.S. industries to be-
1991, when it reached a surplus of $3.8 bil-
come more competitive.
lion, before turning into deficit again. Eco-
nomic projections indicate that the current
Since 1976, the United States has in-
account deficit will rise to about $546 billion
curred continual merchandise trade deficits.
in 2003.
They increased dramatically from $36.5 bil-
lion in 1982 to a peak in 1987 at $159.6 bil-
In trade in advanced technology products,
lion. The deficit dropped to $74.1 billion in
the U.S. surplus dropped from $29.6 billion in
1991 but rose to $436.1 billion in 2000 and to
1998 to $4.4 billion in 2001. The balance
$470.1 billion in 2002. (Census basis).
turned to a deficit of $17.4 billion in 2002. In
trade in passenger automobiles, the United
Much of the improvement in the U.S.
States has been running a deficit, particularly
trade deficit between 1987 and 1991 resulted
with Japan, Canada, Germany, and Mexico.
from a depreciation of the dollar and the
Congressional Research Service ˜ The Library of Congress

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09-30-03
MOST RECENT DEVELOPMENTS
For July 2003 the U.S. international trade deficit in goods and services rose slightly to
$40.3 billion, from $40 billion in June (BoP basis). Exports of goods and services increased
to $86.1 billion in July, from $84.4 billion in June. July imports of goods and services rose
to 126.4 billion, from $124.5 billion in June. Exports of goods alone increased to $60.5
billion, from $59.2 billion in June, while imports of goods rose to $105.8 billion, from
$104.3 billion in June.
The 2003 cumulative (January-July) deficit on goods trade with Mexico was $24.2
billion (Census basis), with Japan was $38.1 billion, with China was $65.3 billion, with the
European Union was $53.3 billion, and with the Asian Newly Industrialized Countries (Hong
Kong, South Korea, Singapore, and Taiwan) was $12 billion.
BACKGROUND AND ANALYSIS
Background
The rising U.S. trade deficit was viewed by many analysts as 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
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(BoP) basis (including adjustments for valuation, coverage, and timing and excluding
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 Global Insight, 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, Global
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Insight 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. Many economists view this figure as more significant than bilateral trade
balances, since rising deficits with some nations are often offset by declining deficits or
growing surpluses with others. Nonetheless, abnormally large or rapidly increasing trade
deficits with particular countries are often viewed as indicators 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, and Germany. 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 (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 rapidly.
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. Global Insight, 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
—
—
Global Insighta
—
—
—
—
—
739.0
812.8
Imports
Actual
917.2
1029.9
1224.4
1145.9
1166.9
—
—
Global Insighta
—
—
—
—
—
1285.7
1358.3
Trade Balance
Actual
-246.9
-345.6
-452.2
-427.2
-484.3
—
—
Global Insighta
—
—
—
—
—
-543.9
-543.3
Services Trade Balance
Actual
80.0
83.6
73.7
68.9
48.9
—
—
Global Insighta
—
—
—
—
—
73.4
94.1
Current Account Balance
Actual
-203.8
-292.9
-410.3
-393.4
503.4
—
—
Global Insighta
—
—
—
—
-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; Global Insight, Monthly Forecast Update, International Trade Tables,
March 2003. All figures on a balance-of-payments basis.
a. Global Insight was created through the merger of Standard & Poor’s Data Resources Inc. (DRI) and Wharton
Econometric Forecasting Associates (WEFA). The merger was completed in October 2002.
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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)
Total
Exports
Imports
Trade
Country
Trade
(f.a.s.)
(customs)
Balance
World total
1,857,138
693,517
1,163,621
-470,104
Canada
371,418
160,829
210,589
-49,761
Mexico
232,263
97,531
134,732
-37,201
Japan
172,934
51,440
121,494
-70,054
China
147,220
22,053
125,167
-103,115
Germany
89,108
26,628
62,480
-35,852
United Kingdom
74,122
33,253
40,869
-7,616
Korea, South
58,171
22,596
35,575
-12,979
Taiwan
50,593
18,394
32,199
-13,805
France
47,427
19,019
28,408
-9,389
Italy
34,379
10,089
24,290
-14,201
Malaysia
34,357
10,348
24,009
-13,661
Singapore
31,013
16,221
14,792
1,429
Ireland
29,136
6,749
22,387
-15,638
Brazil
28,220
12,408
15,812
-3,403
Netherlands
28,197
18,333
9,864
8,471
Belgium
23,177
13,342
9,835
3,508
Hong Kong
21,939
12,611
9,328
3,283
Thailand
19,658
4,859
14,799
-9,939
Australia
19,561
13,083
6,478
6,606
Venezuela
19,554
4,446
15,108
-10,661
Israel
19,481
7,039
12,442
-5,402
Philippines
18,255
7,270
10,985
-3,715
Saudi Arabia
17,921
4,778
13,143
-8,364
Switzerland
17,163
7,781
9,382
-1,600
India
15,915
4,098
11,817
-7,720
Sweden
12,441
3,154
9,287
-6,133
Indonesia
12,223
2,580
9,643
-7,062
Spain
10,902
5,225
5,677
-452
Russia
9,222
2,398
6,824
-4,426
Columbia
9,194
3,588
5,606
-2,017
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
May 2003
14.1
15.9
-1.8
June 2003
15.3
17.0
-1.7
July 2003
14.6
17.6
-2.9
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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