U.S. Merchandise Trade Data: 1948-2002
Order Code 98-536 C
Updated April 3, 2003
CRS Report for Congress
Received through the CRS Web
U.S. Merchandise Trade Data: 1948-2002
J. Michael Donnelly
Information Research Specialist
Information Research Division
Summary
U.S. merchandise trade has fluctuated in the value of both exports and imports
from the end of World War II to 2000. The year 2001 appears to be a benchmark in that
both exports and imports declined markedly in value. In 2002, imports increased while
exports decreased again. Merchandise trade statistics provide a continuous series to
measure that growth in trade. Official annual trade statistics of the U.S. Department of
Commerce, provided here, show that this U.S. export decline and import increase
resulted in the largest annual merchandise trade deficit in U.S. history. For the 54 years
between 1948 and 2002, merchandise exports grew by 54 times, and merchandise
imports grew by 163 times. U.S. merchandise imports exceeded $1 trillion for the first
time in 1999 and remained above $1 trillion through 2002. During this full period, the
U.S. merchandise trade balance was in surplus between 1948 and 1970. The first U.S.
postwar deficit occurred in 1971. The deficit exceeded $100 billion for the first time in
1984, surpassed $200 billion in 1998, $300 billion in 1999, and grew beyond $400
billion in 2000, where it remained through 2002. This report will be updated as new
information becomes available.
Congressional Research Service ˜ The Library of Congress
CRS-2
Merchandise Trade Versus Trade in Goods and Services
Merchandise trade statistics are referred to as Census basis statistics, since they are
collected, compiled, and distributed by the U.S. Bureau of the Census. These are the data
reported here, and constitute the one continuing data series using largely uniform
definitions. Merchandise trade statistics are important because they alone are the basis
for commodity and country trade information.
In January 1994, the U.S. Department of Commerce began reporting and publishing
trade data on goods and services as the benchmark monthly trade statistic, replacing
merchandise trade data. Previously, services trade estimates were compiled by the Bureau
of Economic Analysis on a balance of payments (BOP) basis. To harmonize Census
merchandise data with Bureau of Economic Analysis services data, statistics on goods and
services are reported on a balance of payments basis. This involves such changes as
deducting U.S. military sales from merchandise accounts, since they are considered
services transactions, and adding to merchandise statistics parcels mailed to foreigners by
individuals in the United States. What this means is that the goods component of trade
in goods and services is different from the goods measured in merchandise trade statistics.
Definitions in Merchandise Trade
Merchandise trade is trade in goods only, not services, and excludes capital transfers
and foreign investments. Exports are defined here as total exports; they include both
domestically-produced goods and re-exports, which constitute imports of goods that are
warehoused here, then re-exported. Imports are defined here as general imports, which
measure total arrivals of goods into the United States—imports for both immediate
consumption channels and warehouses. Balance of merchandise trade is defined as total
exports minus general imports. Dollar amounts are current U.S. dollars, that is, official
statistics with no inflation adjustment, expressed in millions.
Valuation methods define where in a trade transaction the value of a good is
measured. As goods move in international trade, they acquire more costs. Although an
automobile has one cost at the end of its assembly line, it acquires a higher cost when
shipping and insurance to a local dealer or port for export are added. For this report,
current official U.S. government valuation practice is followed.
! total exports are valued free alongside, or FAS. FAS figures provide
valuation of exports at the port of exportation, and thus exclude charges
for loading onto the vessel, the transportation itself, insurance, unloading,
and foreign transportation.
! general imports are valued on Customs valuation. Customs valuation for
imports excludes costs of international transportation and insurance, as
well as tariffs, and is therefore quite similar to FAS valuation. Customs
valuation for imports replaced FAS valuation in U.S. government
statistics in 1982.
CRS-3
Recent Annual Trade Trends
In 2002, the latest complete year for trade data, U.S. exports decreased by $36
billion, or 5%, to $693 billion. Imports increased by $23 billion, or 2%, to $1,164 billion.
These statistics resulted in the U.S. merchandise trade deficit increasing $58 billion, or
roughly 14%, to $470 billion. This 2002 merchandise trade deficit increase contrasts both
with the $24 billion decrease in 2001 and the $100 billion annual increases during 1999
and 2000. The total annual merchandise trade deficit remains greater than $400 billion.
In the six-year span from 1997 through preliminary 2002, exports increased 1%,
from $689 billion to $693 billion, while imports grew 34%, from $870 to $1,164 billion.
This resulted in the trade deficit more than doubling from $181 billion to $470 billion.
Where to Find Trade Statistics
The Foreign Trade Division (FTD) of the Bureau of the Census of the U.S.
Department of Commerce collects and publishes official U.S. merchandise export and
import statistics. Most important is FTD’s monthly trade release, U.S. International
Trade in Goods and Services, known by its publication number, the FT-900. FTD is now
providing its data on the Internet and on CD-ROM, as well as in printed format. Separate
single CD-ROMs are published monthly for U.S. Exports of Merchandise and U.S.
Imports of Merchandise. Both are organized by Harmonized Tariff System of the United
States (HTS) classification by country, then by customs district. Also available in CD-
ROM format are U.S. Imports History, Historical 5-Year Summary, and U.S. Exports
History, Historical 5-Year Summary. FTD’s newest products include a one-disc monthly
CD-ROM combining export and import data with improved software, and the customized
Selected Commodity Subscription Service, or SCSS. An SCSS subscription could tell you
about, for example, golf club imports. These and other FTD products may be obtained
by calling (301) 457-2311 or visiting FTD on the Internet at
[http://www.census.gov/foreign-trade/www/].
CRS-4
Internet Sources of Data
Sources of trade data on the Internet are becoming more reliable and easier to access.
! The U.S. Bureau of the Census provides the full text of the monthly FT-
900 with graphics plus its Guide to Foreign Trade Statistics at the
Census Bureau’s FTD Foreign Trade Home Page at
[http://www.census.gov:80/foreign-trade/www/press.html]
! The U.S. Bureau of Economic Analysis/BEA provides the full text of the
monthly FT-900 plus the FT-900 Supplement from its Home Page at
[http://www.bea.doc.gov/]
! The Office of Trade and Economic Analysis of the International Trade
Administration in the U.S. Department of Commerce provides annual
country breakdowns for U.S. exports and imports in a section titled
“United States Foreign Trade Highlights,” and state export data at
[http://www.ita.doc.gov/industry/otea].
! STAT-USA Internet is a subscription service of the U.S. Department of
Commerce which provides the FT-900 and the FT-900 Supplement as
well as exports and imports by commodity and by country. Trade data on
STAT-USA Internet [http://www.stat-usa.gov/] is in the “Globus and
NTDB” section. Globus represents Global Business Opportunities;
NTDB is the National Trade Data Bank. STAT-USA Internet is available
free in all federal depository libraries. Individual subscriptions to STAT-
USA Internet are also available at [http://www.stat-usa.gov/].
Printed Sources of Data
! United States Department of Commerce News. U.S. International Trade
in Goods and Services, series FT-900, is the official benchmark monthly
press release that reports the latest month’s statistics and revises the
previous month’s statistics. Statistics in this report are on both a Census
basis and a balance of payments (BOP) basis. The December data release
provides the preliminary estimate of annual trade totals, and now first
appears in February. Final annual revisions are normally released in the
June data release of each year, which normally appears in August. The
Department of Commerce also publishes U.S. Merchandise Trade:
Monthly FT-900 Supplement. The FT-900 Supplement reports U.S.
imports of merchandise on both a customs basis and a CIF (cost,
insurance, and freight) valuation basis. Both the FT-900 and the FT-900
Supplement are available in print by subscription from the Superintendent
of Documents, U.S. Government Printing Office, Washington, D.C.
20402, telephone (202) 512-2303.
! Economic Indicators, a monthly statistical magazine prepared for the
Joint Economic Committee by the Council of Economic Advisers,
contains summary trade data. The table titled “U.S. International Trade
CRS-5
in Goods and Services,” on p. 35 of each issue contains data on both a
balance of payments basis and a Census basis. Economic Indicators is
available by subscription from the U.S. Government Printing Office.
! Economic Report of the President, published annually in February,
contains tables that provide merchandise trade statistics on both a Census
basis and a BOP basis.
Table 1. Annual Change in U.S. Merchandise Trade: Exports,
Imports, and Balance—1948-2002
(Census basis as of March 2003; values in current U.S. millions of dollars)
Change
Change
U.S. Merch.
Change
Change
Change
U.S. Merch.
U.S. Merch.
From
From
IMPORTS
From
From
From
YEAR
EXPORTS
Trade
Previous
Previous
Customs
Previous
Previous
Previous
F.A.S. Value
BALANCE
Year
Year
Value
Year
Year
Year
1948
12,653.1
—
—
7,123.9
—
—
5,529.2
—
1949
12,051.1
-602.0
-4.8%
6,622.3
-501.6
-7.0%
5,428.8
-100.4
1950
9,992.9
-2,058.2
-17.1%
8,852.2
2,229.9
33.7%
1,140.7
-4,288.1
1951
13,967.4
3,974.5
39.8%
10,967.3
2,115.1
23.9%
3,000.1
1,859.4
1952
13,203.0
-764.4
-5.5%
10,717.5
-249.8
-2.3%
2,485.5
-514.6
1953
12,262.4
-940.6
-7.1%
10,873.3
155.8
1.5%
1,389.1
-1,096.4
1954
12,854.3
591.9
4.8%
10,215.4
-657.9
-6.1%
2,638.9
1,249.8
1955
14,290.9
1,436.6
11.2%
11,384.4
1,169.0
11.4%
2,906.5
267.6
1956
17,333.0
3,042.1
21.3%
12,614.9
1,230.5
10.8%
4,718.1
1,811.6
1957
19,494.9
2,161.9
12.5%
12,982.3
367.4
2.9%
6,512.6
1,794.5
1958
16,367.0
-3,127.9
-16.0%
12,834.5
-147.8
-1.1%
3,532.5
-2,980.1
1959
16,406.9
39.9
0.2%
15,207.2
2,372.7
18.5%
1,199.7
-2,332.8
1960
19,626.3
3,219.4
19.6%
15,017.5
-189.7
-1.2%
4,608.8
3,409.1
1961
20,189.5
7,335.2
57.1%
14,713.9
4,498.5
44.0%
5,475.6
2,836.7
1962
20,972.6
783.1
3.9%
16,389.5
1,675.6
11.4%
4,583.1
-892.5
1963
22,427.3
1,454.7
6.9%
17,138.0
748.5
4.6%
5,289.3
706.2
1964
25,690.1
3,262.8
14.5%
18,684.4
1,546.4
9.0%
7,005.7
1,716.4
1965
26,699.4
1,009.3
3.9%
21,365.6
2,681.2
14.3%
5,333.8
-1,671.9
1966
29,379.2
2,679.8
10.0%
25,542.2
4,176.6
19.5%
3,837.0
-1,496.8
1967
30,934.4
1,555.2
5.3%
26,812.3
1,270.1
5.0%
4,122.1
285.1
1968
34,062.8
3,128.4
10.1%
33,226.3
6,414.0
23.9%
836.5
-3,285.6
1969
37,331.7
3,268.9
9.6%
36,042.8
2,816.5
8.5%
1,288.9
452.4
1970
43,176.3
5,844.6
15.7%
39,951.6
3,908.8
10.8%
3,224.7
1,935.8
1971
44,086.6
910.3
2.1%
45,562.7
5,611.1
14.0%
-1,476.1
-4,700.8
1972
49,854.0
5,767.4
13.1%
55,582.8
10,020.1
22.0%
-5,728.8
-4,252.7
1973
71,865.2
22,011.2
44.2%
69,475.7
13,892.9
25.0%
2,389.5
8,118.3
1974
99,436.9
27,571.7
38.4%
103,320.8
33,845.1
48.7%
-3,883.9
-6,273.4
1975
108,855.6
9,418.7
9.5%
99,304.7
-4,016.1
-3.9%
9,550.9
13,434.8
1976
116,794.1
7,938.5
7.3%
124,613.9
25,309.2
25.5%
-7,819.8
-17,370.7
1977
123,181.5
6,387.4
5.5%
151,534.3
26,920.4
21.6%
-28,352.8
-20,533.0
CRS-6
Change
Change
U.S. Merch.
Change
Change
Change
U.S. Merch.
U.S. Merch.
From
From
IMPORTS
From
From
From
YEAR
EXPORTS
Trade
Previous
Previous
Customs
Previous
Previous
Previous
F.A.S. Value
BALANCE
Year
Year
Value
Year
Year
Year
1978
145,846.9
22,665.4
18.4%
176,052.0
24,517.7
16.2%
-30,205.1
-1,852.3
1979
186,362.7
40,515.8
27.8%
210,285.1
34,233.1
19.4%
-23,922.4
6,282.7
1980
225,566.1
39,203.4
21.0%
245,261.9
34,976.8
16.6%
-19,695.8
4,226.6
1981
238,715.0
13,148.9
5.8%
260,981.9
15,720.0
6.4%
-22,266.9
-2,571.1
1982
216,441.6
-22,273.4
-9.3%
243,951.9
-17,030.0
-6.5%
-27,510.3
-5,243.4
1983
205,638.6
-10,803.0
-5.0%
258,047.8
14,095.9
5.8%
-52,409.2
-24,898.9
1984
223,975.8
18,337.2
8.9%
330,678.4
72,630.6
28.1%
-106,702.6
-54,293.4
1985
218,814.9
-5,160.9
-2.3%
336,526.4
5,848.0
1.8%
-117,711.5
-11,008.9
1986
227,158.5
8,343.6
3.8%
365,437.7
28,911.3
8.6%
-138,279.2
-20,567.7
1987
254,121.9
26,963.4
11.9%
406,241.0
40,803.3
11.2%
-152,119.1
-13,839.9
1988
322,426.4
68,304.5
26.9%
440,952.3
34,711.3
8.5%
-118,525.9
33,593.2
1989
363,811.5
41,385.1
12.8%
473,210.8
32,258.5
7.3%
-109,399.3
9,126.6
1990
393,592.3
29,780.8
8.2%
495,310.5
22,099.7
4.7%
-101,718.2
7,681.1
1991
421,730.0
28,137.7
7.1%
488,453.0
-6,857.5
-1.4%
-66,723.0
34,995.2
1992
448,163.6
26,433.6
6.3%
532,664.8
44,211.8
9.1%
-84,501.2
-17,778.2
1993
465,091.0
16,927.4
3.8%
580,659.0
47,994.2
9.0%
-115,568.0
-31,066.8
1994
512,626.0
47,535.0
10.2%
663,255.7
82,596.7
14.2%
-150,629.7
-35,061.7
1995
584,742.0
72,116.0
14.1%
743,542.7
80,287.0
12.1%
-158,800.7
-8,171.0
1996
625,074.9
40,332.9 6.9%
795,289.2
51,746.5 7.0%
-170,214.3
-11,413.6
1997
689,182.4
64,107.5 10.3%
869,703.9
74,414.7 9.4%
-180,521.5
-10,307.2
1998
682,137.7
-7,044.7 -1.0%
911,896.1
42,192.2 4.9%
-229,758.4
-49,236.9
1999
695,797.2
13,695.5 2.0%
1,024,618.2 112,722.1 12.4%
-328,821.0
-99,062.6
2000
781,917.7
86,120.5 12.4%
1,218,022.0 193,403.8 18.9%
-436,104.3
-107,283.3
2001a
729,100.3
-52,817.4 -6.8%
1,140,999.4
-77,022.6 -6.3%
-411,899.1
24,205.2
prel. 2002b
693,301.7
-35,798.6 -4.9%
1,163,561.3
22,561.9 2.0%
-470,259.6
-58,360.5
a. Final 2001 annual data provided by U.S. Department of Commerce News, FT-900 (02-06), dated August 20, 2002.
b. 2002 preliminary annual trade data obtained from U.S. Department of Commerce News, FT-900 (03-01), March 12, 2003. Available
o n t h e I n t e r n e t a t [ h t t p : / / w w w . b e a . d o c . g o v / b e a / n e w s r e l / t r a d n e w s r e l e a s e . h t m ] a n d
[http://www.census.gov/indicator/www/ustrade.html].