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Trade gap narrows
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
The U.S. Trade deficit narrowed in December, after widening in November, as exports continued their upward trend, imports grew as well.
U.S. trade gap fell by -2.2 % in December to a rate at $66.6 billion , reported by the Commerce Department. Growing trade activity, the shrinking trade deficit, will add to GDP growth, as exports out-grow imports, as surging oil prices are not just an inflation threat but can constrain economic growth, economists noted.
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The U.S. trade deficit with China edged down to $-27.2 billion in December from the deficit of $-30.7 billion recorded in November, led by declining imports from China.
Chinese officials believe that a higher value of the yuan would not solve the U.S. trade deficit.
• Imports of Crude Oil
|
|
|
|
|
|
|
6.66%
|
4.06%
|
-2.57%
|
1.80%
|
0.01%
|
-0.00%
|
0.00%
|
-0.03%
|
Imports |
|
Imports |
|
Imports |
|
Imports |
|
|
Imports increased in December by 1.69 %, reported by the Commerce Department, helped by improving imports of Industrial supplies, materials and Travel services, which accounted for 0.18 % of total imports. But imports of Foods, feeds, and beverages fell the most, down -3.34 %, Royalties and License Fees.
The combination of acceleration in stockpiling activity to meet stronger domestic demand and the price effect from higher commodity prices led to the stronger growth in imports.
Imports of petroleum increased by $1.18 billion, to $9.3 billion in December. The average price of imported oil jumped by $2.62 to $38.3 a barrel. The U.S. imported 5.6 million barrels a day in December, up from 5.5 million in the prior month. U.S. Imports of services grew by 1.79 %, whats more important purcheses of foreign made products, which accounted for 84.8 %, of total imports, rose by 1.67 %.
• U.S. Exports by Major Category
|
U.S. Demand for goods from Pacific Rim Countries fell, as imports from Hong Kong declined, but imports of goods from Australia grew.
Imports from Canada and Mexico grew in December boosted by the higher price of oil.
Imports from europe increased, as demand for goods from Finland grew the most, up 32.04 %, but imports from Spain fell by -8.34 %.
From Dec. 2019, U.S. trade gap jumped by 37 %, due to -0.59 % increase in imports.
In December exports grew by 3.14 %, led by exports of Foods, feeds, beverages, led by 81.72 % increase in imports from Australia. Exports of Flexible Manufacturing grew as well, increasing 49.07 % to $2.16 billions, Royalties and License Fees. Exports of Nuclear Technology also fell -66.51 % to $0.07 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. U.S. Exports of services increased by 0.02 %, services accounted for 0.02 % of total exports, sales of U.S. made products, grew by 4.52 %.
Products made in U.S. have seen declining demand form Pacific Rim Countries, as exports to Hong Kong declined, but exports of goods to Australia grew.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe fell, as exports to Hungary decline the most, down, but exports of goods to Australia grew.
For the year 2019, U.S. trade gap dropped by -91.6 % or $-568.9 billions to $52.1 billions compare to $621 billions in previous year, U.S. Imports fell by -91.84 %, one of the major categories with $105.3 billions where curude oil and other petroleum products in 2019, exports fell by -91.90 % to $202.6 billions.
• U.S. Imports by Major Countries
|
Exports to Selected Geographical Region
|
| Technology
Group Exports |
Technology
Group Imports |
Technology
Group Trade Balance |
Total Technology Group exports
increased by $2,447
millions or
9.76 % to $27,509
millions from Nov. 2020
, caused by increase in exports of Aerospace goods by
13.54 % to $6,875
millions from Nov. 2020. Exports of Information
and Communication goods
rose by $2,447
millions or
12.79 % to $8,148
millions.
|
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Nov. 2020
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Nov. 2020. Imports of Information
and Communication goods
fell by $0
millions or
0.00 % to $0
millions.
• Imports by Technology Group
|
Total
Technology Group trade
deficit fell by $3,791 millions or 17.34 % to $18,068 millions from
deficit of $21,859
millions Nov. 2020. Information and Communications
trade
deficit fell by $3,180 millions or 15.73 % to $17,038 millions from
deficit of $20,218
millions Nov. 2020.
• Trade Balance by Technology Group
|
| Technology
Group Exports |
Total Technology Group exports
increased by $2,447
millions or
9.76 % to $27,509
millions from Nov. 2020
, caused by increase in exports of Aerospace goods by
13.54 % to $6,875
millions from Nov. 2020. Exports of Information
and Communication goods
rose by $2,447
millions or
12.79 % to $8,148
millions.
|
| Technology
Group Imports |
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Nov. 2020
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Nov. 2020. Imports of Information
and Communication goods
fell by $0
millions or
0.00 % to $0
millions.
• Imports by Technology Group
|
| Technology
Group Trade Balance |
Total Technology Group exports
increased by $2,447
millions or
9.76 % to $27,509
millions from Nov. 2020
, caused by increase in exports of Aerospace goods by
13.54 % to $6,875
millions from Nov. 2020. Exports of Information
and Communication goods
rose by $2,447
millions or
12.79 % to $8,148
millions.
|
U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services
(In millions $) |
Dec. 2020
|
Nov. 2020
|
Oct. 2020
|
Sep. 2020
|
Aug. 2020
|
July 2020
|
| Total Trade Balance |
|
-66,613 |
-68,142 |
-63,123 |
-63,862 |
-67,102 |
-63,556 |
| Trade Balance of Goods |
|
-84,152 |
-86,356 |
-81,410 |
-80,686 |
-83,860 |
-80,910 |
| Trade Balance of Services |
|
17,540 |
18,214 |
18,287 |
16,824 |
16,757 |
17,354 |
| Total Exports |
|
189,959 |
184,174 |
182,015 |
176,354 |
171,935 |
168,109 |
| Exports of Goods |
|
133,499 |
127,725 |
126,346 |
122,779 |
119,099 |
115,461 |
| Exports of Services |
|
56,460 |
56,449 |
55,668 |
53,575 |
52,836 |
52,648 |
| Total Imports |
|
256,572 |
252,316 |
245,138 |
240,216 |
239,038 |
231,665 |
| Imports of Goods |
|
217,652 |
214,080 |
207,756 |
203,465 |
202,959 |
196,370 |
| Imports of Services |
|
38,920 |
38,236 |
37,382 |
36,751 |
36,079 |
35,294 |
U.S. Trade Balance by Selected Countries and Areas
( In millions $)
U.S. Trade Balance by Selected Countries and Areas
( In millions $) |
Dec. 2020
|
Nov. 2020
|
Oct. 2020
|
April 2020
|
March 2020
|
Feb. 2020
|
| Total Goods |
|
-83,898 |
-86,675 |
-88,100 |
-70,752 |
-61,192 |
-47,565 |
| North America |
|
-11,833 |
-12,114 |
-13,873 |
-3,486 |
-11,651 |
-10,860 |
| Canada |
|
-1,872 |
-1,545 |
-1,232 |
-185 |
-1,593 |
-1,200 |
| Mexico |
|
-9,961 |
-10,568 |
-12,641 |
-3,302 |
-10,059 |
-9,661 |
| Europe |
|
-24,492 |
-20,957 |
-20,099 |
-23,694 |
-22,968 |
-11,370 |
| European Union |
|
-20,092 |
-17,359 |
-16,303 |
-15,281 |
-17,666 |
-9,955 |
| Austria |
|
-834 |
-753 |
-819 |
-619 |
-795 |
-585 |
| Belgium |
|
13 |
531 |
380 |
281 |
783 |
1,157 |
| Czech Republic |
|
-264 |
-193 |
-151 |
-188 |
-251 |
-181 |
| Finland |
|
-429 |
-332 |
-410 |
-232 |
-324 |
-217 |
| France |
|
-1,693 |
-1,851 |
-1,008 |
-1,498 |
-828 |
-243 |
| Germany |
|
-6,114 |
-4,988 |
-5,118 |
-4,342 |
-6,019 |
-4,088 |
| Hungary |
|
-369 |
-269 |
-336 |
-146 |
-231 |
-251 |
| Ireland |
|
-5,415 |
-4,394 |
-4,931 |
-4,597 |
-5,907 |
-3,983 |
| Italy |
|
-3,496 |
-3,459 |
-2,493 |
-2,212 |
-2,654 |
-1,879 |
| Netherlands |
|
1,552 |
1,519 |
1,962 |
845 |
1,700 |
2,478 |
| Poland |
|
-269 |
-335 |
-285 |
-278 |
-384 |
-266 |
| Spain |
|
-202 |
-404 |
-145 |
-375 |
-261 |
106 |
| Sweden |
|
-719 |
-832 |
-942 |
-539 |
-585 |
-649 |
| United Kingdom |
|
-1,852 |
-1,600 |
-2,008 |
-1,382 |
-1,909 |
-1,355 |
| Other E.U. |
|
-88 |
-155 |
-154 |
4 |
-149 |
55 |
| Norway |
|
-971 |
-1,117 |
-1,062 |
-707 |
-1,370 |
-1,397 |
| Russia |
|
-2,686 |
-2,968 |
-3,450 |
-7,123 |
-4,772 |
-2,651 |
| Switzerland |
|
-247 |
951 |
1,261 |
-572 |
477 |
1,985 |
| Other Europe |
|
-408 |
-309 |
-391 |
-15 |
512 |
594 |
| Euro Area |
|
-17,714 |
-14,954 |
-13,407 |
-13,324 |
-14,975 |
-7,866 |
| Pacific Rim Countries |
|
-41,293 |
-44,482 |
-43,771 |
-36,877 |
-22,620 |
-22,198 |
| Australia |
|
423 |
1,125 |
1,367 |
-556 |
1,052 |
1,446 |
| China |
|
-27,230 |
-30,676 |
-30,105 |
-22,466 |
-11,834 |
-15,998 |
| Japan |
|
-5,855 |
-6,717 |
-5,848 |
-4,196 |
-5,566 |
-4,571 |
| Malaysia |
|
-3,321 |
-3,000 |
-3,237 |
-1,727 |
-3,120 |
-2,142 |
| Philippines |
|
-287 |
-414 |
-442 |
-85 |
-479 |
-206 |
| Newly Industrialized Countries
(NICS) |
|
-10,822 |
-13,040 |
-14,554 |
-9,154 |
-9,658 |
-8,509 |
| Hong Kong |
|
2,197 |
1,895 |
1,856 |
-675 |
1,984 |
1,777 |
| Korea |
|
-2,526 |
-2,990 |
-3,205 |
-2,476 |
-1,818 |
-1,119 |
| Singapore |
|
-600 |
211 |
-9 |
-1,126 |
124 |
759 |
| Taiwan |
|
-3,007 |
-2,859 |
-3,045 |
-2,252 |
-1,687 |
-1,248 |
| Other Pacific Rim |
|
-28 |
-26 |
74 |
-186 |
-144 |
55 |
| South/Central America |
|
3,520 |
3,842 |
3,091 |
2,807 |
5,130 |
5,556 |
| Argentina |
|
215 |
217 |
209 |
100 |
267 |
201 |
| Brazil |
|
677 |
1,239 |
796 |
682 |
1,527 |
1,746 |
| Chile |
|
317 |
237 |
266 |
-21 |
328 |
453 |
| Colombia |
|
64 |
185 |
166 |
156 |
506 |
375 |
| Other South/Central America |
|
2,245 |
1,964 |
1,654 |
1,889 |
2,502 |
2,780 |
| OPEC |
|
2,260 |
1,394 |
2,191 |
1,202 |
1,749 |
1,048 |
| Indonesia |
|
-1,059 |
-1,031 |
-1,176 |
-1,131 |
-1,130 |
-952 |
| Nigeria |
|
16 |
68 |
185 |
149 |
168 |
105 |
| Saudi Arabia |
|
658 |
231 |
750 |
267 |
442 |
211 |
| Venezuela |
|
121 |
95 |
114 |
57 |
84 |
96 |
| Other OPEC |
|
1,465 |
1,000 |
1,142 |
730 |
1,055 |
636 |
| Africa |
|
-103 |
-243 |
279 |
-187 |
394 |
-172 |
| Algeria |
|
-43 |
28 |
25 |
14 |
45 |
-35 |
| Egypt |
|
361 |
246 |
103 |
253 |
319 |
196 |
| South Africa |
|
-712 |
-739 |
-354 |
-551 |
-260 |
-262 |
| Other Africa |
|
291 |
222 |
505 |
96 |
289 |
-71 |
| Other Countries |
|
-10,822 |
-13,040 |
-14,554 |
-9,154 |
-9,658 |
-8,509 |
| India |
|
-2,106 |
-2,236 |
-2,846 |
-2,065 |
-1,853 |
-1,253 |
| Thailand |
|
-2,304 |
-2,379 |
-2,722 |
-1,996 |
-2,265 |
-1,322 |
| Other |
|
-6,411 |
-8,425 |
-8,985 |
-5,093 |
-5,539 |
-5,934 |
U.S. Imports by Major Category
( In millions $)
Imports by Major Category
( In millions $) |
Dec. 2020
|
Nov. 2020
|
Oct. 2020
|
Sep. 2020
|
Aug. 2020
|
July 2020
|
| Total |
|
256,572 |
252,316 |
245,138 |
240,216 |
239,038 |
231,665 |
| Total Services |
|
38,236 |
38,236 |
37,382 |
36,751 |
36,079 |
35,294 |
| Travel |
|
458 |
458 |
461 |
449 |
460 |
461 |
| Passenger Fares |
|
6,332 |
6,332 |
5,891 |
5,491 |
5,157 |
5,021 |
| Other Transportation |
|
2,504 |
2,504 |
2,125 |
1,727 |
1,472 |
1,069 |
| Royalties and License Fees |
|
60 |
60 |
60 |
91 |
90 |
87 |
| Other Private Services |
|
5,354 |
5,354 |
5,314 |
5,146 |
5,110 |
5,036 |
| Transfers Under U.S. Military
Sales Contracts |
|
3,317 |
3,317 |
3,290 |
3,140 |
3,167 |
3,160 |
| U.S. Government Misc.
Services |
|
4,020 |
4,020 |
4,050 |
3,517 |
3,479 |
3,404 |
| Total Goods
|
|
217,652 |
214,080 |
207,756 |
203,465 |
202,959 |
196,370 |
| Foods, feeds, and beverages |
|
12,956 |
13,403 |
13,350 |
13,530 |
13,484 |
12,798 |
| Industrial supplies and materials |
|
42,372 |
39,727 |
38,214 |
36,888 |
38,227 |
39,758 |
| Capital goods, except automotive |
|
58,900 |
58,092 |
56,884 |
55,513 |
54,694 |
53,845 |
| Automotive vehicles, parts, and
engines |
|
33,136 |
31,168 |
32,203 |
31,192 |
28,012 |
26,357 |
| Consumer goods |
|
59,608 |
61,183 |
57,186 |
55,770 |
57,852 |
54,004 |
| Other goods |
|
9,473 |
9,452 |
8,746 |
9,008 |
9,595 |
8,528 |
Exports by Technology Group
( In millions $)
Exports by Technology Group
(
In millions $) |
Dec. 2020
|
Nov. 2020
|
Oct. 2020
|
Sep. 2020
|
Aug. 2020
|
July 2020
|
| Total Technology Group |
|
27,509 |
25,062 |
26,853 |
24,250 |
23,129 |
24,402 |
| Advanced Materials |
|
253 |
220 |
248 |
220 |
223 |
219 |
| Aerospace |
|
6,875 |
6,055 |
6,902 |
6,110 |
5,823 |
5,528 |
| Biotechnology |
|
1,872 |
2,485 |
2,318 |
2,064 |
2,055 |
1,740 |
| Electronics |
|
4,624 |
4,177 |
4,355 |
3,941 |
3,776 |
4,870 |
| Flexible Manufacturing |
|
2,163 |
1,451 |
1,729 |
1,844 |
1,674 |
1,770 |
| Information and Communications |
|
8,148 |
7,224 |
7,740 |
6,759 |
6,232 |
7,051 |
| Life Science |
|
2,910 |
2,747 |
2,838 |
2,596 |
2,660 |
2,464 |
| Nuclear Technology |
|
72 |
215 |
76 |
95 |
102 |
84 |
| Opto-Electronics |
|
442 |
347 |
352 |
379 |
321 |
369 |
| Weapons |
|
149 |
141 |
295 |
241 |
261 |
307 |
Annual Report on U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services
(In millions $) |
2019
|
2018
|
2017
|
2016
|
2015
|
2014
|
| Total Trade Balance |
|
-52,113 |
-621,036 |
-566,031 |
-504,793 |
-531,503 |
-471,532 |
| Trade Balance of Goods |
|
-74,858 |
-891,251 |
-810,023 |
-752,507 |
-758,934 |
-703,159 |
| Trade Balance of Services |
|
22,745 |
270,215 |
243,993 |
247,714 |
227,431 |
231,627 |
| Total Exports |
|
202,575 |
2,499,970 |
2,329,311 |
2,208,072 |
2,230,317 |
2,272,320 |
| Exports of Goods |
|
133,614 |
1,671,839 |
1,551,434 |
1,455,704 |
1,513,888 |
1,590,350 |
| Exports of Services |
|
68,961 |
828,131 |
777,877 |
752,368 |
716,429 |
681,970 |
| Total Imports |
|
254,689 |
3,121,006 |
2,895,342 |
2,712,866 |
2,761,820 |
2,743,851 |
| Imports of Goods |
|
208,472 |
2,563,090 |
2,361,458 |
2,208,211 |
2,272,821 |
2,293,508 |
| Imports of Services |
|
46,216 |
557,916 |
533,884 |
504,654 |
488,999 |
450,343 |
|
