U.S. trade decreases 13.79 percent through July
U.S. trade with the world totaled $2.08 trillion through the first seven months of 2020, according to a WorldCity analysis of the latest U.S. Census Bureau data.
That’s a 13.79 percent decrease since the same time period last year. The nation’s exports dropped 16.38 percent to $799.82 billion and imports dropped 12.08 percent to $1.28 trillion. The overall trade deficit was $479.12 billion down compared to the same period last year, when the deficit was $498.31 billion.
Through July, the nation’s top trade partners were No. 1 Mexico, No. 2 Canada, No. 3 China, No. 4 Japan and No. 5 Germany. The same time period last year, the top five spots were held by No. 1 Mexico, No. 2 Canada, No. 3 China, No. 4 Japan and No. 5 Germany, respectively.
Taking a closer look at the leading U.S. trade partners:
- No. 1 Mexico’s trade fell 19.52 percent to $291 billion. Exports fell 22.4 percent to $117 billion. Imports fell 17.44 percent to $173 billion.
- No. 2 Canada’s trade fell 19.09 percent to $288 billion. Exports fell 18.34 percent to $140 billion. Imports fell 19.78 percent to $148 billion.
- No. 3 China’s trade fell 12.73 percent to $280 billion. Exports fell 3.63 percent to $59 billion. Imports fell 14.85 percent to $222 billion.
- No. 4 Japan’s trade fell 19.94 percent to $103 billion. Exports fell 12.39 percent to $38 billion. Imports fell 23.76 percent to $65 billion.
- No. 5 Germany’s trade fell 11.71 percent to $96 billion. Exports fell 6.74 percent to $32 billion. Imports fell 14.06 percent to $63 billion.
The nation’s top five trading partners through July accounted for 49.07 percent of its trade with the world.
The U.S. had trade surpluses with 138 countries and deficits with 95 through July. That compares with 130 surpluses and 103 deficits for the same period one year earlier. The top three surpluses through July of this year were with The Netherlands, $10.79 billion; Hong Kong, $6.96 billion; Brazil, $6.85 billion. The top three deficits were with China, $163.34 billion; Mexico, $55.66 billion; and Switzerland, $40.39 billion.
The nation’s top five exports by value through July were civilian aircraft, parts; gasoline, other fuels; oil; computer chips; and passenger vehicles in that order. Those accounted for 19.91 percent of its total outbound trade.
The value of the nation’s top five imports through July were passenger vehicles; computers; medicines in individual dosages; cell phones, related equipment; and oil. They accounted for 20.68 percent of all inbound shipments.
Looking more closely at U.S. exports:
- No. 1 Civilian aircraft, parts fell 39.31 percent compared to last year, to $43.97 billion.
- No. 2 Gasoline, other fuels fell 25.89 percent compared to last year, to $36.85 billion.
- No. 3 Oil fell 16 percent compared to last year, to $30.29 billion.
- No. 4 Computer chips rose 16.59 percent compared to last year, to $26.01 billion.
- No. 5 Passenger vehicles fell 29.78 percent compared to last year, to $22.12 billion.
On the import side:
- No. 1 Passenger vehicles fell 34.28 percent compared to last year, to $68.52 billion.
- No. 2 Computers rose 5.38 percent compared to last year, to $54.13 billion.
- No. 3 Medicines in individual dosages rose 8.1 percent compared to last year, to $48.69 billion.
- No. 4 Cell phones, related equipment fell 8.28 percent compared to last year, to $47.54 billion.
- No. 5 Oil fell 41.06 percent compared to last year, to $45.64 billion.