U.S. trade decreases 14.28 percent through June
U.S. trade with the world totaled $1.77 trillion through the first six months of 2020, according to a WorldCity analysis of the latest U.S. Census Bureau data.
That’s a 14.28 percent decrease since the same time period last year. The nation’s exports dropped 16.57 percent to $687.16 billion and imports dropped 12.75 percent to $1.08 trillion. The overall trade deficit was $391.01 billion down compared to the same period last year, when the deficit was $412.15 billion.
Through June, the nation’s top trade partners were No. 1 Canada, No. 2 Mexico, 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 Canada’s trade fell 20 percent to $245 billion. Exports fell 19.7 percent to $119 billion. Imports fell 20.29 percent to $126 billion.
- No. 2 Mexico’s trade fell 21.3 percent to $243 billion. Exports fell 23.39 percent to $99 billion. Imports fell 19.8 percent to $144 billion.
- No. 3 China’s trade fell 14.89 percent to $231 billion. Exports fell 4.83 percent to $49 billion. Imports fell 17.27 percent to $181 billion.
- No. 4 Japan’s trade fell 17.84 percent to $90 billion. Exports fell 9.91 percent to $33 billion. Imports fell 21.85 percent to $57 billion.
- No. 5 Germany’s trade fell 11.36 percent to $82 billion. Exports fell 9.21 percent to $28 billion. Imports fell 12.4 percent to $55 billion.
The nation’s top five trading partners through June accounted for 49.52 percent of its trade with the world.
The U.S. had trade surpluses with 133 countries and deficits with 100 through June. That compares with 129 surpluses and 104 deficits for the same period one year earlier. The top three surpluses through June of this year were with The Netherlands, $9.14 billion; Brazil, $6.15 billion; United Arab Emirates, $5.97 billion. The top three deficits were with , $0; China, $131.72 billion; and Mexico, $45.02 billion.
The nation’s top five exports by value through June were civilian aircraft, parts; gasoline, other fuels; oil; computer chips; and passenger vehicles in that order. Those accounted for 20.05 percent of its total outbound trade.
The value of the nation’s top five imports through June were passenger vehicles; computers; medicines in individual dosages; oil; and cell phones, related equipment. They accounted for 20.64 percent of all inbound shipments.
Looking more closely at U.S. exports:
- No. 1 Civilian aircraft, parts fell 36.8 percent compared to last year, to $39.47 billion.
- No. 2 Gasoline, other fuels fell 23.92 percent compared to last year, to $32.44 billion.
- No. 3 Oil fell 15.37 percent compared to last year, to $26.21 billion.
- No. 4 Computer chips rose 14.36 percent compared to last year, to $21.71 billion.
- No. 5 Passenger vehicles fell 33.98 percent compared to last year, to $17.96 billion.
On the import side:
- No. 1 Passenger vehicles fell 35.73 percent compared to last year, to $57.7 billion.
- No. 2 Computers rose 2.51 percent compared to last year, to $44.49 billion.
- No. 3 Medicines in individual dosages rose 10.84 percent compared to last year, to $41.57 billion.
- No. 4 Oil fell 38.9 percent compared to last year, to $39.93 billion.
- No. 5 Cell phones, related equipment fell 13.69 percent compared to last year, to $38.83 billion.