U.S. trade decreases 12.19 percent through September
U.S. trade with the world totaled $2.73 trillion through the first nine months of 2020, according to a WorldCity analysis of the latest U.S. Census Bureau data.
That’s a 12.19 percent decrease since the same time period last year. The nation’s exports dropped 15.48 percent to $1.04 trillion and imports dropped 10.04 percent to $1.69 trillion. The overall trade deficit was $649.5 billion up compared to the same period last year, when the deficit was $647.62 billion.
Through September, the nation’s top trade partners were No. 1 Mexico, No. 2 China, No. 3 Canada, 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 16.87 percent to $386 billion. Exports fell 21.06 percent to $153 billion. Imports fell 13.86 percent to $233 billion.
- No. 2 China’s trade fell 8.49 percent to $385 billion. Exports rose 2.97 percent to $81 billion. Imports fell 11.13 percent to $304 billion.
- No. 3 Canada’s trade fell 16.72 percent to $383 billion. Exports fell 15.82 percent to $186 billion. Imports fell 17.55 percent to $197 billion.
- No. 4 Japan’s trade fell 19.05 percent to $133 billion. Exports fell 13.22 percent to $48 billion. Imports fell 22 percent to $85 billion.
- No. 5 Germany’s trade fell 10.37 percent to $127 billion. Exports fell 5.48 percent to $43 billion. Imports fell 12.67 percent to $84 billion.
The nation’s top five trading partners through September accounted for 48.18 percent of its trade with the world.
The U.S. had trade surpluses with 140 countries and deficits with 93 through September. That compares with 128 surpluses and 105 deficits for the same period one year earlier. The top three surpluses through September of this year were with The Netherlands, $13.02 billion; Hong Kong, $10.1 billion; and Brazil, $9.02 billion. The top three deficits were with China, $222.79 billion; Mexico, $79.55 billion; and Vietnam, $49.46 billion.
The nation’s top five exports by value through September were civilian aircraft, parts; gasoline, other fuels; oil; computer chips; and passenger vehicles in that order. Those accounted for 19.54 percent of its total outbound trade.
The value of the nation’s top five imports through September were passenger vehicles; computers; cell phones, related equipment; medicines in individual dosages; and oil. They accounted for 20.79 percent of all inbound shipments.
Looking more closely at U.S. exports:
- No. 1 Civilian aircraft, parts fell 41.52 percent compared to last year, to $54.28 billion.
- No. 2 Gasoline, other fuels fell 28.47 percent compared to last year, to $46.21 billion.
- No. 3 Oil fell 17.41 percent compared to last year, to $38.56 billion.
- No. 4 Computer chips rose 11.47 percent compared to last year, to $32.7 billion.
- No. 5 Passenger vehicles fell 24.19 percent compared to last year, to $31.36 billion.
On the import side:
- No. 1 Passenger vehicles fell 28.16 percent compared to last year, to $94.93 billion.
- No. 2 Computers rose 11 percent compared to last year, to $72.96 billion.
- No. 3 Cell phones, related equipment fell 10.66 percent compared to last year, to $63.22 billion.
- No. 4 Medicines in individual dosages rose 6.08 percent compared to last year, to $61.99 billion.
- No. 5 Oil fell 40.99 percent compared to last year, to $57.95 billion.