U.S. International Trade: Trends and Forecasts
Abstract
This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy. The United States is now running huge deficits in its trade with other nations. Between 2006 and 2007 the U.S. merchandise trade deficit declined slightly from $838 billion to $8l9 billion on a balance-of-payments (BoP) basis and from $8l7 billion to $790 billion on a Census basis. A 2007 surplus in services trade of $119 billion resulted in a deficit of $700 billion on goods and services for the year-down $53 billion or 7.0% from the $753 billion deficit in 2006. While U.S. exports are highly competitive in world markets, these sales abroad are overshadowed by the huge demand by Americans for imported products. In 2007, U.S. exports of goods and services totaled $1,646 billion, while U.S. imports reached $2,346 billion. Since 1976, the United States has incurred continual merchandise trade deficits with annual amounts fluctuating around an upward trend. The current slowdown in the U.S. economy plus the declining value of the dollar have worked to reduce the deficit.
Document Details
- Document Type
- Technical Report
- Publication Date
- Nov 26, 2008
- Accession Number
- ADA492881
Entities
People
- Dick K. Nanto
- J. M. Donnelly
- Shayerah Ilias
Organizations
- Library of Congress