US trade

  • The United States reported a trade deficit of US$ 621 billion in 2018 as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports.. With the increase in private consumption and fixed investment, total imports grew by 7 per cent after two consecutive years of very modest growth.  The increase in petroleum oil exports and electronic circuits,  contributed to overall export growth  in 2018.
  • The U.S. goods and services deficit increased in 2018, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $552.3 billion in 2017 to $621.0 billion in 2018, as imports increased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.4 percent in 2018, down from 3.4 percent in 2010. The annual deficit in goods and services increased by $68.8 billion (12.5%).
  • The goods deficit increased from $807.5 billion in 2017 to $891.3 billion in 2018, and the services surplus increased to 270 billion during the same year. The merchandise trade deficit with China hit a record $419 billion in 2018.
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Exports

  • Exports rose 6.3 % to 2.5 trillion due to shipments of a variety of products such as crude oil, petroleum products and aircraft engines.

Imports

  • Imports  jumped 7.5% to 3.12 trillion due to imports of pharmaceuticals, computers, travel services etc.

 

Important Websources

http://www.census.gov/foreign-trade
http://trade.gov/

Videos

https://www.census.gov/foreign-trade/aes/exporttraining/videos/index.html#usingtradedata