Statistics

U.S. trade, exports, imports, deficit set new annual records

February 15th, 2007

The United States set new records for total trade, total imports, total exports and trade deficit in 2006, according to a first detailed analysis of Census data released Tuesday.

Canada , the United States’ No. 1 trade partner, surpassed $500 billion in annual trade, another record, finishing the year at $534 billion.

The United States exported more than $1 trillion for the first time, and ended the year just shy of $3 trillion in total trade, at $2.9 trillion. Imports totaled $1.9 trillion and the deficit was $818 billion.

Despite the overall trade deficit, the United States had a trade surplus with 117 of the world’s nations and a deficit with 115 nations.

“Statistics tell many stories, of course, and we all too often worship at the deficit alter to the exclusion of what else is happening with international trade,” said WorldCity President Ken Roberts. “The United States has never exported more than it is currently. That is not a story often told. The U.S. had a trade surplus with more nations than a deficit. That shocks most people when I speak around the country. They simply have no idea. Most think it is no more than a few countries.

“Canada surpassed one-half trillion dollars of trade with the United States, an enormous sum and yet all we hear about is China,” Roberts said.

The biggest trade deficit is with China, which jumped ahead of Mexico to become the United States’ second-ranked overall trade partner behind Canada. China’s total trade was $343 billion. The U.S. deficit with China was $233 billion, or 28 percent of the total deficit.

In addition to Canada, China and Mexico, the United States ended the year with more than $1 billion in total trade with 89 nations.

The nation’s biggest Customs district was Los Angeles, followed by New York and Detroit. Los Angeles became the first Customs district to ever surpass $300 billion in trade. The top nine Customs districts surpassed $100 billion in total trade, with San Francisco joining the list for the first time in 2006.

The top imports into the country are oil, cars, computers, refined petroleum products, car parts and cell phones. The United States had 26 categories that totaled more than $10 billion, the same as last year. There were 271 categories that totaled more than $1 billion, 18 more than in 2005.

The top exports were computer chips, aircraft, cars and car parts, and computers. Aircraft showed the biggest gain among the top exports, increasing more than 42 percent to $45 billion. The U.S. had 15 export categories that exceeded $10 billion in 2006, the same as in 2005, but the number that exceeded $1 billion increased to198 from 176.

Number of U.S. trade surpluses at 127 nations, highest since 1998 (02/21/2008)

U.S. trade breaks $3 trillion mark; first deficit decline in 15 years (02/15/2008)

Annual U.S. trade with a record 44 nations will exceed $10 billion (01/19/2008)

Annual trade growth forecast to slow but numerous records still will fall (01/17/2008)

U.S. exports to Putin's Russia growing far faster than national average (12/23/2007)

Baltimore, N.Y. among big gainers in exports (12/21/2007)

Aircraft, corn, gold exports growing rapidly (12/18/2007)

Slumping dollar means surging exports (11/13/2007)

With oil above $90 per barrel, crude and China play biggest role in deficit since 1992 (10/30/2007)

U.S. trade passes $2 trillion through August, a record (10/25/2007)

Exports, in GOP debate spotlight, continue brisk, record growth (10/09/2007)

U.S.-Burma trade vaporized in 2003 (09/30/2007)

Algeria, Vietnam among fastest-growing U.S. trade partners over five-year period (09/25/2007)

U.S. trade growth slowest in years (08/15/2007)

2nd U.S. TradeNumbers released (08/12/2007)

U.S. trade up and deficit down (07/13/2007)

1st Q: U.S. trade up slightly as import growth slows -- except with China (05/11/2007)

France, soon electing a new president, surpasses $10 billion in total trade (04/22/2007)

Handgun imports rise sharply, lead by Savannah, Miami, Chicago (04/17/2007)

U.S. trade rises a tepid 6 percent through February (04/16/2007)

South Korea car imports up 1,000% since 1992, but down last two years (04/10/2007)

It's a fact: Algeria, Angola, Chile, UAE, Austria are fastest-growing (04/10/2007)

U.S takes precedent-setting action against China in coated-paper case (04/02/2007)

Media weighs in on South Korea-U.S. free trade agreement (04/02/2007)

South Korea takes big step toward $100 Billion Club (04/02/2007)

U.S. exports advance broadly, from airplanes to corn to tractors to gold (03/19/2007)

Annual Statistics: A quick review of the Top 10 U.S. trade partners (02/24/2007)

U.S. trade, exports, imports, deficit set new annual records (02/15/2007)

Annual statistics: Dallas among nation's fastest-growing districts (02/14/2007)

Seattle registers largest, and one of few, surpluses (02/14/2007)

DC is nation's fastest-growing Customs district for 2006 (02/14/2007)

Philadelphia falls just shy of $70 billion on rapid growth (02/13/2007)

Sneak peek at the annual trade statistic release (01/22/2007)

U.S. has trade surplus with 115 nations, deficit with 116 (11/03/2006)

U.S. trade growth at 14 percent through August (10/16/2006)

Exports to Afghanistan are zooming; led by aircraft, motor vehicles (10/02/2006)

Romania, Bulgaria seek EU status, both rank in Top 100 in U.S. trade (09/28/2006)

Trade with Muslim world growing faster than average (09/25/2006)

Annual Report: No. 17 Saudi Arabia - Quenching the oil thirst (09/15/2006)

New Orleans rebounding, one year after Katrina (08/27/2006)

Six-month report: U.S. trade increases 13 percent, with fast growth from red-hot Chile (08/24/2006)

Annual Report: No. 24 Switzerland - Swiss trade keeping time (07/26/2006)

Annual Report: No. 25 Australia- U.S. posts $8.4 billion surplus (07/26/2006)

Annual Report: No. 23 Hong Kong - U.S. expands trade surplus (07/25/2006)

Annual Report: No. 21 Israel - Glittering give-and-take (07/23/2006)

Annual Report: No. 20 India - Rising player on trade scene (07/22/2006)

Annual Report: No. 19 Thailand - Gains seen in tech products (07/21/2006)

Annual Report: No. 16 Singapore - U.S. sees growth in surplus (07/20/2006)

Annual Report: No. 18 Belgium - Diamonds, medicines lead trade (07/19/2006)

Annual Report: No. 15 Ireland - Chemicals, drugs drive exports (07/17/2006)