Statistics

U.S. trade up and deficit down

July 13th, 2007

U.S. trade with the world topped $1.2 trillion through the first five months of the years, a 6.6 percent increase over the same period of 2005, according to WorldCity analysis of U.S. Census data released Thursday.

The numbers held good news for deficit-watchers, as exports grew at more than twice the rate of imports, leaving the deficit at $310 billion through the first five months of the year compared to $323.9 billion in the first five months of 2005.

The good news did not, however, come from the U.S.-China trade balance. The U.S. deficit with China jumped to $96.3 billion, a 17 percent increase over the first five months of 2005 and a 77 percent increase since the same period in 2002.

The trade deficit has declined through May with 148 countries while increasing with 84. In addition to China, the trade deficit worsened at least $1 billion with Mexico, Ireland and Angola. The United States surplus with the United Arab Emirates also fell more than $1 billion, thus having the effect of increasing the overall U.S. deficit.

The deficit has fallen at least $1 billion with Canada, the United Kingdom, Germany, Japan, Venezuela, Brazil, Taiwan, Colombia, Saudi Arabia and Russia. The U.S. trade surplus has grown at least $1 billion with the Netherlands, Belgium, Hong Kong and moved into a small surplus with Switzerland.

The overall ranking shows some shifts, including Malaysia, which ended 2005 at No. 10 and has slipped to No. 14, and Venezuela, which finished the year at No. 12 and has fallen to No. 15. Canada, China and Mexico remain the top three U.S. trade partners followed by Japan, Germany and the United Kingdom.

There is less movement at the Customs district level. Laredo, Texas, dominated by trade with Mexico, has fallen two positions from May 2005, to No. 6, dropping behind Houston and New Orleans. In the annual rankings, Laredo was ahead of New Orleans, and is only 0.5 percent below New Orleans.

Los Angeles remains the leading Customs district, followed by New York and Detroit. Houston, New Orleans and the Savannah Customs district grew at the fastest rate among the leading Customs districts.

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