Statistics

Slumping dollar means surging exports

November 13th, 2007

The drooping U.S. dollar is boosting exports at triple the rate of imports, increasing the number of nations with which the United States has a surplus, and narrowing deficits at Customs districts around the country.

The United States’ trade balance improved exports grew faster than imports with 157 nations while worsening with 76, according to WorldCity analysis of the most recent U.S. Census data, released Nov. 9 and covering the first nine months of 2007.

A big factor is the weakness of the dollar. The U.S. dollar has fallen against the Euro to record lows, against the Japanese yen, against the British pound, the Canadian dollar and many other of the world’s currencies. China’s yuan does not float freely against the U.S. dollar, and Chinese exports and the U.S deficit with China continue to grow.

Other highlights:
—The United States registered a trade surplus with 127 nations, a deficit with 105. (See chart below.) Through the first nine months of 2006, the previous year, the total was 115 and 114, respectively.
—Twenty-nine Customs districts improved their trade balance while 18 saw it worsen. Houston and New York, both of which have significant deficits, had the biggest change in the trade balance, shrinking the imbalance.
—Seattle’s trade surplus, the largest and one of the few in the nation, is on pace to set a record, surpassing $11.5 billion in September, up from $6.4 billion through the first three quarters of 2006. Seattle is home to Boeing, which is exporting large numbers of jets. Miami also has a large trade surplus, due to its links to Latin America. It jumped past $8.2 billion, up from $4.6 billion during the same period of 2006.

Overall, the U.S. deficit fell $36.2 billion when compared to the first nine months of 2006, from $619.9 billion to $583.7 billion. Through the first nine months of 2007, total U.S. trade stood at $2.3 trillion, up 9.5 percent. Exports have risen 11.4 percent while imports have risen 3.67 percent.

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)