To watch TV, read an email on your phone or download a video to your computer, you likely use satellite services. But most people don’t know how satellites work, how the satellite business operates or how explosive growth in demand for bandwidth may affect what we pay for communications. Carmen Gonzalez-Sanfeliu, vice president for Latin America and the Caribbean for Intelsat, demystified all that at WorldCity’s CEO Club on March 5, prompting a lively discussion into how modern communications is revolutionizing everything, from banking to real estate to even management.… Read More
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Losing ground: Trade with 5 nations have erased 7 years of gains
U.S. trade with the world is $596.2 billion lower than during the same period of 2008, according to U.S. Census figures released Thursday and analyzed by WorldCity.
But the impact of the U.S. and global recession is far worse on some countries than others, according to the data, which compares year-to-date data through July.
The recession has erased years and years of import-export growth. How many years offers a relativity index of sorts.
While all but one Top 50 U.S. trading partner has seen its trade decline in 2009 when compared to 2008, five Top 50 nations have seen their trade eliminate seven years of trade gains, falling below the levels recorded in 2002:
1. Japan, the United States’ fourth most important trade partner, is off 19.25 percent from its 2002 level and 36.1 percent off the total achieved from January through July of 2008.
2. Taiwan, No. 11, is off 14.07 percent from 2002 and 34.25 percent from 2008 levels.
3. Malaysia, No. 20, was ranked No. 10 through July in 2002. Its U.S. trade is off 11.17 percent from the 2002 level and 34.14 percent from 2008.
4. Sweden, No. 33, was ranked No. 26 in July of 2002. It’s trade is off a narrow 0.51 percent from 2002 but a more substantial 30.91 percent from 2008.
5. The Philippines, which had ranked No. 21 in July of 2002, ranks No. 34 currently. Its trade is off 35.66 percent from 2002 and 34 percent from 2008.
One nation, the Dominican Republic, has seen its trade fall so that 2002 is the most recent year when trade was lower.
The nations that have seen their trade fall to a level when 2003 was the most recent year with higher trade include No. 1 Canada, No. 7 South Korea, No. 12 Italy and No. 24 Hong Kong. Honduras, Finland and New Zealand, all Top 50 trade partners in 2002, are no longer.
A number of nations dropped to levels not seen since 2004: No. 5 Germany, No. 16 Venezuela, No. 19 Saudi Arabia, No. 23 Thailand, No. 27 Nigeria, No. 38 Algeria, No. 39 South Africa, No. 46 Norway and No. 49 Trinidad and Tobago.
Here are the nations where trade has fallen to levels not seen since 2005: No. 3 Mexico, No. 6 United Kingdom, No. 15 Singapore, No. 17 Belgium, No. 21 Israel, No. 26 Rwanda, No. 29 Spain, No. 30 Chile, No. 35 Angola, No. 36 Turkey, No. 37 Iraq, No. 44 Austria and No. 45 Ecuador.
Even China, the No. 2 ranked trade partner with the United States, has been affected. The last year China’s trade through July was below $194.79 billion through the first year months of the year was 2006. It is joined by No. 8 France, No. 9 the Netherlands, No. 10 Brazil, No. 13 Ireland, No. 22 Australia, No. 28 Indonesia, no. 40 Argentina, No. 47 Denmark and No. 48 Egypt.
A number of nations have only given back two years of trade growth, their 2009 total still higher than the 2007 total: No. 14 India, No. 18 Switzerland, No. 25 Colombia, No. 31 Vietnam, No. 41 Costa Rica and No. 42 Peru.The one nation among the Top 50 experiencing an increase in trade through the first seven months of 2009 when compared to the same period of 2008 is the United Arab Emirates.
See the Top 50 trade partners, with total trade, total exports, total imports, surplus/(deficit) and balance of trade: Top 50 U.S. trade partners
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