11 May 2011
U.S. trade was $860.11 billion through March, an increase of $135.56 billion, or 18.71 percent. Total exports were also at a record level, $351.09 billion, an increase of $54.45 billion, or 18.35 percent. Imports, too, were at a record level: $509.02 billion, an increase of $81.11 billion, or 18.96 percent.
The U.S. trade deficit, while above the 2008 and 2009 levels for the first quarter, did not match the record total of $191.18 billion from 2006. The 2011 total was $157.93 billion.
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The U.S. trade deficit with China is, however, at a record level: $60.2 billion, an increase from $51.7 billion the year before. China accounted for 38.12 percent of the total U.S. trade deficit, but that is lower than the percentages of 2009 (47.36 percent) and 2010 (39.39 percent).
For every dollar of U.S. trade, 41 cents was an export in the first quarter of 2011, the same percentage as in 2010 and 2009. In 2008, Those are the only three years it has been above 40 cents, going back to 2002.
Fifteen of the top 20 U.S. Customs districts are importing and exporting at record levels, with another two only narrowly off their previous records.
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Through the first quater, New York remains the No. 1-ranked Customs districts in the nation, ahead of Los Angeles, which has been the nation's top Customs district on an annual basis 19 of the last 20 years. (The exception was 2001.) New York was ranked ahead of Los Angeles through the first quarter of 2009 also, but not in 2010.
Among the top 10 Customs districts, the fast-growing in percentage -- and second fastest behind New York City in dollars -- is New Orleans, a large oil importer. New Orleans trade, through the first three months of the year, increased 33.53 percent, or $14.66 billion. It ranked No. 5 in the nation, after New York City, Los Angeles, Houston and Detroit.
Houston, another major oil-importing Customs district, slipped ahead of Detroit in the rankings on 26.97 percent growth, equal to $12.89 billion in additional trade.
Rounding out the top 10 are Laredo and Chicago, unchanged at No. 6 and No. 7, respectively; the Savannah Customs district, which includes Atlanta, up two postiions to its highest ranking ever, at No. 8; Seattle and San Francisco, both down one position, at No. 9 and No. 10.
Among the top 10, only Detroit, Seattle and San Francisco failed to set new records for first quarter trade, though Seattle was within 2.58 percent and San Francisco within 0.1 percent.
Ten of the top 20 U.S. trading partners are trading at record levels. The 10 that did not set records all set records in the first quarter of 2008, before the U.S. and global recessions struck.
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Setting new records for total trade in the first quarter are No. 2 China, No. 3 Mexico, No. 7 South Korea, No. 9 Taiwan, No. 10 Brazil, No. 11 Netherlands, No. 14 India, No. 15 Belgium, No. 16 Ireland and No. 19 Switzerland.
The 10 that did not set records are No. 1 Canada, No. 4 Japan, No. 5 Germany, No. 6 United Kingdom, No. 8 France, No. 12 Venezuela, No. 13 Saudi Arabia, No,. 17 Singapore (off 0.76 percent), No. 18 Italy and No. 20 Nigeria.
Generally speaking, the U.S. set records with Asian and developing markets like Brazil, Ireland and India while failing to set records with European partners and Canada.
Although the U.S. did not set records for trade with three top 20 nations whose trade is dominated by oil imports into the United States -- Venezuela, Saudia Arabia and Nigeria -- all three moved up in the rankings. Venezuela moved up two positions, Saudia Arabia up five and Nigeria up one. The only other top 20 trade partner to move up was No. 15 Belgium, which had been No. 16 in the first quarter of 2010.