Trade deficit increases to $498 billion in 2010

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Ustrade

By: Joe Kafchinski

The U.S. international trade deficit increased to $498 billion in 2010 , as imports increased more than exports.  Exports increased 16.6% from 2009 to $1.8 trillion, and imports increased 19.7% to $2.3 trillion.

The increase in exports was driven by a $94 billion increase in exports of industrial supplies and a $55 billion increase in exports of capital goods. The largest export commodity in 2010 was semiconductors ($47.0 billion), followed by pharmaceutical preparations ($46.6 billion) and industrial machines ($42.7 billion). Our largest export trading partner was Canada ($248.8 billion), followed by Mexico ($163.3 billion) and China ($91.9 billion).

The increase in imports was driven by a $139 billion increase in imports of industrial supplies and an $80 billion increase in imports of capital goods. The largest import commodity in 2010 was crude oil ($252.1 billion), followed by passenger cars ($114.9 billion) and other household goods ($68.6 billion; this is the category that includes cellphones). Our largest import trading partner was China ($364.9 billion), followed by Canada ($276.5 billion) and Mexico ($229.7 billion).

For December, the international trade deficit increased to $40.6 billion in, as imports increased more than exports.  Exports increased 1.8% from November to $163.0 billion, and imports increased 2.6% to $203.5 billion.

For the third consecutive month, exports to China reached a record-high. The $10.1 billion in exports surpassed November’s $9.5 billion. Combined with a $4.3 billion drop in imports, the trade deficit with China shrunk to $20.7 billion in December.

 

 

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2 Responses to Trade deficit increases to $498 billion in 2010

  1. Sataris says:

    The increase in exports to China, I find a little surprising, this must surely entirely be raw materials?
    china is the manufacturing capital of the world, I for some reason can’t imagine anything other than raw materials are exported to China.
    Sataris

  2. Global Reach Joe says:

    @Sataris – The increase in exports to China in December 2010 was mostly accounted for by increases in industrial machines; civilian aircraft, engines, equipment, and parts; and raw cotton. For 2010 as a whole, the U.S.’ largest export increases to China were in passenger cars, industrial machines, soybeans, copper and raw cotton. You can get country by product breakdowns here: http://censtats.census.gov/naic3_6/naics3_6.shtml

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