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Record Goods and Services Trade in 2011

Posted By faymjohnson On February 10, 2012 @ 6:39 am In Foreign Trade Data | No Comments


By: Fay Johnson

First, let’s take a quick look at the trade numbers for December 2011.  For December, the trade deficit in goods and services increased to $48.8 billion from $47.1 billion (revised) in November, as imports increased $3.0 billion and exports increased $1.2 billion.

For the year, the deficit increased to $558.0 billion in 2011 from $500.0 billion in 2010, as imports increased $323.5 billion and exports increased $265.5 billion. Both exports ($2.1 trillion) and imports ($2.7 trillion) of goods and services were records in 2011, while the deficit was still substantially lower than its record high of $753.3 billion in 2006.

Lets take a look at the growth in exports starting from 2009 when the National Export Initiative (NEI) began. Goods and services exports grew $265.5 billion or 14.5% in 2011 from 2010, this is slightly larger dollar growth than the 2010 export growth of $262.5 billion. Goods exports on a Census basis grew $202.4 billion in 2011, down from the growth of $222.2 billion in 2010, but still a substantial growth rate of 15.8%. The graphs of the month [1]show what geographic regions and commodities are leading this growth.

U.S [2]  Geo [3]
Industrial supplies and materials lead export growth in both 2010 and 2011.  In 2011 exports of other petroleum products and fuel oil accounted for $41.1 billion of the increase in exports in this category. Check out the graph of the month for October [4] to look at the trends in these two commodities or Exhibit 7 [5] of the release for detail on all commodity exports.

58% of the 2011 export growth was accounted for by an increase in exports to North America and Asia. Just four countries: Mexico, Canada, China and Hong Kong, accounted for 46% of the growth.  For more information on the top countries for export growth, click here [6].

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URL to article: http://globalreach.blogs.census.gov/2012/02/10/record-trade-2011/

URLs in this post:

[1] graphs of the month : http://www.census.gov/foreign-trade/statistics/graphs/GOTM/201112/

[2] Image: http://globalreach.blogs.census.gov/files/2012/04/6a0120a61b56ed970c016762189c2a970b-300wi.jpg

[3] Image: http://globalreach.blogs.census.gov/files/2012/04/6a0120a61b56ed970c016301236be3970d-300wi.jpg

[4] graph of the month for October: http://webdev.ssd.census.gov/foreign-trade/statistics/graphs/GOTM/201110/

[5] Exhibit 7: http://www.census.gov/foreign-trade/Press-Release/2011pr/12/exh7.pdf

[6] click here: http://www.census.gov/foreign-trade/data/CountryGrowth.xls