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US Economic Indicators:Merchandise Trade
Yardeni Research, Inc.
August 27, 2020
Dr. Edward Yardeni516-972-7683
Debbie Johnson480-664-1333
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
August 27, 2020 / US Economic Indicators: Merchandise Trade www.yardeni.com
Yardeni Research, Inc.
US Merchandise Trade 1-3Petroleum Exports & Imports 4-5US Trade by Major Categories 6-7US Trade By Major Regions 8-9US Trade By Major Partners 10-12Export Share By Regions 13-14West Coast Ports 15Trade Deficits 16-19
Figure 1.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022700
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Jun
REAL MERCHANDISE EXPORTS(billions of 2012 dollars, saar)
Monthly Data
GDP Data
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20221300
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1700
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REAL MERCHANDISE IMPORTS(billions of 2012 dollars, saar)
Monthly DataGDP Data
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022-1500
-1000
-500
0
-1500
-1000
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JunQ2
REAL MERCHANDISE TRADE BALANCE(billions of 2012 dollars, saar)
GDP AccountsMonthly Data
yardeni.com
Source: Bureau of Economic Analysis, Census Bureau, and Haver Analytics.
US Merchandise Trade
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022500
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US: MERCHANDISE EXPORTS(billion dollars, saar)
NominalReal(2012 dollars)
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Source: Bureau of the Census.
Figure 2.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50
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Jun
US MERCHANDISE EXPORTS(yearly percent change)
Nominal (-23.7)Real (-18.0)
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Source: Bureau of the Census.
Figure 3.
US Merchandise Trade
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20221000
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US MERCHANDISE IMPORTS(billion dollars, saar)
Nominal
Real(2012 dollars)
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Source: Bureau of the Census.
Figure 4.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022-40
-30
-20
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US MERCHANDISE IMPORTS(yearly percent change)
Nominal (-16.9)Real (-13.6)
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Source: Bureau of the Census.
Figure 5.
US Merchandise Trade
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022500
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US EXPORT & IMPORTS EX PETROLEUM PRODUCTS(billion dollars, saar)
Exports
Imports
Source: Census Bureau.
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Figure 6.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022200
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Jun
US IMPORTS MINUS EXPORTS (EX PETROLEUM PRODUCTS)(billion dollars, saar)
Source: Census Bureau.
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Figure 7.
Petroleum Exports & Imports
Page 4 / August 27, 2020 / US Economic Indicators: Merchandise Trade www.yardeni.com
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
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Jun
US CRUDE OIL & PETROLEUM PRODUCTS EXPORTS & IMPORTS(billion dollars, saar)
ExportsImports
Source: Bureau of the Census.
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Figure 8.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100
0
100
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-100
0
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Jun
US IMPORTS MINUS EXPORTS OF CRUDE OIL & PETROLEUM PRODUCTS(billion dollars, 12-month sum)
Source: Bureau of the Census.
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Figure 9.
Petroleum Exports & Imports
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202250
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Jun
US MERCHANDISE EXPORTS & IMPORTS(billion dollars, saar)
Consumer Goods Ex AutosExportsImports
Source: Census Bureau.
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Figure 10.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022250
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Jun
US MERCHANDISE EXPORTS & IMPORTS(billion dollars, saar)
Capital Goods Ex AutosExportsImports
Source: Census Bureau.
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Figure 11.
US Trade by Major Categories
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20220
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US MERCHANDISE EXPORTS & IMPORTS(billion dollars, saar)
Automobile Vehicles,Parts and Engines
ExportsImports
Source: Census Bureau.
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Figure 12.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202250
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Jun
US MERCHANDISE EXPORTS & IMPORTS(billion dollars, saar)
Industrial Materials & Supplies
ImportsExports
Imports Ex Energy*
* Excludes crude oil, fuel oil and petroleum products, other.Source: Census Bureau.
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Figure 13.
US Trade by Major Categories
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Figure 14.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022200
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Jun
US MERCHANDISE TRADE: EXPORTS & IMPORTS(6-month average, billion dollars, annual rate, nsa)
North AmericaExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022150
200
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Jun
EuropeExports
Imports
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202280
120
160
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280
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360
400
440
480
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480
Jun
Euro AreaExports
Imports
Source: Census Bureau.
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US Trade By Major Regions
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Figure 15.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022100
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US MERCHANDISE TRADE: EXPORTS & IMPORTS(6-month moving average, billions of US dollars, nsa)
Pacific RimExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202240
60
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Latin AmericaExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20220
100
200
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0
100
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300
Jun
Middle EastExports
Imports
Source: Census Bureau.
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US Trade By Major Regions
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Figure 16.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20220
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US MERCHANDISE TRADE: EXPORTS & IMPORTS(6-month average, billion dollars, annual rate, nsa)
ChinaExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202250
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MexicoExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20220
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0
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50
JunBrazilExports
Imports
Source: Census Bureau.
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US Trade By Major Partners
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Figure 17.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022200
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US MERCHANDISE TRADE: EXPORTS & IMPORTS(6-month average, billions dollars, annual rate, nsa)
G6 CountriesExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022100
200
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100
200
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Jun
CanadaExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202210
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Jun
FranceExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202220
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Jun
GermanyExports
Imports
Source: Census Bureau.
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US Trade By Major Partners
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Figure 18.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20220
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US MERCHANDISE TRADE: EXPORTS & IMPORTS(6-month average, billion dollars, annual rate, nsa)
ItalyExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202240
60
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Jun
JapanExports
Imports
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202230
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80
Jun
United KingdomExports
Imports
Source: Census Bureau.
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US Trade By Major Partners
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Figure 19.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202230
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SHARE OF US EXPORTS(6-month average, percent, nsa)
North America
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202219
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Europe
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202211
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18
Jun
Euro Area
Source: Census Bureau.
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Export Share By Regions
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Figure 20.
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202221
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SHARE OF US EXPORTS(6-month average, percent, nsa)
Pacific Rim
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20227
8
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13
7
8
9
10
11
12
13
Jun
Latin America
Source: Census Bureau.
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Export Share By Regions
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89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
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JulWEST COAST PORTS CONTAINER TRAFFIC(TEUs, thousands)
Outbound* (265.0)
Inbound* (832.8)
* Sum of Port of Los Angeles and Port of Long Beach Loaded Containers.Source: Ports of Los Angeles and Long Beach.
Figure 21.
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
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WEST COAST PORTS CONTAINER TRAFFIC(TEUs, millions, 12-month sum)
Outbound* (3.1)
Inbound* (8.1)
* Sum of Port of Los Angeles and Port of Long Beach Loaded Containers. TEUs=20-foot equivalent units.Source: Ports of Los Angeles and Long Beach.
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Figure 22.
West Coast Ports
Page 15 / August 27, 2020 / US Economic Indicators: Merchandise Trade www.yardeni.com
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022200
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US MERCHANDISE TRADE DEFICIT(billion dollars, 12-month sum)
Imports Minus ExportsImports Minus Exports(ex Petroleum Products)
Source: Census Bureau.
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Figure 23.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100
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US IMPORTS MINUS EXPORTS OF CRUDE OIL & PETROLEUM PRODUCTS(billion dollars, 12-month sum)
Source: Bureau of the Census.
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Figure 24.
Trade Deficits
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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 202220
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370420470
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370420470
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US MERCHANDISE TRADE DEFICITS: BY COUNTRY(billion dollars, 12-month sum, ratio scale)
ChinaEurozoneJapanMexico
Source: Census Bureau.
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Figure 25.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-100
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US MERCHANDISE TRADE DEFICITS: BY PRODUCT CATEGORY(billion dollars, 12-month sum)
Consumer Goods Ex Autos (431.0)
Capital Goods Ex Autos (141.4)
Automobile Vehicles, Parts, & Engines (178.8)
Source: Census Bureau.
yardeni.com
Figure 26.
Trade Deficits
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60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24-1000
-500
0
500
-1000
-500
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Q1
Q1
US INTERNATIONAL TRANSACTIONS: BALANCE ON GOODS & SERVICES(billion dollars, 4-quarter sum)
Goods (-840.5)
Services (289.8)
Source: Bureau of Economic Analysis.
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Figure 27.
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 234
84
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324404484564644
4
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Jun
Jun
US IMPORTS FROM AND EXPORTS TO CHINA(billion dollars, 12-month sum, ratio scale)
US Imports from ChinaUS Exports to China
Source: Census Bureau and Haver Analytics.
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Figure 28.
Trade Deficits
Page 18 / August 27, 2020 / US Economic Indicators: Merchandise Trade www.yardeni.com
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90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
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Jun
US IMPORTS FROM AND EXPORTS TO MEXICO(billion dollars, 12-month sum)
US Imports from MexicoUS Exports to Mexico
Source: Census Bureau and Haver Analytics.
yardeni.com
Figure 29.
Trade Deficits
Page 19 / August 27, 2020 / US Economic Indicators: Merchandise Trade www.yardeni.com
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