Trade Report from U.S. International Trade Commission
By: Alice Ancona
Shifts in U.S. Merchandise Trade, 2016 is now available on the U.S. International Trade Commission (USITC) web site.
The report focuses on changes in U.S. exports and imports with respect to ten sectors (agriculture, footwear, forestry, textiles, electronics, minerals, transport, chemicals, energy, and machinery) and bi-lateral trade with eight trading partners and/or regions (Canada, Mexico, the NAFTA area, China, the European Union, Asia, OPEC, and sub-Saharan Africa).
Take Aways for Top U.S Trading Partners in 2016
European Union (EU) as a regional trading block continues to be the U.S.’s largest merchandise trade (imports + exports) partner accounting for 18.9 percent of total U.S. merchandise trade.
- EU became the top ranking U.S. export market in 2016, surpassing Canada, which had ranked as the largest export market in 2015.
- Leading U.S. exports to the EU included civilian aircraft, engines, and parts; medicaments (medicines); blood fractions (e.g., antiserum) and refined petroleum products
- Leading U.S. imports were passenger motor vehicles, medicaments, blood fractions, refined petroleum products, and parts of turbojets or turbopropellers.
- The EU was also the United States’ largest trading partner in terms of private services in 2016, accounting for 32.8 percent of total U.S. trade in private services (services exports).
China, for the second year in a row China remained the United States’ largest single-country trading partner based on two-way merchandise trade, accounting for 15.9 percent of total U.S. merchandise trade.
- China was the United States’ fourth-largest single-country trading partner based on two-way services trade of $69.0 billion. U.S. services trade with China continued to increase in 2016, with particularly strong growth in U.S. exports, which resulted in a $4.2 billion increase (to $37.0 billion) in the U.S. services trade surplus with China.
- S. merchandise trade deficit with China decreased $20.1 billion in 2016, it remained higher than that with any other trading partner.
- Leading U.S. exports to China in 2016 were civilian aircraft, engines, and parts; soybeans; passenger motor vehicles; processors and controllers; and machines for semiconductor or integrated circuit manufacturing.
- Leading U.S. imports from China were cellphones; portable computers and tablets; telecommunications equipment; tricycles, scooters, and related toys; and computer parts and accessories.
Canada was the United States’ second-largest single-country trading partner after China for the second consecutive year accounting for 14.9 percent of total U.S. merchandise trade with the world.
- The value of U.S. merchandise trade with Canada fell 5.7 percent to $544.0 billion in 2016, U.S. exports to Canada were $266.0 billion in 2016, while U.S. merchandise imports from Canada were $278.1 billion.
- Leading U.S. exports to Canada in 2016 included passenger motor vehicles; motor vehicles for goods transport; civilian aircraft, engines, and parts; and light petroleum oils.
- Top U.S. imports from Canada included crude petroleum, passenger motor vehicles, natural gas, and coniferous sawn wood.
- Canada remained the second-largest single-country U.S. trading partner for services in 2016, after the United Kingdom. Two-way services trade with Canada fell in 2016 to $83.0 billion, while the U.S. surplus in services narrowed to $24.4 billion, down 10.9 percent from $27.4 billion the year before.