Last Friday, the U.S. Census Bureau released the trade data for February and the results are mixed. While the United States narrowed the trade gap from $59 billion in February 2008 to $28 billion this year, imports and exports were both significantly down.
Imports suffered more than exports compared to 2008 and even 2007. Carriers and transportation service providers are feeling the squeeze, as vessel and air imports dropped 38% and 24% respectively.
All export measures dropped around 20% from February 2007. This confirms that economic recovery will require more than just a stabilization of the United States; trading partners will also need to recapture their growth.
Finally, you will notice that the top 5 largest trade deficits with the United States saw large decreases as American consumers have pulled back.
| Country |
Feb 2009 Deficit |
2009 vs 2008 |
| China |
-$14,196,092,804 |
-23% |
| Mexico |
-$3,094,676,931 |
-44% |
| Japan |
-$2,205,957,807 |
-68% |
| Germany |
-$1,874,264,744 |
-45% |
| Canada |
-$1,818,136,014 |
-72% |
I have also included the top 5 trade surpluses for some perspective.
| Country |
Feb 2009 Surplus
|
2009 vs 2008 |
| The Netherlands |
$2,057,082,932 |
-31% |
| Hong Kong |
$1,237,883,916 |
-2% |
| Australia |
$1,200,420,969 |
-14% |
| United Arab Emirates |
$914,757,281 |
13% |
| Belgium |
$653,968,791 |
35% |
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