WikiLeaks Document Release
http://wikileaks.org/wiki/CRS-RS22612
February 2, 2009
Congressional Research Service
Report RS22612
U.S.-World Merchandise Trade Data: 1948-2006
J. Michael Donnelly, Knowledge Services Group
February 23, 2007
Abstract. Latest official annual trade statistics of the U.S. Department of Commerce, used in this report,
show that U.S. exports remain strong and growing and that U.S. imports remain even stronger, resulting in the
largest annual merchandise trade deficit in U.S. history.
Order Code RS22612
February 23, 2007
U.S.-World Merchandise Trade Data:
1948-2006
J. Michael Donnelly
Information Research Specialist
Knowledge Services Group
Summary
U.S. merchandise trade is trade in goods only, not services. In 2006, U.S. exports,
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imports, and trade deficit reached their highest historical values: U.S. exports were $1.0
trillion, a 14.5% increase; U.S. imports were $1.9 trillion, a 10.9% increase; and the
U.S. merchandise trade balance reached -$818 billion, a 6.6% increase.
Merchandise trade statistics are used to measure trade in commodities and with
partner countries and groups. Latest official annual trade statistics of the U.S.
Department of Commerce, used in this report, show that U.S. exports remain strong and
growing and that U.S. imports remain even stronger, resulting in the largest annual
merchandise trade deficit in U.S. history. This report will be updated as new
information becomes available.
Figure 1. U.S. Merchandise Trade, 1951-2006
$2,000.0
Imports
$1,500.0
$1,000.0 Exports
Billions
$500.0
$0.0
-$500.0
Balance
-$1,000.0
1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006
Years
Source: U.S. Department of Commerce.
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Merchandise Trade Versus Trade in Goods and Services
Merchandise trade statistics are referred to as Census basis statistics because they are
collected, compiled, and distributed by the U.S. Census Bureau. These are the data
reported here and constitute the one continuing data series using largely uniform
definitions. Merchandise trade statistics are important because they alone are the basis
for commodity and country trade information.
In January 1994, the U.S. Department of Commerce began reporting and publishing
trade data on goods and services as the benchmark monthly trade statistic, supplementing
merchandise trade data. Services trade statistics are compiled by the Bureau of Economic
Analysis (BEA) on a balance of payments (BOP) basis. To harmonize Census
merchandise data with BEA services data, statistics on goods and services are reported
on a BOP basis. This involves such changes as deducting U.S. military sales from
merchandise accounts, because they are considered services transactions, and adding to
merchandise statistics parcels mailed to foreigners by individuals in the United States.
What this means is that the goods component of trade in goods and services is different
from the goods measured in merchandise trade statistics.
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Definitions in Merchandise Trade
Merchandise trade is trade in goods only, not services, and excludes capital transfers
and foreign investments. Exports are defined in this report as total exports; they include
both domestically produced goods and re-exports, which constitute imports of goods that
are warehoused in the United States, then re-exported. Imports are defined here as
general imports, which measure total arrivals of goods into the United States -- imports
for both immediate consumption channels and warehouses or Foreign Trade Zones.
Balance of merchandise trade is defined here, and in standard U.S. Department of
Commerce data, as total exports minus general imports. Dollar amounts are current U.S.
dollars, that is, official statistics with no inflation adjustment, expressed in millions,
billions, or trillions, as noted.
Valuation methods define where in a trade transaction the value of a good is
measured. As goods move in international trade, they acquire more costs. Although an
automobile has one cost at the end of its assembly line, it acquires a higher cost when
shipping and insurance to a local dealer or port for export are added. For this report,
current official U.S. government valuation practice is followed.
! Total exports are valued free alongside, or FAS. FAS figures provide
valuation of exports at the port of exportation and thus exclude charges
for loading onto the vessel, the transportation itself, insurance, unloading,
and foreign transportation.
! General imports are valued on Customs valuation. Customs valuation for
imports excludes costs of international transportation and insurance, as
well as tariffs, and is therefore quite similar to FAS valuation. Customs
valuation for imports replaced FAS valuation in U.S. government
statistics in 1982.
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Recent Annual Trade Trends
In 2006, the latest complete year for trade data, U.S. exports increased by $131
billion, or 14%, to $1,037 billion, or $1.0 trillion. Imports increased by $182 billion, or
11%, to $1,855 billion, or $1.9 trillion. These statistics resulted in the U.S. merchandise
trade deficit increasing $51 billion, or nearly 6%, to $818 billion. This 2006 merchandise
trade deficit increase follows a 2005 merchandise trade deficit increase of $117 billion.
Since 2002, the annual merchandise trade deficit has been growing by approximately
$100 billion per year.
Figure 2. U.S. Merchandise Trade, 2000-2006
$2,000.0
$1,500.0
$1,000.0
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Billions
$500.0
$0.0
-$500.0
00
01
02
03
04
05
06
20
20
20
20
20
20
20
-$1,000.0
Exports Imports Balance
Source: U.S. Department of Commerce.
As Figure 2 shows, in the seven-year span from 2000 through 2006, exports
increased $255.4 billion, or 33%, from $782 billion to $1,037 billion. During this time,
imports grew $637 billion, or 52%, from $1,218 to $1,855 billion. This resulted in the
trade deficit nearly doubling from $436 billion to $818 billion.
Merchandise Trade Data Facts
! Between 1948 and 2006, merchandise exports grew by over 81 times, and
merchandise imports grew by 261 times.
! U.S. merchandise exports exceeded $1 trillion for the first time in 2006.
! U.S. merchandise imports exceeded $1 trillion for the first time in 1999.
! The U.S. merchandise trade balance was in surplus between 1948 and
1970.
! The first U.S. postwar trade deficit occurred in 1971.
! The trade deficit exceeded $100 billion for the first time in 1984, but did
not reach $200 billion until 1998. Since 2002, the U.S. merchandise
trade deficit has grown between $50 and $120 billion per year.
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Where to Find Trade Statistics
U.S. International Trade in Goods and Services, series FT-900, is the official
benchmark monthly press release that reports the latest month's statistics and revises the
previous month's statistics. Statistics in this report are on both a Census basis, for
merchandise trade, and a balance of payments basis for goods and services trade. The
December data release provides the preliminary estimate of annual trade totals and now
first appears in February. Final annual revisions are normally released in the June data
release of each year, which normally appears in August. The FT-900 is available in print
by subscription from the Superintendent of Documents, U.S. Government Printing Office,
Washington, DC 20402, telephone (202) 512-2303. It is available in all federal
depository libraries. Location of depository libraries may be searched on the Internet at
[http://www.gpoaccess.gov/libraries.html]. It is also available from both the U.S. Census
Bureau, at [http://www.census.gov/indicator/www/ustrade.html], and BEA, at
[http://www.bea.gov/bea/newsrel/tradnewsrelease.htm].
The FT-900 is prepared jointly by two agencies within the U.S. Department of
Commerce, the Census Bureau Foreign Trade Division (FTD) and the Bureau of
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Economic Analysis (BEA). The FT-900 may be found in many sources besides print and
the Internet, mentioned above. STAT-USA Internet is a subscription service of the U.S.
Department of Commerce, which provides the FT-900 as well as exports and imports by
commodity and by country. Trade data on STAT-USA Internet, [http://www.stat-
usa.gov/], is in the "Globus and NTDB" section. Individual subscriptions to STAT-USA
Internet are also available at [http://www.stat-usa.gov/].
U.S. trade data with the world, individual countries, and regions, as well as U.S. state
export data may be found in a Department of Commerce source, TradeStats Express,
which presents trade data with colorful graphics and maps; [http://tse.export.gov/].
Detailed monthly trade data with extensive commodity information is published by
the U.S. Department of Commerce. Information on particular commodity trade data
subscriptions may be obtained by calling (301) 457-2311 or on the FTD website at
[http://www.census.gov/foreign-trade/www/].
Economic Indicators, a monthly statistical magazine prepared for the Joint Economic
Committee by the Council of Economic Advisers, contains summary trade data. The table
titled "U.S. International Trade in Goods and Services," on page 35 of each issue,
contains data on both a balance of payments basis and a Census basis. Economic
Indicators is available by subscription from the U.S. Government Printing Office.
Economic Report of the President, published annually in February, contains tables
that provide mainly annual merchandise trade statistics on both a Census basis and a BOP
basis. It is available at [http://www.gpoaccess.gov/eop/index.html].
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Table 1. Annual Change in U.S. Merchandise Trade:
Exports, Imports, and Balance: 1948-2006
(Census basis as of February 2007; values in current U.S. millions of dollars)
% %
Change U.S. Merch. Change
U.S. Merch. Change Change U.S. Merch. Change From
From Imports From
Year Exports From From Trade Previous
Previous Customs Previous
FAS Value Previous Previous Balance Year
Year Value Year
Year Year
1948 12,653.1 -- -- 7,123.9 -- -- 5,529.2 --
1949 12,051.1 -602.0 -4.8% 6,622.3 -501.6 -7.0 5,428.8 -100.4
1950 9,992.9 -2,058.2 -17.1 8,852.2 2,229.9 33.7 1,140.7 -4,288.1
1951 13,967.4 3,974.5 39.8 10,967.3 2,115.1 23.9 3,000.1 1,859.4
1952 13,203.0 -764.4 -5.5 10,717.5 -249.8 -2.3 2,485.5 -514.6
1953 12,262.4 -940.6 -7.1 10,873.3 155.8 1.5 1,389.1 -1,096.4
1954 12,854.3 591.9 4.8 10,215.4 -657.9 -6.1 2,638.9 1,249.8
1955 14,290.9 1,436.6 11.2 11,384.4 1,169.0 11.4 2,906.5 267.6
1956 17,333.0 3,042.1 21.3 12,614.9 1,230.5 10.8 4,718.1 1,811.6
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1957 19,494.9 2,161.9 12.5 12,982.3 367.4 2.9 6,512.6 1,794.5
1958 16,367.0 -3,127.9 -16.0 12,834.5 -147.8 -1.1 3,532.5 -2,980.1
1959 16,406.9 39.9 0.2 15,207.2 2,372.7 18.5 1,199.7 -2,332.8
1960 19,626.3 3,219.4 19.6 15,017.5 -189.7 -1.2 4,608.8 3,409.1
1961 20,189.5 7,335.2 57.1 14,713.9 4,498.5 44.0 5,475.6 2,836.7
1962 20,972.6 783.1 3.9 16,389.5 1,675.6 11.4 4,583.1 -892.5
1963 22,427.3 1,454.7 6.9 17,138.0 748.5 4.6 5,289.3 706.2
1964 25,690.1 3,262.8 14.5 18,684.4 1,546.4 9.0 7,005.7 1,716.4
1965 26,699.4 1,009.3 3.9 21,365.6 2,681.2 14.3 5,333.8 -1,671.9
1966 29,379.2 2,679.8 10.0 25,542.2 4,176.6 19.5 3,837.0 -1,496.8
1967 30,934.4 1,555.2 5.3 26,812.3 1,270.1 5.0 4,122.1 285.1
1968 34,062.8 3,128.4 10.1 33,226.3 6,414.0 23.9 836.5 -3,285.6
1969 37,331.7 3,268.9 9.6 36,042.8 2,816.5 8.5 1,288.9 452.4
1970 43,176.3 5,844.6 15.7 39,951.6 3,908.8 10.8 3,224.7 1,935.8
1971 44,086.6 910.3 2.1 45,562.7 5,611.1 14.0 -1,476.1 -4,700.8
1972 49,854.0 5,767.4 13.1 55,582.8 10,020.1 22.0 -5,728.8 -4,252.7
1973 71,865.2 22,011.2 44.2 69,475.7 13,892.9 25.0 2,389.5 8,118.3
1974 99,436.9 27,571.7 38.4 103,320.8 33,845.1 48.7 -3,883.9 -6,273.4
1975 108,855.6 9,418.7 9.5 99,304.7 -4,016.1 -3.9 9,550.9 13,434.8
1976 116,794.1 7,938.5 7.3 124,613.9 25,309.2 25.5 -7,819.8 -17,370.7
1977 123,181.5 6,387.4 5.5 151,534.3 26,920.4 21.6 -28,352.8 -20,533.0
1978 145,846.9 22,665.4 18.4 176,052.0 24,517.7 16.2 -30,205.1 -1,852.3
1979 186,362.7 40,515.8 27.8 210,285.1 34,233.1 19.4 -23,922.4 6,282.7
1980 225,566.1 39,203.4 21.0 245,261.9 34,976.8 16.6 -19,695.8 4,226.6
1981 238,715.0 13,148.9 5.8 260,981.9 15,720.0 6.4 -22,266.9 -2,571.1
1982 216,441.6 -22,273.4 -9.3 243,951.9 -17,030.0 -6.5 -27,510.3 -5,243.4
1983 205,638.6 -10,803.0 -5.0 258,047.8 14,095.9 5.8 -52,409.2 -24,898.9
1984 223,975.8 18,337.2 8.9 330,678.4 72,630.6 28.1 -106,702.6 -54,293.4
1985 218,814.9 -5,160.9 -2.3 336,526.4 5,848.0 1.8 -117,711.5 -11,008.9
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% %
Change U.S. Merch. Change
U.S. Merch. Change Change U.S. Merch. Change From
From Imports From
Year Exports From From Trade Previous
Previous Customs Previous
FAS Value Previous Previous Balance Year
Year Value Year
Year Year
1986 227,158.5 8,343.6 3.8 365,437.7 28,911.3 8.6 -138,279.2 -20,567.7
1987 254,121.9 26,963.4 11.9 406,241.0 40,803.3 11.2 -152,119.1 -13,839.9
1988 322,426.4 68,304.5 26.9 440,952.3 34,711.3 8.5 -118,525.9 33,593.2
1989 363,811.5 41,385.1 12.8 473,210.8 32,258.5 7.3 -109,399.3 9,126.6
1990 393,592.3 29,780.8 8.2 495,310.5 22,099.7 4.7 -101,718.2 7,681.1
1991 421,730.0 28,137.7 7.1 488,453.0 -6,857.5 -1.4 -66,723.0 34,995.2
1992 448,163.6 26,433.6 6.3 532,664.8 44,211.8 9.1 -84,501.2 -17,778.2
1993 465,091.0 16,927.4 3.8 580,659.0 47,994.2 9.0 -115,568.0 -31,066.8
1994 512,626.0 47,535.0 10.2 663,255.7 82,596.7 14.2 -150,629.7 -35,061.7
1995 584,742.0 72,116.0 14.1 743,542.7 80,287.0 12.1 -158,800.7 -8,171.0
1996 625,074.9 40,332.9 6.9 795,289.2 51,746.5 7.0 -170,214.3 -11,413.6
1997 689,182.4 64,107.5 10.3 869,703.9 74,414.7 9.4 -180,521.5 -10,307.2
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1998 682,137.7 -7,044.7 -1.0 911,896.1 42,192.2 4.9 -229,758.4 -49,236.9
1999 695,797.2 13,695.5 2.0 1,024,618.2 112,722.1 12.4 -328,821.0 -99,062.6
2000 781,917.7 86,120.5 12.4 1,218,022.0 193,403.8 18.9 -436,104.3 -107,283.3
2001 729,100.3 -52,817.4 -6.8 1,140,999.4 -77,022.6 -6.3 -411,899.1 24,205.2
2002 693,103.2 -35,997.1 -4.9 1,161,366.0 20,366.6 1.8 -468,262.8 -56,363.7
2003 724,771.0 31,667.8 4.6 1,257,121.3 95,755.3 8.2 -532.350.3 -64,087.5
2004 818,774.9 94,003.9 13.0 1,469,704.4 212,583.1 16.9 -650,929.5 -118,579.2
2005 905,977.6 87,202.7 10.7 1,673,454.5 203,750.1 13.9 -767,476.9 -116,547.4
2006 1,037,319.9 131,342.3 14.5 1,855,423.4 181,968.9 10.9 -818,103.6 -50,626.7
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis News, U.S. International Trade in Goods and Services, various
dates, at [http://www.bea.gov/bea/newsrel/tradnewsrelease.htm].