US Global Trade Debt by Country

2007 American Deficit Statistics for Top Import & Export Partners

Feb 1, 2008 Daniel Workman

China generated the largest portion of United States' trade deficit while Mexico, Nigeria and France accounted for last year's fastest growing trade imbalance.

America’s trade deficit with China last year was some US$260 billion, an 11.4% increase over 2006 and up 60% in just three years.

Japan generated $83 billion in U.S. global debt in 2007, a 6% decline from 2006 and an 11% gain from 2004. Both China and Japan buy about $63 billion in American imports annually. However, Chinese exports to America more than double those from Japan.

Mexico and Canada were responsible for the third and fourth highest portions of America’s trade deficit in 2007: $74 billion and $65 billion respectively. America’s deficit with Mexico grew 15.4% last year and 64.4% over the past three years. In contrast, America’s negative trade balance with Canada shrank by over 10% in 2007.

Countries Contributing the Most to U.S. Trade Deficit

The list below shows America’s deficit amounts for its top 15 trading partners.

1. China … US$259.1 billion (up 11.4% from 2006, up 59.9% from 2004)
2. Japan … $83.1 billion (down 6.1%, up 10.5%)
3. Mexico … $74 billion (up 15.4%, up 64.4%)
4. Canada … $65 billion (down 10.7%, down 1%)
5. Germany … $44.5 billion (down 6.9%, down 2.8%)
6. Nigeria … $28.9 billion (up 12.5%, up 97.3%)
7. Venezuela … $28.4 billion (up 0.6%, up 40.4%)
8. Saudi Arabia … $24.5 billion (up 1.8%, up 57.3%)
9. Ireland … $21.6 billion (up 7.5%, up 12.5%)
10. Italy … $20.9 billion (up 3.7%, up 20.4%)
11. Malaysia … $20.8 billion (down 13.2%, up 20.4%)
12. France … $14.5 billion (up 12.5%, down 36.9%)
13. South Korea … $13.6 billion (up 2.5%, down 31.5%)
14. Taiwan … $12.7 billion (down 16.7%, down 1.9%)
15. United Kingdom … $6.7 billion (down 16.8%, down 36%).

Top Chinese exports to America are computers, accessories, parts and miscellaneous household goods. Japan’s leading exports to the U.S. are passenger cars.

Fastest Increasing Deficits

Below are the nine countries that grew the American deficit the fastest last year.

1. Mexico … US $74 billion (up 15.4% from 2006, up 64.4% from 2004)
2. Nigeria … $28.9 billion (up 12.5%, up 97.3%)
3. France … $14.5 billion (up 12.5%, down 36.9%)
4. China … $259.1 billion (up 11.4%, up 59.9%)
5. Ireland … $21.6 billion (up 7.5%, up 12.5%)
6. Italy … $20.9 billion (up 3.7%, 20.4%)
7. South Korea … $13.6 billion (up 2.5%, down 31.5%)
8. Saudi Arabia … $24.5 billion (up 1.8%, up 57.3%)
9. Venezuela … $28.4 billion (up 0.6%, up 40.4%),

Top Mexican exports to America are crude oil and automotive parts. Nigeria’s exports to the U.S. are principally oil and gas products.

Fastest Decreasing Deficits

Below are the six countries that shrunk the American deficit in 2007 when compared to prior year.

1. United Kingdom … $6.7 billion (down 16.8%, down 36%).
2. Taiwan … $12.7 billion (down 16.7%, down 1.9%)
3. Malaysia … $20.8 billion (down 13.2%, up 20.4%)
4. Canada … $65.0 billion (down 10.7%, down 1%)
5. Germany … $44.5 billion (down 6.9%, down 2.8%)
6. Japan … $83.1 billion (down 6.1%, up 10.5%),

Top exports to America from the United Kingdom are medicinal, dental and pharmaceutical preparations. Taiwan’s leading exports to the U.S. are semi-conductors, computers, accessories and parts.

International trade consultants are closely studying the effects of a lower U.S. dollar in 2008. Will a weaker greenback increase the value of American exports and decrease imports from major trade partners sufficient to diminish America's trade deficit across the board?

Sources for this Article

The copyright of the article US Global Trade Debt by Country in International Trade is owned by Daniel Workman. Permission to republish US Global Trade Debt by Country in print or online must be granted by the author in writing.

Lower U.S. Dollar in 2008?

Comments

Dec 30, 2008 3:02 PM

Guest :

The predictions about the global economy and events have gone a little more than statistics, history, analytic scientific skills and experience. Selfishness and competition has failed the world. There is the need to rethink and negotiate many economic issues and base currencies. The world I think, will not rewind in reality but in principle. If this is not done quickly and emerging markets finally hold the stage, then, the basis of world reserve will also shift to something more precious. The balance of probability is more likely to correspond with some existing guess but that far from the real cause and effect.

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