US Global Trade Debt by Country
2007 American Deficit Statistics for Top Import & Export Partners
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.
- China … US$259.1 billion (up 11.4% from 2006, up 59.9% from 2004)
- Japan … $83.1 billion (down 6.1%, up 10.5%)
- Mexico … $74 billion (up 15.4%, up 64.4%)
- Canada … $65 billion (down 10.7%, down 1%)
- Germany … $44.5 billion (down 6.9%, down 2.8%)
- Nigeria … $28.9 billion (up 12.5%, up 97.3%)
- Venezuela … $28.4 billion (up 0.6%, up 40.4%)
- Saudi Arabia … $24.5 billion (up 1.8%, up 57.3%)
- Ireland … $21.6 billion (up 7.5%, up 12.5%)
- Italy … $20.9 billion (up 3.7%, up 20.4%)
- Malaysia … $20.8 billion (down 13.2%, up 20.4%)
- France … $14.5 billion (up 12.5%, down 36.9%)
- South Korea … $13.6 billion (up 2.5%, down 31.5%)
- Taiwan … $12.7 billion (down 16.7%, down 1.9%)
- 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.
- Mexico … US $74 billion (up 15.4% from 2006, up 64.4% from 2004)
- Nigeria … $28.9 billion (up 12.5%, up 97.3%)
- France … $14.5 billion (up 12.5%, down 36.9%)
- China … $259.1 billion (up 11.4%, up 59.9%)
- Ireland … $21.6 billion (up 7.5%, up 12.5%)
- Italy … $20.9 billion (up 3.7%, 20.4%)
- South Korea … $13.6 billion (up 2.5%, down 31.5%)
- Saudi Arabia … $24.5 billion (up 1.8%, up 57.3%)
- 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.
- United Kingdom … $6.7 billion (down 16.8%, down 36%).
- Taiwan … $12.7 billion (down 16.7%, down 1.9%)
- Malaysia … $20.8 billion (down 13.2%, up 20.4%)
- Canada … $65.0 billion (down 10.7%, down 1%)
- Germany … $44.5 billion (down 6.9%, down 2.8%)
- 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
This article presents independent calculations and insights based on data drawn from the CIA World Factbook and the U.S. Census Bureau – Foreign Trade Statistics (annualized for 2007 based on statistics on year-to-date data to November 2007).
