US Trade Deficit Widens in 2010


US trade deficit increased to $497.8 billion in 2010 from $374.9 billion in 2009, as imports increased more than exports. The trade deficit increased to $40.6 billion in December 2010 from $38.3 billion (revised) in November, as imports increased more than exports.

In December, the goods deficit increased $2.3 billion from November to $53.6 billion, and the services surplus was virtually unchanged at $13.0 billion. Exports of goods increased $2.8 billion to $116.6 billion, and imports of goods increased $5.1 billion to $170.1 billion. Exports of services were virtually unchanged at $46.4 billion, and imports of services were virtually unchanged at $33.4 billion.

The goods and services deficit increased $3.5 billion from December 2009 to December 2010. Exports were up $19.6 billion, or 13.7 percent, and imports were up $23.1 billion, or 12.8 percent.

The November to December increase in exports of goods reflected increases in capital goods ($1.5 billion); industrial supplies and materials ($1.1 billion); automotive vehicles, parts, and engines ($0.6 billion); and other goods ($0.2 billion).

A decrease occurred in consumer goods ($0.3 billion). Foods, feeds, and beverages were virtually unchanged.

The November to December increase in imports of goods reflected increases in industrial supplies and materials ($5.2 billion); other goods ($0.3 billion); foods, feeds, and beverages ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). Decreases occurred in capital goods ($0.5 billion) and consumer goods ($0.4 billion).

The December 2009 to December 2010 increase in exports of goods reflected increases in industrial supplies and materials ($7.8 billion); capital goods ($4.6 billion); foods, feeds, and beverages ($1.7 billion); consumer goods ($1.5 billion); automotive vehicles, parts, and engines ($0.9 billion); and other goods ($0.8 billion).

The December 2009 to December 2010 increase in imports of goods reflected increases in industrial supplies and materials ($7.7 billion); capital goods ($5.9 billion); consumer goods ($3.7 billion); automotive vehicles, parts, and engines ($2.0 billion); foods, feeds, and beverages ($1.1 billion); and other goods ($0.3 billion).

The December figures show surpluses, in billions of dollars, with Hong Kong $2.2 ($1.9 for November), Singapore $1.3 ($0.5), Australia $1.2 ($1.2), and Egypt $0.7 ($0.4).

Deficits were recorded, in billions of dollars, with China $20.7 ($25.6), OPEC $8.3 ($7.0), European Union $6.6 ($7.1), Japan $5.9 ($5.8), Mexico $4.7 ($5.6), Canada $3.9 ($1.7), Germany $3.3 ($3.1), Ireland $2.6 ($2.3), Nigeria $2.5 ($1.7), Venezuela $2.0 ($1.6), Korea $0.7 ($1.6), and Taiwan $0.6 ($0.8).


TradingEconomics.com, U.S. Census Bureau
2/11/2011 1:43:43 PM