U.S. and Canadian Trade Figures in 2011
February 10, 2012
U.S. exports of goods and services leaped 33.6% between 2009 and 2011. Last year’s census-basis merchandise trade deficit widened $91.4 billion, or 14.4%. Growth in the bilateral deficit with the euro area accounted for 25.0% of the overall deficit’s incremental growth last year, marginally more than the 24.5% share of additional deterioration attributable to trade with China. A larger $126.9 billion deficit with OPEC was responsible for 34.2% of the overall deficit’s rise, while Japan’s share of incremental deficit growth was merely 2.8%.
Canada’s trade position swung from a deficit of C$ 9.0 billion in 2010 to a surplus of C$ 1.4 billion last year. Such still was dwarfed by surpluses of C$ 47.4 billion in 2007 and C$ 45.0 billion in 2008. Exports ended the year with a flourish, jumping 8.1% between October and December, a span during which imports slipped 0.2%. Export growth in the final two months of the year accounted for more than a third of the 12.5% gain between December 2010 and December 2011. Canada’s C$ 2.687 billion trade surplus in December alone was the largest monthly surplus since 2008.
Copyright 2012, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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