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Key Economic Events

  • The U.S. merchandise trade deficit in forest products declined for the second year in a row and at a faster rate in 2007 than in 2006. The trade deficit in forest products with Canada, the largest sector trading partner, declined by 54 percent in 2007.
  • The U.S. merchandise trade deficit in forest products declined for the second year in a row and at a faster rate in 2007 than in 2006. The trade deficit in forest products with Canada, the largest sector trading partner, declined by 54 percent in 2007.
  • Large shifts in U.S. forest products trade in recent years have resulted from the rapid expansion of China's forest products industry. Increased trade with China is attributable to increased flows of both westbound raw materials and eastbound finished products.

Trade Shifts in 2007 from 2006

  • U.S. trade deficit: Decreased by $6.8 billion (33 percent) to $13.5 billion
  • U.S. exports: Increased by $2.9 billion (10 percent) to $33.1 billion
  • U.S. imports: Decreased by $3.9 billion (8 percent) to $46.6 billion