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Exports, Imports and Trade Balance

 

 

Key Trends

  • For the first time in several decades, the U.S. merchandise trade deficit with Canada remained largely unchanged from 2005 to 2006 (rising by less than 1 percent) as the $15 billion increase in U.S. exports nearly matched that of U.S. imports from Canada.
  • U.S. merchandise exports to Canada benefitted from a strong Canadian economy and buoyant consumer purchases in 2006 (with 3 percent GDP growth and a 6 percent rise in Canadian consumer sales), magnified by a slightly stronger Canadian dollar. U.S. exports to Canada rose by $15.0 billion (8 percent) to $198.2 billion in 2006 with noteworthy increases in U.S. exports of transportation equipment, minerals and metals.
  • About half of the $15.5 billion increase in U.S. merchandise imports in 2006 from Canada resulted from higher energy product imports, and the other half from higher imports of mineral and metal products. U.S. imports of energy products from Canada increased by 12 percent to $73.7 billion in 2006, propelled by higher energy prices across the board. The average price of imported crude petroleum rose by 20 percent to $60 per barrel in 2006.
  • U.S. imports of minerals and metals products from Canada rose by 26 percent to $32 billion in 2006. Higher prices of iron, aluminum, steel, copper and other metals substantially increased the unit values of these imports.

Trade Shifts in 2006 from 2005

  • U.S. trade deficit: Increased by $509 million (1 percent) to $104.8 billion
  • U.S. exports: Increased by $15.0 billion (8 percent) to $198.2 billion
  • U.S. imports: Increased by $15.5 billion (5 percent) to $303.0 billion

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