U.S. MERCHANDISE TRADE DEFICIT NARROWS
FOR FIRST TIME IN 10 YEARS, REPORTS ITC
The U.S. merchandise trade deficit recorded its first decline in 10 years in 2001, narrowing from $493.1 billion in 2000 to $466.6 billion in 2001, reports the U.S. International Trade Commission (ITC) in its report Shifts in U.S. Merchandise Trade 2001. U.S. merchandise trade performance in 2001 showed a drop in both exports and imports, with total trade declining by nearly $119 billion (6 percent) to $1.8 trillion.
Shifts in U.S. Merchandise Trade is published annually by the ITC, an independent, nonpartisan, factfinding federal agency. The report highlights both macroeconomic developments that influenced U.S. merchandise trade performance in 2001 and important changes on a country and industry sector basis. These include shifts in U.S. exports, imports, and trade balances of key natural resource, agricultural, and manufacturing industries, as well as changes in U.S. bilateral/multilateral trade with major partners. This year's report provides a 10-year perspective on developments in selected industry sectors. Also included are profiles of the U.S. industry and market for approximately 300 industry/commodity groups and subgroups, providing data for 1997-2001 on domestic consumption, production, employment, trade, and import penetration.
Shifts in U.S. Merchandise Trade is a companion to a separate ITC report, Recent Trends in U.S. Services Trade, which is issued annually in May. This year's merchandise report covers:
Shifts in U.S. Merchandise Trade 2001 (Inv. No. 332-345, USITC Publication 3525, July 2002) will be available on the ITC's Internet site at www.usitc.gov. It will also be available at regional federal depository libraries in the United States. A CD-ROM or printed copy may be requested by calling 202-205-1809 or by writing to the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may also be faxed to 202-205-2104.