ITC REPORT SHOWS U.S. MERCHANDISE TRADE DEFICIT NARROWING
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, according to a recent annual U.S. International Trade Commission report.
The report, “Shifts in U.S. Merchandise Trade,” highlights developments that influenced U.S. merchandise trade performance in 2001. Additionally, the report provides a 10-year perspective on developments in selected industry sectors, and information on bilateral shifts in trade during 2000-2001 with the top five U.S. trade partners — Canada, China, the European Union, Japan, and Mexico.
The report is a companion to a separate ITC report, “Recent Trends in U.S. Services Trade,” which is issued annually in May.
Other topics in this year’s merchandise report that are covered include:
* Macroeconomic factors affecting U.S. and global markets in 2001, and the significance of international trade in the U.S. gross domestic product compared with that of major trade partners;
* Factors affecting 10-year trade trends for five prominent industry/commodity groups — semiconductor manufacturing equipment, furniture, pork, aircraft and related; equipment;
* The status of World Trade Organization dispute settlement cases involving the United States.
* Influences of foreign currency exchange rates on trade patterns and rate shifts that occurred in 2001.
ITC said the report will be available on the Internet at http://www.usitc.gov. Requests for the report may be faxed to (202) 205-2104.