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US TRADE SNAPSHOT

The U.S. trade deficit, for goods and services, showed a significant increase to a record 168.6 billion in 1998, compared to 110.2 billion in 1997. The most recent available data from the U.S. Census Bureau, however, indicated the trade deficit decreased to 13.8 billion in December, from 15.3 billion in November. As indicated below, both imports and exports decreased from November to December offering some improvement over the record trade deficits posted earlier in 1998.

EXPORTS
  Nov. Dec.
Goods 57.1 56.6
Services 21.8 21.9
Total 78.9 78.5

IMPORTS
  Nov. Dec.
Goods 78.8 76.9
Services 15.4 15.4
Total 94.2 92.3

Figures in billions of US dollars

The persistent crisis in global financial markets has continued to decrease total US exports. Overseas economic problems have reduced demand for many US exports. US agriculture has been hit particularly hard. Imports have increased, by sector, in the apparel industry, pharmaceuticals, telecommunications and automobiles.

 

Top 10 countries with which the U.S. has a trade deficit

  Dec. 1998 1998 year to date
COUNTRY Deficit Deficit
JAPAN -5,876.79 -64,093.71
CHINA -3,975.19 -56,897.91
GERMANY

-2,546.42

-23,182.06
CANADA -2,177.77 -20,691.60
MEXICO -1,255.10 -15,698.58
TAIWAN -1,158.33 -14,965.77
ITALY -1,034.53 -11,985.79
MALAYSIA -949.75 -10,048.57
SWEDEN -522.90 -4,017.33
PHILIPPINES -336.24 -5,212.71

Figures in millions of U.S. dollars

Top 10 countries with which the U.S. has a trade surplus
  Dec 1998 1998 year to date
COUNTRY Surplus Surplus
NETHERLANDS 1,026.59 11,412.79
BRAZIL 563.94 5,034.54
SAUDI ARABIA 459.63 4,185.96
AUSTRALIA 428.10 6,547.44
BELGIUM 365.67 5,496.20
HONG KONG 330.43 2,385.08
SOUTH KOREA 270.98 -7,398.19
EGYPT 270.40 2,399.46
ARGENTINA 260.26 3,633.19
SOUTH AFRICA 196.28 570.63

Figures in millions of U.S. dollars
 

Top 10 U.S. Trading Partners

  Dec 1998 1998 year to date
COUNTRY Total Total
CANADA 27.14 329.00
JAPAN 15.16 179.87
MEXICO 14.34 173.72
GERMANY 7.48 76.47
CHINA 6.68 85.41
UNITED KINGDOM 5.94 73.86
SOUTH KOREA 4.51 40.47
TAIWAN 4.50 51.28
FRANCE 3.73 41.81
SINGAPORE 3.06 34.03

Figures in billions of US dollars