The International Trade Commission has updated its annual compendium of data and analysis examining changes in trade with key U.S. partners and in important industries. The “Shifts in U.S. Merchandise Trade 2021” report focuses on changes in U.S. imports and exports with respect to ten sectors (agricultural products, chemicals and related products, electronic products, energy-related products, footwear, forest products, machinery, minerals and metals, textiles and apparel, and transportation equipment). It also includes a chapter on the impact of the COVID-19 pandemic and other shocks on commodity prices and imports of certain trade sectors covered in this report.
Exports. Total U.S. exports jumped 23.1 percent in 2021 to $1.8 trillion, the first increase in three years. The value of exports in all ten sectors increased, with the largest gains in energy-related products (+58.1 percent), minerals and metals (+32.2 percent), and chemicals and related products (+26.1 percent).
With respect to major trading partners, exports across all merchandise sectors were up for all of those named, with the largest increases to Taiwan (+48.2 percent), Brazil (+35.5 percent), France (+32.8 percent), and Mexico (+30.7 percent)
Imports. The value of total U.S. imports rose 21.3 percent to $2.8 trillion in 2021, reversing the trend of the previous two years. Imports in all ten sectors increased, with the largest gains in energy-related products (+74.1 percent), forest products (+37.0 percent), and footwear (+31.4 percent).
Across all merchandise sectors, imports were up from every major trading partner listed except India, with the largest increases from Taiwan (+43.1 percent), Canada (+32.1 percent), and Vietnam (+28.0 percent).
Trade Balances. U.S. trade balances worsened in every sector but chemicals and related products, with the biggest drops in electronic products, machinery, and minerals and metals. The U.S. ran a trade deficit in every sector but energy-related products, with the largest shortfalls in electronic products ($286.2 billion), transportation equipment ($155.2 billion), and textiles and apparel ($122.3 billion).
The U.S. ran trade deficits with all listed major trading partners and deficits increased with all but India and Mexico, with the largest gains being with China, the United Kingdom, Canada, Japan, and Italy.
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