Trade Deficit August 2011

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Trade Deficit July 2011 $44.8 Billion

July exports of $178.0 billion and imports of $222.8 billion resulted in a goods and services deficit of $44.8 billion, down from $51.6 billion in June, revised. July exports were $6.2 billion more than June exports of $171.8 billion. July imports were $0.5 billion less than June imports of $223.4 billion.

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May Trade Deficit $50.2 Billion

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Trade Deficit April 2011: $43.7 Billion

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Trade Deficit March 2011

March exports of $172.7 billion and imports of $220.8 billion resulted in a goods and services deficit of $48.2 billion, up from $45.4 billion in February, revised. March exports were $7.7 billion more than February exports of $165.0 billion. March imports were $10.4 billion more than February imports of $210.4 billion.

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International Trade Feb. 2011

Total February exports of $165.1 billion and imports of $210.9 billion resulted in a goods and services deficit of $45.8 billion, down from $47.0 billion in January, revised. February exports were $2.4 billion less than January exports of $167.5 billion. February imports were $3.6 billion less than January imports of $214.5 billion.

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Trade Deficit September 2010

[T]otal September exports of $154.1 billion and imports of $198.1 billion resulted in a goods and services deficit of $44.0 billion, down from $46.5 billion in August, revised.

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Trade Deficit: August 2010

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Trade Deficit: July 2010

Total July exports of $153.3 billion and imports of $196.1 billion resulted in a goods and services deficit of $42.8 billion, down from $49.8 billion in June, revised.

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US Trade Deficit InCreases in June 2010

June exports of $150.5 billion and imports of $200.3 billion resulted in a goods and services deficit of $49.9 billion, up from $42.0 billion in May, revised...

Clearly imports are increasing much faster than exports. On a year-over-year basis, exports are up 17% and imports are up 29%. This is an easy comparison because of the collapse in trade at the end of 2008 and into early 2009.

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Trade Balance and Deficit May 2010

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April 2010 Trade Balance

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Trade Deficit Feb 2010

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Trade Deficit Jan 2010

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Trade Deficit: 40.2 Billion

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Free Trade and Trade Deficits

I was asked the other day by a reporter if NAFTA had been a good thing or a bad thing for America. I said that both the proponents and opponents of NAFTA had no legitimate, unassailable or even suggestive, statistical evidence on their side. I said it was absurd to think that in a $14 trillion economy, you could tease out the impact of increased trade with Mexico and Canada and disentangle it from the thousands of other changes going on.

I suggested that anyone who provided an empirical case for or against the agreement was essentially being dishonest--using statistics selectively to make the case for a pre-existing world-view.

The reporter found this viewpoint unacceptable. Surely, he said, economics can help us answer the question of whether NAFTA has been good for America or bad. Or at least good or bad, for say Ohio.

I said no, there was no empirical evidence that would be decisive. It isn't just that it's hard to measure the net impact precisely. I argued that it can't be measured....

So I'm sorry I can't be more helpful. But I do think economics has a lot to say in helping us understand the effects of increased trade. It just doesn't come from the bottom line of an empirical study.

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Does Free Trade Destroy Jobs?
Russell Roberts (11/06)