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1 1 (April 20, 2020)

handle is hein.crs/govdaav0001 and id is 1 raw text is: -c r s c n ...........~ 10 gm 0 ILI Updated April 20, 2020 U.S. Trade: Recent Trends and Developments In recent years, Congress has demonstrated significant interest in U.S. and international trade trends as part of its efforts to examine U.S. trade policy and key U.S. trading relationships. In particular, demand for comparative analysis of bilateral trade flows and balances has heightened as the Trump Administration takes actions with the intention of reducing U.S. bilateral trade deficits, enforcing U.S. trade laws and agreements, and promoting what it considers to be free, fair, and reciprocal trade. The role of Congress in trade policy stems from a number of overlapping responsibilities, including its constitutional authority over regulating commerce with foreign countries and broad oversight responsibility over the performance of the economy. The changing dynamics and composition of U.S. trade may be important to Members, because they can affect the overall health of the U.S. economy, the success of U.S. workers and firms, and the U.S. standard of living. U&S. Trade §k,, Goods U.S. merchandise exports totaled $1.7 trillion in 2019, a 1.3% ($21.5 billion) decrease from the 2018 level (Table 1). The value of U.S. merchandise imports was $2.5 trillion over the same period, down 1.7% ($42.6 billion) from 2018. U.S. imports decreased more than U.S. exports, leading to a decrease of $21.1 billion (2.4%) in the U.S. merchandise trade deficit to $866.2 billion. Top U.S. export categories in 2019 included machinery ($379.1 billion), transportation ($274.9 billion), chemical, plastics, and leather ($256.3 billion), and minerals ($209.7 billion). U.S. exports of art and antiques, wood products, and base metals were down 11.0%, 9.8%, and 7.4% respectively, from the 2018 level. In terms of U.S. imports, the top import categories were also machinery ($717.5 billion), transportation ($344.3 billion), chemicals, plastics, and leather ($342.1), and minerals ($208.2 billion). U.S. imports of minerals decreased 13.2% from 2018. In 2019, the European Union (EU27)-as a single entity and excluding the United Kingdom (UK)-was the United States' top trading partner in terms of two-way (exports plus imports) merchandise trade, followed by Mexico, Canada, and China. Ranked by exports, Canada was the leading market for U.S. exports, which totaled $293.3 billion (17.7% of all U.S. exports). The EU27 was the second-largest export market ($268.9 billion worth of U.S. exports or 16.3%), followed by Mexico and China. In terms of imports, the EU27 was the leading source of U.S. imports ($453.6 billion or 18.01% of all U.S. imports), followed by the China ($452.7 billion or 18.0%), Mexico, and Canada. The United States had merchandise trade deficits with most of its major partners in 2019, including with China ($345.5 billion), the EU27 ($184.6 billion), Mexico ($107.6 billion), and Japan ($70.2 billion). Table I. U.S. Trade in 2019 U.S.$ % Change (billions) from 2018* Total Exports 2,498.0 -0.1 Exports of Goods 1,652.8 -1.3 Exports of Services 845.2 2.2 Total Imports 3,1 14.5 -0.5 Imports of Goods 2,519.0 -1.7 Imports of Services 595.4 5.0 Total Balance (Deficit) -616.4 -1.8 Balance on Goods (Deficit) -866.2 -2.4 Balance on Services (Surplus) 249.8 -3.8 Source: Bureau of Economic Analysis (April 20, 2020). Note: * not adjusted for inflation. U.S. merchandise exports to most major trading partners increased from 2018 to 2019. The largest was a $15.4 billion (6.1%) increase in U.S. exports to the EU27. It was followed by a $3.0 billion increase in exports to the UK (up 4.4%) and a $968.0 million increase to India (up 2.9%). U.S. exports to China, Mexico, and Canada decreased 11.3%, 3.4%, and 2.4%, respectively. U.S. merchandise imports from all top trading partners- except China-increased in 2019. The largest increases in imports were $25.2 billion (5.9%) from the EU27, $11.9 billion (3.4%) from Mexico, and $8.5 billion (18.6%) from Taiwan. U.S. imports from China decreased 16.2% ($87.7 billion), leading to a 17.7% ($74.1 billion) decrease in the U.S.-China merchandise trade deficit. US Trade in Sevices In 2019, U.S. exports of services increased 2.2% ($18.2 billion), from $827.0 billion to $845.2 billion, while U.S. services imports grew 5.0% ($28.1 billion), from $567.3 billion to $595.4 billion. The U.S. surplus in services trade decreased 3.8% ($9.8 billion) to $249.8 billion. mr,, , wirh Ls, adug The EU27 was the United States' top trading partner in terms of two-way (exports plus imports) services trade in 2019, while the largest single-country services trading partners were the UK, Canada, Japan, and China. Since 2000, the share of U.S. services trade with partners like the UK, Canada, and Japan has decreased, while that of China and India, for example, has grown dramatically. The EU27 was the largest export market for U.S. services and the largest foreign supplier of U.S. services imports in 2019. It accounted for $190.9 billion (22.6%) of total U.S. services exports and for $147.5 billion (24.8%) of total U.S. services imports. After the EU27, the top markets for U.S. services Wy's C.,,

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