U.S. Merchandise Trade Data: 1948-2002


 

Publication Date: April 2003

Publisher: Library of Congress. Congressional Research Service

Author(s):

Research Area: Trade

Type:

Abstract:

U.S. merchandise trade has fluctuated in the value of both exports and imports from the end of World War II to 2000. The year 2001 appears to be a benchmark in that both exports and imports declined markedly in value. In 2002, imports increased while exports decreased again. Merchandise trade statistics provide a continuous series to measure that growth in trade. Official annual trade statistics of the U.S. Department of Commerce, provided here, show that this U.S. export decline and import increase resulted in the largest annual merchandise trade deficit in U.S. history. For the 54 years between 1948 and 2002, merchandise exports grew by 54 times, and merchandise imports grew by 163 times. U.S. merchandise imports exceeded $1 trillion for the first time in 1999 and remained above $1 trillion through 2002. During this full period, the U.S. merchandise trade balance was in surplus between 1948 and 1970. The first U.S. postwar deficit occurred in 1971. The deficit exceeded $100 billion for the first time in 1984, surpassed $200 billion in 1998, $300 billion in 1999, and grew beyond $400 billion in 2000, where it remained through 2002. This report will be updated as new information becomes available.