U.S. Trade Deficit Declines In 2001

By John S. McClenahen About the best thing that can be said about the 2001 U.S. trade deficit with the rest of the world is that it was not as bad as the previous year's mark. The U.S. international deficit in goods and services last year was $346.3 billion, nearly an 8% decline from 2000's trade deficit of $375.7 billion, reveal data from the U.S. Commerce Department's Bureau of the Census. In 2001, the U.S. goods and services deficit was 3.4% of GDP, compared with 3.8% in 2000, the highest percentage on record. Total U.S. trade in 2001 was $2.354 trillion -- $1.004 trillion in exports and $1.350 trillion in imports -- nearly one-fourth of the U.S. economy. Exports of goods were $720.8 billion, and exports of services were $282.9 billion. Imports of goods were $1.147 trillion, and imports of services were $202.6 billion. In 2001, the closely watched U.S. goods deficit with China fell $800 million to $83 billion. The goods deficit with Japan dropped to $69 billion in 2001 from $81.6 billion in 2000. However, the goods deficit with Canada, a NAFTA partner, increased to $53.3 billion in 2001 from $51.9 billion in 2000.

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