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U.S. trade slips after three months of gains
U.S. trade fell in August slightly more than 1 percent when compared to the previous month, breaking a three-month string of improving import-export figures, according to WorldCity analysis of U.S. Census data released today.
Statistics comparing the current month to the previous month had provided some hope since the May statistics were released one quarter ago, showing the first increase over the previous month all year, in the face of draconian and mounting year-to-date losses being experienced at almost every Customs district and with almost every leading U.S. trading partner.
U.S. Customs district trade comparing August 2009 to July 2009
County by country U.S. trade for August
The drag in August, when compared to July, was sluggish imports. Imports, which totaled $135.16 billion in July, fell to $131.12 billion in August. Nevertheless, that remains the second highest import total on the year. But, by way of comparison, imports during the month of August 2008 were a $189.87 billion, a number somewhat inflated by then-high fuel prices but largely showing the impact of the U.S. recession.
Unlike imports, exports from the United States to the rest of the world increased in August over July. They went from $85.68 billion to $87.38 billion. Exports have risen three of the last four months. But year-over-year comparisons remain telling. In August of 2008, U.S. exports were valued at $116.42 billion.
Comparing just August monthly data, the year-over-year decline in imports is 30.94 percent while exports have fallen 24.94 percent, meaning the U.S. trade deficit for the month of August fell from $73.46 billion in 2008 to $43.73 billion this past August. That is the third highest monthly total of the year, behind July, when there were signs of improving imports and January, as the trade slump was beginning to accelerate.
Year to date — from January through August — the figures remain dismal. Through August, U.S. trade is down 29.27 percent, or $684.04 billion. Imports are down 32.42 percent, or $227.81 billion while U.S. exports to the world are down 24.11 percent, or $213.26 billion.
Looking at leading Customs districts, New Orleans accounts for almost half of the decrease in total U.S. trade when comparing August with July, with a $1.19 billion drop-off. No. 6-ranked New Orleans, led by the Port of New Orleans, is a leading oil importer. Indeed, imports accounted for more than $1 billion of the decrease, falling from $8.35 billion in July to $7.30 billion in August. The previous August, the total for New Orleans imports was more than double the August 2009 figure, at $15.17 billion, during a time of record oil prices. The previous August, in 2007, was $10.57 billion.
Among the Top 15 U.S. Customs districts, six saw their trade increase from July: No. 1-ranked Los Angeles, No. 3 Detroit, No. 5 Laredo, No. 8 Seattle, No. 10 Atlanta/Savannah and No. 13 Buffalo.
Among the Top U.S. trade partners, trade with No. 1-ranked Canada, which has been pummeled all year, rose $1.92 billion. Trade with No. 2 China, No. 3 Mexico and No. 4 Japan also rose. Among the Top 15, N. 5 Germany and No. 8 France lost the most ground.
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