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ITC report on changes in U.S. exports, imports for 2017

U.S. ITC report on changes in U.S. exports, imports

The U.S. International Trade Commission (ITC) today announced the release of a report about changes—“shifts”—in U.S. exports and imports of agricultural and manufactured goods, as well as other trade-related information.

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The ITC report:

  • Identifies changes in U.S. exports and imports of agricultural and manufactured goods, as well as key natural resources, providing industry and market profiles and trade data for 10 sectors 
  • Analyzes changes in U.S. bilateral trade with Canada, China, Mexico, South Korea, and the United Kingdom 

Overview of details

According to the ITC release, the report—Shifts in U.S. Merchandise Trade 2017—includes the following information:

  • U.S. total exports increased by $95.7 billion (6.6%) from 2016 levels to $1,546.7 billion in 2017. 
    • The primary reasons for the increase were rising crude petroleum prices and depreciation of the U.S. dollar relative to all of its trading partners. 
    • Exports increased in all 10 industry sectors (discussed in the ITC report).
  • U.S. general imports increased by $155 billion (7.1%) from 2016 levels to $2,342.9 billion in 2017.  
    • As with U.S. exports, energy-related products experienced the largest increase by value, with imports of these products rising by $40.3 billion (25.5%) to $198 billion. 
    • Imports from all remaining sectors rose, with the greatest increases by value occurring in electronic products (by $34.3 billion, 7.6%); minerals and metals (by $17.2 billion, 9.4%), machinery (by $16.9 billion, 9.4%); and transportation equipment (by $16.6 billion, 4%).

The ITC noted that one of the major factors affecting U.S. trade in 2017 was the increase in the price of crude petroleum. Higher international prices for crude petroleum increased the value of U.S. trade in crude petroleum, petroleum products, and petrochemicals. U.S. crude petroleum also traded at a larger average discount compared to the international price per barrel in 2017. Another factor contributing to the increase of exports of U.S. crude was the removal of the U.S. government ban on most exports of U.S. crude to countries other than Canada in December 2015.  Growth in the energy-related products sector affected downstream sectors, such as petrochemicals—exports of products in that sector also increased.

 

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner, Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

Andy Siciliano
Partner, National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Robert Waldrop
Principal
T: 212-954-8117 
E: rwaldrop@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

John L. McLoughlin
Principal, East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal, WNT
T: 212-954-3094
E: labad@kpmg.com

Amie Ahanchian
Managing Director
T: 202-533-3247
E: aahanchian@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

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