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.
The ITC report:
According to the ITC release, the report—Shifts in U.S. Merchandise Trade 2017—includes the following information:
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:
John L. McLoughlin
Luis (Lou) Abad
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.