Fact Sheet on U.S. Exports
The Department of Commerce just released its fact sheet (PDF) on 2008 U.S. exports through May. Some highlights:
- In May 2008, U.S. exports of goods and services grew by 18.2 year-to-date to $768 billion, while imports increased 12.0% to $1,063 billion.
- The largest export markets for U.S. goods year-to-date through May 2008 (with X% increase over the same months of 2007) were Canada ($112.6 billion, up 12.5%), Mexico ($60.6 billion, up 10.2%), China ($30.3 billion, up 22.9%) and Japan ($28.0 billion, up 7.6%).
- Exports comprised 12.7% of U.S. GDP in the first quarter of 2008. To put in historical terms, exports were 9.5% of U.S. GDP five years earlier (Q1 2003), and 5.2% 40 years ago (Q1 1968).
- U.S. industrial and consumer goods exported to Colombia face tariffs of up to 35%, with much higher tariffs on many agricultural products. However, upon entry into force of the U.S.-Colombia TPA, more than 80% of U.S. exports of consumer and industrial goods to Colombia will enter duty-free immediately.
