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Key Economic Events
- In 2007, the U.S. trade deficit in chemicals and related products declined as a result of expanding global demand, the depreciation of the U.S. dollar relative to the currencies of a number of trading partners, and changes in relative feedstock costs in the United States compared to certain competitors.
- The increase in U.S. exports of chemicals and related produced was driven by exports of new medicines to the EU, the depreciation of the U.S. dollar, and continued economic growth in Asia. China and Germany saw the most rapid growth due to increased demand for chemical inputs into plastics for manufactured goods and the availability of new drugs, respectively.
- U.S. imports of medicinal chemicals accounted for nearly one-half of the total increase in chemicals and related product imports in 2007 because of growth in the domestic market for pharmaceuticals due to an aging population and the expansion of Medicare part D.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Decreased by $4.6 billion (16 percent) to $24.9 billion
- U.S. exports: Increased by $19.6 billion (13 percent) to $169.4 billion
- U.S. imports: Increased by $14.9 billion (8 percent) to $194.3 billion