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Key Economic Events

  • In 2007, the U.S. merchandise trade deficit with Japan declined due to an expanding Japanese economy, a slowing U.S. economy, and the depreciation of the U.S. dollar relative to the Japanese yen.
  • A majority of the increase in U.S. exports to Japan occurred in agricultural products, transportation equipment and minerals and metals. Increased value of U.S. exports to Japan in each category, respectively, are due to higher agricultural commodity prices and decreased global grain supplies, increased demand for aircraft due to expansion efforts by Nippon Cargo Airlines, and the use of platinum group metals in production of transportation equipment.
  • U.S. imports from Japan declined due to fewer imports of transportation equipment and machinery. The decline in the U.S. housing market along with increased U.S. production construction and mining equipment lessened import demand for transportation equipment.

Trade Shifts in 2007 from 2006

  • U.S. trade deficit:Decreased by $5.6 billion (6 percent) to $86.8 billion
  • U.S. exports: Increased by $2.5 billion (5 percent) to $58.1 billion
  • U.S. imports: Decreased by $3.1 billion (2 percent) to $144.9 billion

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