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Key Economic Trends

  • The U.S. trade deficit in miscellaneous manufactures decreased by $4.9 billion (6 percent) to $73.0 billion in 2008. The shift in the trade deficit resulted from declining U.S. imports of precious jewelry, works of art, and furniture, as consumers limited spending due to uncertain economic conditions.
  • The trade deficit with China rose by $551 million (1 percent) to $59 billion, primarily due to the increase in imports of toys and games ($1.2 billion). Most trade deficits with other leading U.S. import sources decreased.

Trade Shifts in 2008 from 2007

  • U.S. trade deficit: Decreased by $4.9 billion (6 percent) to $73.0 billion
  • U.S. exports: Increased by $1.9 billion (7 percent) to $27.8 billion
  • U.S. imports: Decreased by $3.1 billion (3 percent) to $100.8 billion