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Key Economic Trends
- The longstanding deficit in transportation equipment declined by $25.5 billion (82 percent) as the decrease in U.S. imports exceeded the decrease in U.S. exports in 2009. U.S. exports of motor vehicles and parts thereof decreased by $29.2 billion and accounted for 70 percent of the total decrease in sector imports, while U.S. imports of motor vehicles and parts thereof fell by $62.1 billion and accounted for 46 percent of the decrease in sector exports. The U.S. recession and the global economic downturn led to reduced global demand for these products.
- Exports of forklift trucks and similar industrial vehicles declined by $1.8 billion (53 percent) as a result of reduced demand by the global manufacturing sector. Much of the decline was in exports to the EU-27, which decreased by $746 million (76 percent), and to Canada, which fell by $339 million (49 percent).
Trade Shifts from 2008 to 2009
- U.S. trade deficit: Decreased by $25.5 billion (82 percent) to $5.7 billion
- U.S. exports: Decreased by $63.4 billion (25 percent) to $194.1 billion
- U.S. imports: Decreased by $88.9 billion (31 percent) to $199.8 billion
Selected Product Shifts
China's Growing Market for Large Civil Aircraft, USITC Publication ID-18, February 2008.
Other Government Resources
U.S. Department of Commerce (USDOC), Census Bureau
Aerospace Industries Association
Association of International Automobile Manufacturers
Engine Manufacturers Association
General Aviation Manufacturers Association
Motor and Equipment Manufacturers Association (MEMA)
Ward’s Automotive Reports