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Key Economic Trends
- The $85.3 billion increase in total U.S. merchandise trade with Canada reflected the economic growth that occurred in the two economies during 2010.
- The transportation equipment sector—principally motor vehicles and related parts—accounted for 37 percent of the growth in U.S. exports to Canada, as Canada’s improving economy translated into greater consumer access to financing for durable goods such as motor vehicles.
- In 2010, U.S. imports from Canada were led by energy-related products, which increased 28 percent, by value; this increase was due to higher global prices for crude petroleum.
Trade Shifts from 2009 to 2010
- U.S. trade deficit: Increased by $16.7 billion (32 percent) to $69.6 billion
- U.S. exports: Increased by $34.3 billion (20 percent) to $206.0 billion
- U.S. imports: Increased by $51.0 billion (23 percent) to $275.5 billion