EXPORTS, IMPORTS, and TRADE BALANCE

KEY TRENDS

• Imports of minerals and metals products increased more than four times as much as exports, and the 2004 sector deficit increase jumped nearly 50-fold. Reasons for the increase include a strong U.S. economy relative to its trading partners and significant sector-wide price increases reflecting growing consumption (especially China), depleted inventories, and market speculation.
  
  
• In conjunction with strong domestic demand, the termination of the steel safeguard measures in December 2003 also induced a significant increase in U.S. imports of steel mill products, which accounted for nearly one-fifth of the total sector-trade deficit.
  
  
• Global consolidation of the steel industry continued with the formation of Mittal Steel Co. as the largest steel producer in the world.
  

TRADE SHIFTS in 2004 from 2003

• U.S. trade deficit: Increased $24.1 billion (52 percent) to $70.3 billion
• U.S. exports: Increased $7.6 billion (18 percent) to $50.6 billion
• U.S. imports: Increased $31.7 billion (36 percent) to $120.9 billion
• Copper and Related Articles, Natural and Synthetic Gemstones, and Steel Mill Products exhibited the largest shifts.
  
  

LINKS

USITC PUBLICATIONS
332 Investigations

• Foundry Products: Competitive Conditions in the U.S. Market

Industry Trade and Technology Review

• International Steel Capacity and Subsidy Negotiations
• Powder Metallurgy and Advanced Aluminum Sheet Processing: Applications of Advanced Technology in the Automotive Industry

OTHER GOVERNMENT RESOURCES
United States Geological Survey

• Commodity Statistics and Information

U.S. Department of Commerce, Office of Energy, Environment, and Materials

• Metals Division
  

SECTOR SHIFTS

| Agricultural Products | Forest Products | Chemicals and Related Products |
| Energy and Related Products | Textiles, Apparel, and Footwear |
| Minerals and Metals | Machinery | Transportation Equipment |
| Electronic Products | Miscellaneous Manufactures |

COUNTRY SHIFTS