Exports, Imports and Trade Balance
- In 2006, the U.S. trade deficit in chemicals and related products declined by $755 million as a result of expanding domestic demand, the decline of the U.S. dollar, outsourcing, and inventory growth.
- In 2006, U.S. exports increased by 13 percent to $149.8 billion. The rise in exports was driven by the relatively weak U.S. dollar; changes in the product mix, which led to an increase in the average unit price; changes in U.S. environmental regulations, which freed some products for export that had been used domestically; the expansion of joint ventures between U.S. and foreign firms; and some inventory rationalization.
- In 2006, U.S. imports increased by 10 percent to $179.4 billion. Medicinal chemicals, certain organic chemicals, miscellaneous plastic products, and miscellaneous inorganic chemicals accounted for a major portion of the total increase in U.S. imports of chemicals and related products.
Trade Shifts in 2006 from 2005