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
Other Government Resources