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June 3, 2017 | Trade Deficit in Pictures: China, Mexico, Canada, Germany, Japan, EU

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Trump’s howling about the US trade deficit with Mexico, Canada, Germany, the EU, etc, has me thinking about how to portray the result in pictures.

Data is from the latest Census Department report on International Trade.

Click on image for enhanced view.

Trade DeficitExportsImportsPercent of Total
Total243,905498,608742,513100
Eurozone37,82970,207108,03615.51
Germany20,05417,13137,1858.22
Canada8,50189,67398,1743.49
Mexico23,03777,566100,6039.45
China106,48139,335145,81643.66
Japan22,59622,00544,6019.26
Canada, Mexico, China, Japan, Germany180,669245,710426,37974.07
Canada, Mexico, China, Japan, Eurozone198,444298,786497,23081.36

Canada vs China

  • Exports to Canada: 89,673
  • Imports from Canada: 98,174
  • Canada Sum: 187,847
  • Exports to China: 39,335
  • Imports from China: 145,816
  • China Sum: 185,151

On a bilateral basis, Canada is the US’s largest trading partner.

Trade Deficit Breakdowns

  • China alone accounts for 43.66% of the deficit.
  • China, Mexico, Japan, and Germany account for 70.59% of the deficit.
  • China and the Eurozone account for 59.17% of the deficit.
  • China, Mexico, Japan, and the Eurozone account for 76.65% of the deficit.
  • Canada, the US’s largest trading partner, accounts for only 3.49% of the deficit.

This is what has Trump upset. But he is barking up the wrong tree when he blames NAFTA.

For discussion, please see Disputing Trump’s NAFTA “Catastrophe” with Pictures: What’s the True Source of Trade Imbalances?

Mike “Mish” Shedlock

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June 3rd, 2017

Posted In: Mish Talk

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