Tumbling Trade
In 2008, the U.S. trade deficit for goods and services dipped as the economy stumbled along. Exports of goods and services totaled $1.8 trillion while imports totaled $2.5 trillion with a deficit of $677.1 billion. The deficit is down 3.3 percent from 2007. U.S. exports were strongest in industrial supplies and materials, food, beverages, and feed. Declines occurred in the automotive industry, with cars, parts and engines down. Canada is still the United States’ No. 1 trading partner, with China taking the No. 2 position.
