The USA reduced its trade deficits with Brazil, Russia and India by high double-digit percentages. That leaves China, which was responsible for 93% of America’s US$276-billion deficit with BRIC countries last year.
Overall Exports, Imports and Trade Surplus
BRIC economies exported US$390.5 billion worth of goods to the United States in 2007, up 9.8% from 2006 and 203% more than in 2003. BRIC exports represented 20% of total exports to the U.S. in 2007.
BRIC imports from America increased by 28.6% to $114.8 billion last year, a rate almost 3 times greater than that for BRIC-to-U.S. exports. BRIC countries imported about 244% more in 2007 than 5 years ago. BRIC imports from the United States account for 9.9% of all imports that originate from the U.S.
BRIC countries enjoyed a $275.7 billion surplus in its trade dealings with America in 2007. This amounts to a 3.6% rise from 2006 and a 190% gain since 2003.
Exports to America by BRIC Country
Leading all BRIC countries, China generated 82% of overall BRIC country exports to America in 2007.
- China ... US$321.5 billion (16.5% of global exports to U.S.)
- Brazil ... $25.6 billion (1.3%)
- India ... $24 billion (1.2%)
- Russia ... $19.4 billion (1%).
China and India grew their exports to the U.S. last year while the value of shipments from Brazil and Russia shrank.
- China ... 11.2% increase in 2007 (up by 211% since 2003)
- India ... 10.1% increase (up by 184%)
- Russia ... 2.1% decrease (up by 225%)
- Brazil ... 2.9% decrease (up by 143%).
Imports from America by BRIC Country
Last year, Chinese imports from the U.S. represented 57% of overall American shipments to BRIC countries.
- China ... US$65.3 billion (5.6% of overall global imports from America)
- Brazil ... $25.6 billion (2.1%)
- India ... $17.6 billion (1.5%)
- Russia ... $7.4 billion (0.6%).
India boosted its demand for American imports by the highest rate among all BRIC nations in 2007. Over a 5 year period, India also showed the greatest percentage rise in demand for U.S. goods.
- India ... 74.3% increase in 2007 (up by 353% since 2003)
- Russia ... 56.1% increase (up by 301%)
- Brazil ... 28.1% increase (up by 220%)
- China ... 18.1% increase (up by 230%).
BRIC-U.S. Trade Surpluses by BRIC Country
With the Chinese US$256.3-billion surplus through trading with the U.S. in 2007, China accounts for 93% of America’s $275.7 billion trade deficit with BRIC countries and almost one third of America’s overall $791 billion deficit with all countries.
- China ... US$256.3 billion trade surplus with U.S. (93% of overall BRIC-America surplus)
- Russia ... $12 billion (4.3%)
- India ... $6.4 billion (2.3%)
- Brazil ... $1 billion (0.4%).
Of all BRIC countries, only China increased its trade surplus with the U.S. in 2007.
- China ... 10.2% increase in 2007 (up by 207% since 2003)
- Brazil ... 85.9% decrease (down by 85%)
- Russia ... 20.4% decrease (up by 194%)
- India ... 45.2% decrease (down by 20%).
Collectively, BRIC countries added 3.4% to America’s trade deficit in 2007. To reverse this growth going forward, the United States needs to extend deficit decreases to China, the largest of its BRIC trading partners.
Sources for this Article
This article presents independent calculations and insights based on data provided by the U.S. Census Bureau – Foreign Trade Statistics
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