U.S. Manufactures Trade Deficit in 2015 Up $89 Billion, with Job Loss of 620,000
The following is a note in advance of a full report on the 2015 U.S. and China trade statistics from Ernie Preeg, Ph.D., senior advisor for internatiional trade and finance for the MAPI Foundation, the research affiliate of the Manufacturers Alliance for Producticity and Innovation.
U.S. exports of manufactures in 2015 were down $40 billion, or 3%, imports were up $49 billion, or 3%, and the trade deficit surged $89 billion, or 16%. This equates to a trade-related loss of 620,000 American manufacturing jobs, up from a 400,000 job loss in 2014. China accounted for 60% of the U.S. global deficit, with U.S. manufactured imports from China 5.8 times larger than U.S. exports to China. A MAPI detailed report on U.S. and Chinese trade in manufactures in 2015 will be out in the next week.
Source: U.S. Census Bureau, FT-900