Economic

1,000-Word Charts: U.S. and Canada's Foreign Trade - June 2021

Alex Carrick August 31, 2021

Due to its complexity, much of the subject matter concerning the economy requires detailed editorial commentary, often supported by relevant tables and graphs.

At the same time, though, there are many topics (e.g., relating to demographics, housing starts, etc.) that cry out for compelling ‘shorthand’ visualizations.

Whichever path is followed, the point of the journey, almost always, is to reach a bottom line or two.

To provide additional value, ConstructConnect is now pleased to offer an ongoing series of 1,000-word charts.

These will help readers sort out the ‘big picture’ more clearly.

These 1,000-word charts look at the U.S. and Canada’s foreign trade, as of June 2021.

Graph 1: United States’ Foreign Trade: Goods and Services Balance − June 2021

In June 2021, the U.S. trade deficit increased (i.e., worsened) by +6.7% month to month and +49.6% year over year.

The last data point is for June 2021.
Based on seasonally adjusted monthly figures, projected at an annual rate.

Data source: Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 2: Geographic Sources of U.S. Total Foreign Trade Deficit in Goods – June 2021

Several years ago, China routinely accounted for as much as 1/2 of America's total foreign trade deficit each month. Since then, China's share has dropped significantly. In the latest month (June 2021), for the first time since early in the 2008-2009 recession, China's share fell below 30% (to 29.2%).

Data source: U.S. Census Bureau and Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 3: 12 of the Top Suppliers of U.S. Oil Imports
Year to Date (YTD) June, 2021

Imports from Canada year to date have been +5.0%; imports from everywhere but Canada have been -2.3%.

* OPEC nations.

Data source: Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 4: Foreign Sources of U.S. Imported Oil
% of Total Barrels – Jan-Jun 2021

Jan-Jun 2021 vs Jan-Jun 2020 number of barrels from: Canada +5.0%; Mexico -13.0%; Saudi Arabia -58.4%; Total imports = -2.2%.

* Asterisk indicates country among OPEC members. Ecuador left OPEC in January 2020.

Data source: Census Bureau & Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 5: Canada’s Foreign Trade: The Merchandise Trade Balance − June 2021

Traditionally, Cdn exports going to the U.S. have been 3/4 of total; with imports from the U.S. at 2/3 of total. In June 2021, exports followed their usual pattern, at 73.9%, but imports fell a bit short, 62.1%. Purchases from China were 8.3% of total Cdn imports.

The last data point is for June 2021.
Based on seasonally adjusted monthly figures, projected at an annual rate.

Data source: Statistics Canada.
Chart: ConstructConnect.

Graph 6: Provincial Export Sales, Jan-June 2021
Ranked by $ Volume (also showing YTD % changes – i.e., vs Jan-June 2020)

Canada's total goods exports in Jan-Jun 2021 were +22.1% vs Jan-Jun 2020.

Data source: Statistics Canada.
Chart: ConstructConnect.

Graph 7: Canada’s Key Export Product Sales by Province

TThe two goods categories accounting for the largest dollar volumes of exports are Alberta energy products (+42.6% ytd) and Ontario motor vehicles and parts (+11.7% ytd).

Data source: Statistics Canada Table 12-10-0119-01.
Chart: ConstructConnect.

Please click on the following link to view the latest Foreign Trade charts and tables: CanaData Forecaster Charts & Tables – Foreign Trade

Alex Carrick is Chief Economist for ConstructConnect. He has delivered presentations throughout North America on the U.S., Canadian and world construction outlooks. Mr. Carrick has been with the company since 1985. Links to his numerous articles are featured on Twitter @ConstructConnx, which has 50,000 followers.

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1,000-Word Charts: U.S. and Canada's Foreign Trade - June 2021

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