March 2011 International Trade

Click image for larger view

According to data compiled by the Netherlands Bureau for Economic Policy Analysis, world trade volume increased by 1.4 percent in March from the previous month, following an upwardly revised rise of 0.4 percent in February. Trade growth varied widely by region in March. Both exports and imports grew strongly in the United States, reversing the contraction of both that occurred in February. Growth accelerated significantly in emerging Asia as well. By contrast, the natural disaster that struck Japan in March caused its exports to collapse, while imports declined as well. Euro Area exports continued to expand at a modest pace, while its imports decreased.

Prices jumped nearly 2.0 percent between February and March, and are now up 22.7 percent from their February 2009 low.
 

Click image for larger view

The U.S. goods and services deficit widened to $48.2 billion in March (from $45.4 billion in February), the largest deficit since June 2010. Exports totaled $172.7 billion (up from $165.0 billion in February, and the largest absolute monthly rate of growth since 2000), while imports totaled $220.8 billion. Higher oil prices were responsible for most of the jump in imports.
 

Click image for larger view

Paper exports and imports both increased in March: exports by 439,000 metric tons (15.7 percent) and imports by 47,000 tons (13.1 percent). Both metrics remained above year-earlier levels as well: exports +477,000 tons (17.3 percent) and imports +46,000 tons (12.7 percent).
 

Click image for larger view

Softwood lumber exports rose by 12 MMBF (8.6 percent) in March, but imports jumped by 170 MMBF (25.6 percent). Exports were 34 MMBF (30.4 percent) higher than year-earlier levels, but imports 23 MMBF (2.6 percent) lower.