The United States International Trade Commission (USITC) just released its updated “The Year in Trade 2017” report. This report covers all of the global trade trends from 2017. Included in this report are exchange rate trends, trade laws and regulations, global economic trends, regional trade activity, global trade agreements, and new trade relations, among other topics. Let’s take a look at some of the most intriguing and important trade trends that occurred in 2017.
Trade Activities With Major Trading Partners
As expected, China was again named the United States largest single-country trading partner based on two-way merchandise trade in 2017. Merchandise trade with China accounts for 16.4 percent of total U.S. trades and amounts to $635.9 billion in trade. Behind China is Canada for the third consecutive year. U.S. and Canada trade rose 7 percent from the previous year and amounted to $582.4 billion in 2017. Following China and Canada is Mexico with a value of $557 billion in 2017 trade. The figure below includes the top 7 single-countries the U.S. trades with, and also the E.U. which includes all countries the U.S. trades with in Europe.
U.S. Exports and Imports
In 2017, transportation equipment was the largest U.S. export sector accounting for 21 percent of all exports. Close behind was electronics (17.3 percent), and chemical related products (14.7 percent). The top individual export product were civilian aircraft, engines, and parts, along with refined petroleum products. The biggest U.S. import in 2017 was electronic products, which totaled for 20.7 percent of U.S. imports. On an individual basis, passenger motor vehicles were the largest U.S. import valued at $186.4 billion. China was once again the leading source of U.S. imports in 2017.
Exchange Rate Trends
Overall, the U.S. dollar depreciated in 2017, falling 6.3 percent on the broad dollar index. This downward trend was mainly driven by the depreciation of the U.S. dollar compared to other major world currencies. The U.S. dollar fell by 12 percent against the euro, 9.4 percent against the pound (UK), 6.8 percent against the Canadian dollar, and 6.1 percent against the Mexican peso. Several major U.S. investment banks noted that the euro and pound were recovering from an early drop due to the uncertainty of the Brexit vote. The figure below shows the U.S. dollar exchange rate compared to other major world currencies.
U.S. GDP in 2017
The United States had a $19.4 trillion economy in 2017, and the economy grew faster in 2017 than it did in 2016. U.S. real gross domestic product (GDP) increased 2.3 percent in 2017 compared to the growth rate of 1.5 percent in 2016. The main factors driving this high growth rate were due to four industries- professional and business services; finance, insurance, real estate, rental, and leasing; manufacturing; and retail trade.
To read the full report, The Year in Trade 2017, published by the United States International Trade Commission, click here.
If your company has import or export needs, you should consider working with Logistics Plus. In the U.S. we have more than a dozen locations that can help you with your transportation and logistics needs; and our Customs Broker Solutions staff can also help you clear customs for imports at any port in the United States. Additionally, Logistics Plus now has locations at 50 offices in 22 countries. As always, you can find any of our worldwide employees in our online global directory.
In case you missed it, Suraj Joshi, Director of Trade Lane Development for Logistics Plus, was featured in a recent airing of Business Spotlight on WPSE AM 1450/FM 107.1 Radio. Business Spotlight is a 30-minute program airing Fridays at noon. Each segment focuses on a business or organization that is making an impact across the region.
In this segment, Suraj discusses his role with the company, what it’s like moving from India to Erie, PA, and more. You can listen to to a replay of the interview on the Logistics Plus YouTube Channel below.
As a certified Great Place to Work®, we have some of the best employees in the industry. One of those employees is Wilson Amaral, an International & Amazon Logistics Specialist who works for Logistics Plus, from Los Angeles, California.
This video interview is part of our “Employee Spotlight” services showcasing many of our diverse employees from around the world. We hope you enjoy getting to know a little more about us and the “people who power the plus” at Logistics Plus.
A special thanks to Wilson for his participation in this phone interview. Stay tuned in the coming weeks to learn more about the employees at Logistics Plus.
The United States Trade Representative (USTR) has released a third list of goods from China that will be subject to 25% tariffs. The newly released list includes commodities that were previously not subject to tariffs, including furniture.
Logistics Plus has introduced a new truckload contract carrier program as an extension of its successful freight brokerage operation. As part of this program, a select group of freight carriers will receive exclusive access to the many truckload loads, bids and RFPs that Logistics Plus has in its pipeline. Carriers that are interested in participating in the program should submit a completed copy of the Truckload Contract Carrier Setup forms. At Logistics Plus, we understand the truckload solutions we provide to our customers is only as good as our network of contract carriers. Our logistics specialists match contract carriers’ equipment with our available customer loads. As a top freight brokerage firm, Logistics Plus offers contract carriers the following benefits:
We represent thousands of shippers across North America (mostly small- to mid-sized companies, but we also manage freight for large companies as well, including GE Transportation, Google, Pepsico, and WeWork, to name a few).
Our truckload contracted business is growing rapidly with an annual growth rate exceeding 15%
We are one of only a few third-party logistics companies approved for the Amazon Solutions Provider Network program.
We are the preferred logistics provider for a regional manufacturing association representing 4,000 businesses in PA, eastern OH, and western NY
We manage over a hundred thousand spot and contract truckload and less-than-truckload shipments annually
Provide business incentives through our annual carrier recognition programs
Carriers in our program will receive full marketing and visibility within our proprietary eShipPlus™ TMS application
We are financially stable and we pay our carriers promptly
We understand that freight moves 24/7/365. When you work with Logistics Plus, our people will always be there to provide you the quality support and communication you deserve…regardless of the time of day
Are you ready to join the Logistics Plus® network?
In case you missed it, 
