Pubblicato in: Finanza e Sistema Bancario, Stati Uniti

Usa. 2020. Investimenti diretti per stato e tipologia. – BEA.

Giuseppe Sandro Mela.

2021-08-04.

2021-07-27__ US Investment 001

Il Bureau of Economic Analysis (BEA) ha rilasciato il Report Direct Investment by Country and Industry, 2020

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The U.S. direct investment abroad  position, or cumulative level of investment, increased $244.9 billion to $6.15 trillion at the end of 2020 from $5.91 trillion at the end of 2019, according to statistics released by the Bureau of Economic Analysis (BEA). The increase reflected a $158.8 billion increase in the position in Europe, primarily in the United Kingdom and the Netherlands. By industry, holding company affiliates owned by U.S. manufacturers had the largest increase.

The foreign direct investment in the United States position increased $187.2 billion to $4.63 trillion at the end of 2020 from $4.44 trillion at the end of 2019. The increase mainly reflected a $119.2 billion increase in the position from Europe, primarily Germany. By industry, affiliates in manufacturing, finance and insurance, and wholesale trade accounted for the majority of the increase.

                         U.S. direct investment abroad (tables 1 – 6)

U.S. multinational enterprises (MNEs) invest in nearly every country, but their investment in affiliates in five countries accounted for more than half of the total position at the end of 2020. The U.S. direct investment abroad position was largest in the United Kingdom ($890.1 billion), followed by the Netherlands ($844.0 billion) and Luxembourg ($759.4 billion). Canada ($422.2 billion) and Ireland ($390.3 billion) rounded out the top-five.

By industry of the directly-owned foreign affiliate, investment was highly concentrated in holding companies, which accounted for nearly half of the overall position in 2020. Most holding company affiliates, which are owned by U.S. parents from a variety of industries, own other foreign affiliates that operate in a variety of industries. By industry of the U.S. parent, investment by manufacturing MNEs accounted for 51.6 percent of the position, followed by MNEs in finance and insurance (13.9 percent).

U.S. MNEs earned income of $452.0 billion in 2020 on their cumulative investment abroad, a 13.0 percent decrease from 2019. Dividends, or repatriated profits, decreased $124.6 billion, or 30.7 percent.

                         Foreign direct investment in the United States (tables 7 – 10)

By country of the foreign parent, five countries accounted for more than half of the total position at the end of 2020. Japan remained the top investing country at the end of 2020 with a position of $647.7 billion. Canada ($490.8 billion) moved up one position from 2019 to be the second largest investing country, moving the United Kingdom ($486.9 billion) into third. The Netherlands ($484.0 billion) and Germany ($411.3 billion) were the fourth and fifth largest investing countries respectively at the end of 2020.

By country of the ultimate beneficial owner (UBO), Japan ($679.0 billion) and Canada ($569.8 billion) remained the top investing countries in terms of position at the end of 2020. Germany ($564.3 billion) moved up one position from 2019 to be the third largest, moving the United Kingdom ($480.8 billion) to fourth. France ($315.0 billion) entered the top 5 investing countries at the end of 2020, moving up one position from 2019. On the UBO basis, investment from the Netherlands and Luxembourg was much lower than by the country of foreign parent, indicating that much of the investment from foreign parents in these countries was ultimately owned by investors in other countries.

Foreign direct investment in the United States was concentrated in the U.S. manufacturing sector, which accounted for 40.3 percent of the position. There was also sizable investment in finance and insurance (12.2 percent) and wholesale trade (11.1 percent).

Foreign MNEs earned income of $151.8 billion in 2020 on their cumulative investment in the United States, a 24.1 percent decrease from 2019.

Pubblicato in: Banche Centrali, Stati Uniti

USA. 2020. Import ed Export. All commodities. Radiografia degli Stati Uniti.

Giuseppe Sandro Mela.

2021-08-02.

Casa Bianca

USA. Imports and Exports. World. All Commodities. Value (US$) and Value Growth, YoY (%).

* * *


                         Exports.

The value of merchandise exports from USA totalled $ 1.43 trillion in 2020. Overall commodity exports from USA decreased by 13% compared to 2019. Merchandise exports decreased by $ 214 billion (the value of merchandise exports from USA amounted to $1.64 trillion in 2019).

                         USA’s exports 2020 by country.

Top export destinations of commodities from USA in 2020:

Canada with a share of 17.8% (255 billion US$)

Mexico with a share of 14.8% (212 billion US$)

China with a share of 8.71% (124 billion US$)

Japan with a share of 4.48% (64 billion US$)

United Kingdom with a share of 4.12% (58 billion US$)

Germany with a share of 3.99% (57 billion US$)

Korea with a share of 3.58% (51 billion US$)

Netherlands with a share of 3.18% (45 billion US$)

Brazil with a share of 2.45% (35 billion US$)

Other Asia, nes with a share of 2.13% (30 billion US$)

                         Exports structure from USA in 2020 represented by the following main commodity groups:

11.9% (170 billion US$): 84 – Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof

11.3% (161 billion US$): 85 – Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

10.8% (155 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

7.35% (105 billion US$): 87 – Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

6.74% (96 billion US$): 90 – Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

5.65% (80 billion US$): 88 – Aircraft, spacecraft, and parts thereof

4.24% (60 billion US$): 39 – Plastics and articles thereof

4.11% (58 billion US$): 71 – Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin

3.76% (53 billion US$): 30 – Pharmaceutical products

3% (42 billion US$): 99 – Commodities not specified according to kind

                         What did USA export in 2020?

USA’s Top Exports in 2020:

4.24% ($60 billion): 2710 – Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils.

3.51% ($50 billion): 2709 – Petroleum oils and oils obtained from bituminous minerals, crude.

3.19% ($45 billion): 8703 – Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars.

3.1% ($44 billion): 8542 – Electronic integrated circuits and microassemblies.

2.33% ($33 billion): 2711 – Petroleum gases and other gaseous hydrocarbons.

2.31% ($33 billion): 8708 – Parts and accessories of the motor vehicles of headings 87.01 to 87.05.

1.95% ($28 billion): 9018 – Instruments and appliances used in medical, surgical, dental or veterinary sciences, including scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments.

1.91% ($27 billion): 8525 – Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras.

1.86% ($26 billion): 8471 – Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included.

* * * * * * *


                         Imports.

The value of merchandise imports to USA totalled $ 2.4 trillion in 2020. Overall commodity imports to USA decreased by 6.31% compared to 2019. Merchandise imports decreased by $ 162 billion (the value of merchandise imports to USA was equal to $2.56 trillion in 2019).

                         USA’s imports 2020 by country.

Top trading partners (import sources) of USA in 2020:

China with a share of 19% (457 billion US$)

Mexico with a share of 13.6% (328 billion US$)

Canada with a share of 11.4% (276 billion US$)

Japan with a share of 5.09% (122 billion US$)

Germany with a share of 4.88% (117 billion US$)

Vietnam with a share of 3.45% (83 billion US$)

Korea with a share of 3.25% (78 billion US$)

Switzerland with a share of 3.13% (75 billion US$)

Ireland with a share of 2.73% (65 billion US$)

Other Asia, nes with a share of 2.59% (62 billion US$)

                         Imports structure to USA in 2020 represented by the following main commodity groups:

15.1% (364 billion US$): 84 – Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof

13.9% (336 billion US$): 85 – Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

10.5% (254 billion US$): 87 – Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

5.79% (139 billion US$): 30 – Pharmaceutical products

5.4% (130 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

4.35% (104 billion US$): 71 – Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin

4.26% (102 billion US$): 99 – Commodities not specified according to kind

3.93% (94 billion US$): 90 – Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

2.72% (65 billion US$): 94 – Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings

2.61% (62 billion US$): 39 – Plastics and articles thereof

                         What did USA import in 2020?

USA’s Top Imports in 2020:

6.05% ($145 billion): 8703 – Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars.

4.8% ($115 billion): 8471 – Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included.

4.17% ($100 billion): 8525 – Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras.

3.4% ($81 billion): 3004 – Medicaments (excluding goods of heading 30.02, 30.05 or 30.06) consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses (including those in the form of transdermal administration systems) or in forms or packings for retail sale.

3.39% ($81 billion): 2709 – Petroleum oils and oils obtained from bituminous minerals, crude.

2.49% ($60 billion): 8708 – Parts and accessories of the motor vehicles of headings 87.01 to 87.05.

2.13% ($51 billion): 3002 – Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and modified immunological products, whether or not obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excluding yeasts) and similar products.

1.5% ($36 billion): 2710 – Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils.

1.44% ($34 billion): 7108 – Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form.

Pubblicato in: Commercio, Devoluzione socialismo

Canada. Maggio21. Indice dei Prezzi al Consumo (CPI) +3.6% anno su anno.

Giuseppe Sandro Mela.

2021-06-27.

2021-06-21__ Canada CPI 001

«The Consumer Price Index (CPI) rose 3.6% on a year-over-year basis in May»

«the increase in year-over-year price growth in May was led by rising prices for shelter and passenger vehicles»

«prices …. remained below pre-pandemic levels»

«Shelter prices rose 4.2% year over year in May»

«Prices for durable goods rose 4.4% year over year»

«Year over year, prices for gasoline rose at a slower pace in May (+43.4%) than in April (+62.5%)»

«On a monthly basis, gasoline prices were up 3.2% compared with April 2021»

«Year over year, the homeowners’ replacement cost index rose 11.3%»

«Furniture prices (+9.8%) posted their fastest growth rate since 1982»

«prices for fresh or frozen chicken rose 5.0% compared with May 2020»

2021-06-21__ Canada CPI 003

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2021-06-21__ Canada CPI 002

Come in tutto l’enclave liberal occidentale, i costi al consumo sono saliti significativamente soprattutto a causa dei rincari dei carburanti, +43.4% anno su anno.

Carburanti che sono gravati da una severa tassazione.

Si noti come i prezzi al consumo si siano innalzati a seguito dei rincari dei costi di produzione, connotando in questa maniera una inflazione strutturale e, quindi, duratura.

*


Statistics Canada ha rilasciato il Report Consumer Price Index, May 2021.

The Consumer Price Index (CPI) rose 3.6% on a year-over-year basis in May, up from a 3.4% gain in April. This was the largest yearly increase since May 2011. Excluding gasoline, the CPI rose 2.5% year over year.

Although base-year effects continue to impact the 12-month price movement for some specific consumer goods, such as gasoline, furniture and beef products, the increase in year-over-year price growth in May was led by rising prices for shelter and passenger vehicles. Unlike March and April 2021, when most of the year-over-year gains in the CPI were characterized by the large upward base-year effects caused by price declines falling out of the 12-month movement, base-year effects affected the 12-month price movement for only a few key goods and services in May 2021. While prices began to recover in May 2020 from the initial pandemic-related declines, they remained below pre-pandemic levels. In May 2021, these lower prices were the basis for the year-over-year comparison, contributing to the 3.6% year-over-year increase in the CPI.

The monthly CPI rose 0.5% in May 2021, the same growth rate as in April. On a seasonally adjusted monthly basis, the CPI rose 0.4% in May.

                         Highlights

Prices rose in every major component on a year-over-year basis. Shelter prices rose 4.2% year over year in May, the largest yearly increase since September 2008. Prices for durable goods rose 4.4% year over year, the fastest pace since 1989, against the backdrop of rising consumer confidence and low interest rates.

                         Gasoline prices rise at a slower pace in May

Year over year, prices for gasoline rose at a slower pace in May (+43.4%) than in April (+62.5%). Higher prices in May 2020, when gasoline prices began to recover from the initial impacts of the COVID-19 pandemic, were used as the basis for the year-over-year comparison, contributing to the slowdown in year-over-year growth. In May 2020, gasoline prices rose 16.9% month over month, recovering from March (-17.8%) and April (-15.2%), when both supply- and demand-related factors contributed to significantly lower prices at the gas pumps.

On a monthly basis, gasoline prices were up 3.2% compared with April 2021. Much of this gain was driven by supply disruptions to pipelines in the United States and the maintenance of production cuts by international oil producers.

                         Homeowners’ replacement cost index rises at fastest pace since 1987

Year over year, the homeowners’ replacement cost index rose 11.3%, the largest yearly increase since 1987. Prices have risen year over year for 16 consecutive months, as prices for new homes continue to be influenced by shifting consumer preferences and higher construction costs.

                         Consumers pay more for durable goods, led by higher prices for passenger vehicles

Prices for passenger vehicles led the increase in prices for durable goods, rising 5.0% year over year in May, the largest yearly gain in the purchase of passenger vehicles index since September 2016. The increase was partly the result of supply chain issues related to a global shortage of semiconductor chips.

Furniture prices (+9.8%) posted their fastest growth rate since 1982, with prices for upholstered furniture (+10.3%) contributing the most to the increase. The gain in furniture prices was mainly driven by a base-year effect. In May a year earlier, when retail stores were temporarily closed as in-person shopping was suspended, prices fell because of large discounts. While the furniture price index grew at a faster pace primarily as a result of a base-year effect, higher costs of inputs such as lumber also contributed.

                         Meat prices increase at a slower pace in May

Year over year, prices for meat products rose at a slower pace in May (+1.1%) than in April (+2.1%), driven by beef prices. Prices for fresh or frozen beef fell 4.3% on a year-over-year basis, mainly the result of a base-year effect. Higher prices in May 2020, when supply was disrupted by plant closures and capacity reductions related to COVID-19, had a downward impact on the fresh or frozen beef price index in May 2021.

In contrast, prices for fresh or frozen chicken rose 5.0% compared with May 2020, partly contributing to the yearly increase in meat prices.

                         Regional highlights

Year over year, prices rose more in May than in April in seven provinces. Year-over-year price growth was strong in the Atlantic provinces, as prices for fuel oil and rent increased.

                         Traveller accommodation prices increase month over month

Month over month, traveller accommodation prices rose 6.7% in May, up from a 1.5% increase in April—the largest increase recorded since the onset of the pandemic. While prices for traveller accommodation rose on a monthly basis in most provinces, the largest increase was observed in British Columbia (+13.0%), largely driven by increased tourism within designated regional travel zones.

Pubblicato in: Banche Centrali, Devoluzione socialismo

Banche Centrali. Alti tassi oppure alta inflazione. Possono scegliere come fallire.

Giuseppe Sandro Mela.

2021-06-01.

Brüghel il Vecchio. La parabola dei ciechi.

«Se i fatti smentiscono la teoria, tanto peggio per i fatti», Hegel.

Fed. Non solo tapering. Il quantitative easing costituisce una bomba ad orologeria.

Canada. Bank of Canada inizia il ‘great exit’. Inizia il tapering.

Fed. Questa allarmante inflazione è proprio quello che avrebbe voluto evitare. – Bloomberg.

Inflazione. Sorella miseria si fa precedere dalla comare inflazione. Adesso anche l’UK.

Stagflazione. Uno dei tanti cigni neri che si aggirano come avvoltoi.

Fed. Che l’inflazione alta sia temporanea è un ‘article of faith’. – Bloomberg.

Usa. Indice dei Prezzi al Consumo +4.2% anno su anno. Fed in tilt.

USA. Crolla a 218k la generazione di nuovi posti di lavoro. Pronta reazione della Fed.

* * * * * * *

«Con il termine tapering si fa riferimento al processo di rallentamento del ritmo di acquisti mensile dei titoli di Stato (noto come Quantitative easing) da parte di una banca centrale. La parola Tapering è stata utilizzata per la prima volta nel 2013 dall’allora numero uno della Federal Reserve, Ben Bernanke, quando decise di alleggerire la fase di QE. Il termine Tapering non deve essere confuso con il “Tightening”, parola che invece sta a indicare un restringimento delle condizioni di politica monetaria, solitamente attraverso un aumento graduale dei tassi di interesse» [Sole24Ore]

«central bank asset purchases in the United States, Japan, the euro zone and Britain will slide to about $3.4 trillion this year from almost $9 trillion in 2020»

«The Fed plans to keep borrowing costs near 0% and maintain monthly asset purchases worth $120 billion until it sees “substantial further progress” towards full employment and its 2% flexible inflation target»

* * *

«Con alleggerimento o allentamento quantitativo, o anche facilitazione quantitativa, sovente con la locuzione inglese quantitative easing (o QE), si designa una delle modalità con cui avviene la creazione di moneta a debito da parte di una banca centrale e la sua iniezione, con operazioni di mercato aperto, nel sistema finanziario ed economico. ….

Il quantitative easing è uno strumento in grado di assicurare la permanenza dell’inflazione al di sopra di una certo valore-obiettivo. Il rischio di questa politica monetaria è il fatto che si riveli più efficace del previsto contro la deflazione nel lungo termine, portando ad un eccesso di inflazione a causa dell’aumento dell’offerta di moneta ….»

* * * * * * *

«Slowly but surely, central banks are signaling policy shifts»

«New Zealand now sees higher rates in second half of 2022»

«Canada already signaled a shift»

«Fed also hints at exit talk»

«Central banks are beginning to tip toe away from their emergency monetary settings, with South Korea following in the footsteps of New Zealand and Canada to flag a potential interest-rate increase»

«As vaccines roll-outs continue and economies reopen, traders have been slowly dialing up expectations on rate hikes or a slowing of asset purchases elsewhere too»

«The Bank of Korea became the latest on Thursday to signal a turn when Governor Lee Ju-yeol said policy makers are preparing for an “orderly” exit from its record-low interest rate at some point as the economy recovers»

«The shift in stance came a day after New Zealand’s»

«We can’t rule out that the tail may wag the dog, influencing global market expectations of whether other central banks may also take a more hawkish turn»

«Financial markets have already brought forward pricing of the Federal Reserve’s first rate hike by almost a year since early February»

«Over the same period, market expectations from the Bank of England have switched from rate cuts by late 2022 to a rate increase»

«With major central banks embroiled in bond buying and other easing programs which traditionally get wound down first, most rate hikes remain some way off»

«The BOE has slowed bond-buying and signaled that it’s on course to end that support later this year»

«Norway is on track to start a hiking cycle, and Iceland has already begun»

«The Bank of Canada announced last month a reduction in debt purchases as it forecast a faster economic recovery that may pave the way for rate increases next year»

«The shift in monetary policy is starting»

«Hungary’s central bank said this week it was ready to deliver monetary tightening, and Russia, Turkey and Brazil have already hiked»

«The People’s Bank of China is holding the line with relatively disciplined stimulus»

«They will suffer from a double whammy as the Fed starts moving towards tapering»

* * * * * * *

Nuova Zelanda, Canada, South Korea, Regno Unito, Ungheria, Russia, Turkia, e Brasile hanno già iniziato il tapering oppure lo hanno annunciato come imminente. Ma il tapering si associa ad un aumento dei tassi di interesse.

Tuttavia, si faccia attenzione, il problema non è soltanto finanziario, di bilanciamento tra tassi di interesse ed inflazione.

Di interesse anche maggiore del pil è il numero dei nuovi posti di lavoro generati e la spesa per i consumi, che sono solo parzialmente influenzati dalle manovre finanziarie. Molto gioca la fiducia.

A parte il fatto che la Fed h sulle spalle 87 trilioni di debito totale degli Stati Uniti. Un grande fardello.

Nei fatti, prendiamo atto di questo trend che inizia a delinarsi.

*


Slowly But Surely, Central Banks Are Signaling Policy Shifts.

– New Zealand now sees higher rates in second half of 2022

– Canada already signaled a shift, Fed also hints at exit talk

*

Central banks are beginning to tip toe away from their emergency monetary settings, with South Korea following in the footsteps of New Zealand and Canada to flag a potential interest-rate increase.

As vaccines roll-outs continue and economies reopen, traders have been slowly dialing up expectations on rate hikes or a slowing of asset purchases elsewhere too. Markets are seizing on the tightening narrative, with bond yields and currencies fluctuating as investors recalibrate their bets.

The Bank of Korea became the latest on Thursday to signal a turn when Governor Lee Ju-yeol said policy makers are preparing for an “orderly” exit from its record-low interest rate at some point as the economy recovers. The shift in stance came a day after New Zealand’s.

New Zealand’s outlook was much more hawkish than expected and may yet signal a global shift, according to Sharon Zollner, chief economist at ANZ Bank New Zealand in Auckland.

“We can’t rule out that the tail may wag the dog, influencing global market expectations of whether other central banks may also take a more hawkish turn,” she said.

Financial markets have already brought forward pricing of the Federal Reserve’s first rate hike by almost a year since early February. Over the same period, market expectations from the Bank of England have switched from rate cuts by late 2022 to a rate increase, while investors have almost abandoned bets on further European Central Bank reductions to instead price in a 10 basis-point upward move by the end of 2023.

                         Taper Talks

With major central banks embroiled in bond buying and other easing programs which traditionally get wound down first, most rate hikes remain some way off. But talk of a taper in asset purchases is catching on.

Fed Vice Chair Richard Clarida told Yahoo! Finance in an interview Tuesday that there may be a point in upcoming policy meetings where officials can discuss scaling back purchases.

Fed Vice Chairman for Supervision Randal Quarles said on Wednesday that it will be important for the central bank to begin discussing in coming months plans to reduce its massive bond purchases if the economy continues to power ahead.

The BOE has slowed bond-buying and signaled that it’s on course to end that support later this year. Australia’s central bank has set July as a deadline for deciding on whether to extend purchases.

Norway is on track to start a hiking cycle, and Iceland has already begun. The Bank of Canada announced last month a reduction in debt purchases as it forecast a faster economic recovery that may pave the way for rate increases next year.

                         Turning Point

“The shift in monetary policy is starting,” said Alicia Garcia Herrero, Hong Kong based chief economist for Asia Pacific at Natixis, who used to work for the ECB and International Monetary Fund.

Detailing its new outlook, the Reserve Bank of New Zealand on Wednesday published forecasts for its benchmark rate — for the first time in more than a year — that show the rate beginning to rise in mid-2022.

To be sure, this shift is still conditional.

RBNZ Governor Adrian Orr said the bank’s outlook is predicated on the economy recovery continuing as vaccines roll out and the pandemic is contained. In a similar vein, BOK’s Lee said the board unanimously agreed to hold rates at a record low on Thursday as pandemic uncertainties persist.

The Fed’s Clarida also qualified his remarks around employment data and how inflation pressures play out, which he expects to be transitory.

It’s also the case that not every central bank is signaling a policy move, not least in the euro zone, where ECB Executive Board member Fabio Panetta said on Wednesday that he hasn’t seen a shift in the economic outlook to justify a reduction in bond purchases.

In emerging markets, the shift is splintering. Hungary’s central bank said this week it was ready to deliver monetary tightening, and Russia, Turkey and Brazil have already hiked. The People’s Bank of China is holding the line with relatively disciplined stimulus, while others continue to support growth as the virus continues to spread.

“There is growth divergence due to a much slower vaccination process in the emerging world and renewed waves,” said Garcia-Herrero. “They will suffer from a double whammy as the Fed starts moving towards tapering.”

Pubblicato in: Banche Centrali, Cina, Russia, Stati Uniti, Unione Europea

G7 e Russia. Un G7 in via di devoluzione conta molto poco.

Giuseppe Sandro Mela.

2021-05-26.

2021-05-20__ G7 GDP (Statista) 001

L’istogramma pubblicato da Statista dovrebbe essere eloquente.

«In 2019, the G7 countries of Canada, France, Germany, Italy, Japan, United Kingdom and United States held 31.68 percent of the global gross domestic product (GDP). In 2025, that figure is projected to drop to 28.8 percent»

Nel 2019 il pil dei paesi G7 rappresentava il 31.68% del pil mondiale, mentre quello del G20, esclusi i paesi del G7), valeva il 41.51%.

Nel 2025 il pil dei paesi G7 è proiettato al 28.8% del pil mondiale, mentre quello del G20, esclusi i paesi del G7), è stimato arrivare al 44.77%.

Solo per dare un esempio, nel 2000 il pil indiano valeva 476.64 miliardi Usd, ma è stimato a 3,049.7 miliardi nel 2021 ed a 4,534.34 miliardi nel 2026.

Si noti come invece il pil dei paesi G7 sia in consistente diminuzione.

Non solo.

Il pil di alcuni paesi è drogato dal conteggio dei fondi pubblici erogati in via  assistenziale.

Se è vero che il pil sia un macrodato di primario interesse, sarebbe altrettanto vero ricordare come la sua lettura dovrebbe essere corroborata da altri macrodati similmente importanti, quali la produzione industriale, i volumi dell’Import – Export, la percentuale degli occupati, il valore della inflazione, solo per citarne alcuni.

Si faccia attenzione. Le parole son come le farfalle, mentre i numeri sono massi, ed anche pesanti.

* * * * * * *

Se questi dati siano fermamente chiari, l’intervista rilasciata da Mr Andrei Kelin, Ambasciatore russo a Londra, risulterebbe essere chiara.

– «G7 playing a ‘dangerous game’ by pushing Moscow towards China»

– «Russia, he said, was more interested in other forums such as the G20, Shanghai Cooperation Organisation and the BRICs organisation»

* * * * * * *

«G7 leaders gather for a summit in St Ives, in the southern English region of Cornwall, on June 11-13. How to deal with President Vladimir Putin’s Russia is expected to be on the agenda»

«The Group of Seven is playing a “dangerous game” by making aggressive and baseless criticism of the Kremlin because it pushes Russia closer to China»

«G7 foreign ministers this month scolded both China and Russia, casting the Kremlin as malicious and Beijing as a bully, but beyond words there were few concrete steps aside from expressing support for Taiwan and Ukraine»

«Kelin said the G7’s critique was biased, confrontational, lacked substance and was stoking anti-Western feelings among Russians, while its aggressive attitude towards Russia and China was pushing the two powers together»

«Russia, the world’s largest country by territory, denies it meddles beyond its borders and says the West is gripped by anti-Russian hysteria»

«China, the world’s second largest economy, says the West is a bully and that its leaders have a post-imperial mindset that makes them feel they can act like global policemen»

«Asked about G7 criticism of the state of human rights in Russia, Kelin said the United States and Britain should pay more attention to the state of their own democracy after the attacks on the U.S. Capitol and race issues in Britain»

«it has no grounds to judge other countries about the state of democracy»

«Asked about G7 criticism of the state of human rights in Russia, Kelin said the United States and Britain should pay more attention to the state of their own democracy after the attacks on the U.S. Capitol and race issues in Britain»

«No one gives them the right to judge others – especially on the state of democracy»

«It is strange for us as we are not eager to become once again a part of this club, …. In our view it has lost its authority»

* * * * * * *

L’enclave liberal socialista occidentale sta devolvendosi ogni giorno che passa, incapace di sottoporsi a revisione critica.

Certamente ad oggi ha ancora una potenza economica non indifferente, ma è sulla via del declino.

*


G7 playing a ‘dangerous game’ by pushing Moscow towards China – Russian envoy.

The Group of Seven is playing a “dangerous game” by making aggressive and baseless criticism of the Kremlin because it pushes Russia closer to China, Russia’s ambassador to London Andrei Kelin told Reuters on Thursday.

G7 foreign ministers this month scolded both China and Russia, casting the Kremlin as malicious and Beijing as a bully, but beyond words there were few concrete steps aside from expressing support for Taiwan and Ukraine.

The G7, in a 12,400-word communique, said Russia was a destabilising influence on the world because of its 2014 annexation of Crimea, its build up on Ukraine’s border and its meddling in the internal affairs of other countries.

Kelin said the G7’s critique was biased, confrontational, lacked substance and was stoking anti-Western feelings among Russians, while its aggressive attitude towards Russia and China was pushing the two powers together.

“This is a dangerous game,” Kelin, 64, told Reuters. “Russia and China have enormous potential in different fields – in the economy, in technology, in military capacities, in politics – this potential is spread around the world.”

“We are not allies with China, however pushing Russia and China, it closes our ranks with China – in that sense we are more and more united against challenges that are being presented from the West.”

Russia, the world’s largest country by territory, denies it meddles beyond its borders and says the West is gripped by anti-Russian hysteria.

China, the world’s second largest economy, says the West is a bully and that its leaders have a post-imperial mindset that makes them feel they can act like global policemen.

G7 leaders gather for a summit in St Ives, in the southern English region of Cornwall, on June 11-13. How to deal with President Vladimir Putin’s Russia is expected to be on the agenda.

Kelin, a career diplomat who speaks fluent English, French and Dutch, said Russia would proceed according to its own geopolitical interests and that if there were issues that needed to be discussed then dialogue was the best way.

“But the G7 prefers megaphone diplomacy,” Kelin said. “This is a club that expresses certain opinions on different subjects but it has no grounds to judge other countries about the state of democracy.”

Asked about G7 criticism of the state of human rights in Russia, Kelin said the United States and Britain should pay more attention to the state of their own democracy after the attacks on the U.S. Capitol and race issues in Britain.

“Look at yourself in this situation – but they don’t want to look at themselves,” Kelin said. “No one gives them the right to judge others – especially on the state of democracy.”

Russia was brought into what became the Group of Eight in 1997 under former President Boris Yeltsin but its membership was suspended in 2014 after the annexation of Crimea.

“We see discussions on this subject: let’s invite Russia, let’s not invite Russia. It is strange for us as we are not eager to become once again a part of this club,” Kelin said. “In our view it has lost its authority.”

“It is divisive – it has a tendency to split the world into friends and aliens: they want to talk about coalitions of friends targetted against the others. This doesn’t bring solutions – it brings more problems to the world,” Kelin said.

Russia, he said, was more interested in other forums such as the G20, Shanghai Cooperation Organisation and the BRICs organisation.

Pubblicato in: Commercio

Italia. Marzo21. Export +28.1%, Import +35.1%, su base annua. – Istat.

Giuseppe Sandro Mela.

2021-05-19.

2021-05-19__ Istat Import Export 001

Istat ha rilasciato il Report Commercio con l’Estero e prezzi all’Import.

*

Nota.

Le percentuali anno su anno sono inusitatamente elevate a seguito del forte calo dei commerci avvenuto lo scorso anno.

* * * * * * *


Marzo 2021. Commercio con l’Estero e prezzi all’Import.

– A marzo 2021 si stima una crescita congiunturale per i flussi commerciali con l’estero, più intensa per le importazioni (+6,0%) che per le esportazioni (+3,2%). L’incremento su base mensile dell’export è dovuto all’aumento delle vendite sia verso l’area Ue (+3,7%) sia verso i mercati extra Ue (+2,6%).

– Nel primo trimestre del 2021, rispetto al precedente, l’export aumenta del 2,6%, l’import del 5,0%.

– A marzo 2021, l’export sale su base annua del 28,1%; la crescita è più sostenuta verso l’area Ue (+32,6%) rispetto all’area extra Ue (+23,2%). L’import registra un aumento tendenziale più marcato (+35,1%), con incrementi di analoga entità verso entrambi i principali mercati di sbocco, Ue ed extra Ue.

– Tra i settori che contribuiscono maggiormente all’aumento tendenziale dell’export si segnalano macchinari e apparecchi n.c.a (che crescono del +32,3%), metalli di base e prodotti in metallo, esclusi macchine e impianti (+35,4%), autoveicoli (+80,1%), mezzi di trasporto, autoveicoli esclusi (+43,6%) e articoli di abbigliamento, anche in pelle e in pelliccia (+57,4%). Solo le vendite di articoli farmaceutici, chimico-medicinali e botanici (-9,3%) sono in calo.

– Su base annua, le esportazioni crescono verso tutti i principali paesi partner; i contributi maggiori riguardano le vendite verso Germania (con un aumento del 30,6%), Francia (+39,0%), Spagna (+37,4%), Svizzera (+35,7%) e Paesi Bassi (+51,6%).

– Nel primo trimestre del 2021, la crescita tendenziale dell’export (+4,6%) è dovuta in particolare all’incremento delle vendite di metalli di base e prodotti in metallo, esclusi macchine e impianti (+13,7%), macchinari e apparecchi n.c.a. (+8,5%), autoveicoli (+22,3%) e apparecchi elettrici (+14,9%).

-La stima del saldo commerciale a marzo 2021 è pari a +5.190 milioni di euro (era +5.701 a marzo 2020). Al netto dei prodotti energetici il saldo è pari a +7.984 milioni (era +7.707 a marzo dello scorso anno).

-Nel mese di marzo 2021 i prezzi all’importazione aumentano dell’1,9% su base mensile e del 4,2% su base annua.

* * * * * * *


Il commento.

A marzo prosegue la dinamica congiunturale positiva dell’export, sostenuta dal commercio estero con i paesi sia Ue sia extra Ue. Nel primo trimestre dell’anno, rispetto all’ultimo del 2020, l’aumento dell’export è trainato essenzialmente dalle vendite verso l’area Ue. Nel confronto con marzo 2020 – quando anche il commercio con l’estero iniziò a subire gli effetti dell’emergenza sanitaria – la crescita dell’export è molto marcata e diffusa a livello settoriale e verso tutti i principali paesi partner. Le vendite di macchinari e metalli forniscono il contributo più ampio (oltre 9 punti percentuali) al forte incremento tendenziale delle esportazioni. Anche la crescita su base annua dell’import, più marcata di quella dell’export, interessa in modo generalizzato tutti i settori. Per i prezzi all’import, il rialzo congiunturale è dovuto soprattutto alle dinamiche positive di energia e beni intermedi; su base annua, i prezzi tornano a crescere dopo quasi due anni di variazioni tendenziali negative.

Pubblicato in: Banche Centrali, Devoluzione socialismo

G7. La Cina condanna le affermazioni del G7.

Giuseppe Sandro Mela.

2021-05-11.

2021-05-07__ G7 001

Il Gruppo dei Sette, di solito abbreviato in G7, è un’organizzazione intergovernativa ed internazionale composta dai sette maggiori Stati ed economicamente avanzati dell’enclave liberal mondiale, ossia: Canada, Francia, Germania, Giappone, Italia, Regno Unito e Stati Uniti d’America.

Prendendo come riferimento l’anno 2019, ossia l’anno che ha preceduto quello della crisi innescata dall’epidemia di coronavirus:

Nel 2019 le nazioni afferenti al G7 avevano un pil di 36,828 miliardi Usd, ed un Pil PPP di 39,370 miliardi Usd.

I media liberal indicano i paesi del G7 come i più ricchi del mondo: ma questa è una menzogna.

Infatti, i paesi che costituiscono i Brics (ossia, Brasile, Cina, India, Russia, Sud Africa) avevano un Pil PPP di 41,017 miliardi Usd.

Nessuno si sogna di affermare che i paesi del G7 pesino economicamente poco: assommano una vasta parte del Pil PPP mondiale, che però risulta essere minore a quella evidenziata dai Brics. In altri termini, proprio non sono ‘il mondo’.

*

Si aggiunga un’altra considerazione.

I governi degli stati liberal occidentali reputano loro diritto e loro dovere l’ergersi a giudici della morale e dell’etica degli altri stati, che ovviamente non riconoscono loro codesto diritto.

Né può sfuggire la violenza con la quale negli Stati Uniti, in Germania ed in Francia la polizia tratti coloro che dimostrano in piazza avendo idee differenti da quelle governative. Se negli Stai Uniti la polizia apre spesso e volentieri il fuoco sui dimostranti, a nessuno è sfuggita la barbara repressione della dimostrazione del 1° maggio a Berlino, con 354 arresti di pacifici dimostranti etichettati come ‘negazionisti’. Un reato di libero pensiero.

Similmente, Dac ed Oecd sono governate dai paesi del G7, ma adesso contano per quanto valgono quegli stati che li governano, che in sede UN hanno da tempo perso la maggioranza.

* * * * * * *

«G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others»

«China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs»

«Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned»

* * * * * * *

Gli equilibri mondiali stanno mutando molto velocemente. In passato il G7 avrebbe ‘ordinato’, adesso si limita alla sola condanna.

Ma non ci si stupisca più di tanto se tra dieci anni il blocco asiatico condanni l’ideologia liberal e la bandisca dal mondo civile.

*


China condemns G7 statement censuring Beijing, supporting Taiwan

China condemned on Thursday a joint statement by G7 foreign ministers that expressed support for Chinese-claimed Taiwan and cast Beijing as a bully, saying it was a gross interference in China’s internal affairs.

G7 foreign ministers said in a communique after a London summit that China was guilty of human rights abuses and of using its economic influence to bully others.

In an unusual step, the G7 also said they supported Taiwan’s participation in World Health Organization forums and the World Health Assembly – and expressed concern about “any unilateral actions that could escalate tensions” in the Taiwan Strait.

Speaking in Beijing, Chinese Foreign Ministry spokesman Wang Wenbin said the statement made “groundless accusations” that were a gross interference in China’s internal affairs, which it firmly condemned.

The G7 as a group should take concrete action to boost the global economic recovery instead of disrupting it, he added.

China regards Taiwan as its own territory and opposes any official Taiwan representation on an international level. China has also stepped up military activities near Taiwan in recent months, trying to assert its sovereignty claims.

The G7 statement was warmly received in Taipei, where the government said this was the first time the foreign ministers had mentioned the island in their joint communique.

Taiwan’s Presidential Office thanked the G7 for its support.

Pubblicato in: Banche Centrali, Devoluzione socialismo

Canada. Bank of Canada inizia il ‘great exit’. Inizia il tapering.

Giuseppe Sandro Mela.

2021-05-04.

Bank of Canada 001

«Con il termine tapering si fa riferimento al processo di rallentamento del ritmo di acquisti mensile dei titoli di Stato (noto come Quantitative easing) da parte di una banca centrale. La parola Tapering è stata utilizzata per la prima volta nel 2013 dall’allora numero uno della Federal Reserve, Ben Bernanke, quando decise di alleggerire la fase di QE. Il termine Tapering non deve essere confuso con il “Tightening”, parola che invece sta a indicare un restringimento delle condizioni di politica monetaria, solitamente attraverso un aumento graduale dei tassi di interesse» [Sole24Ore]

* * * * * * *

«Having announced tapering, Canada has signalled that its key interest rate could rise from 0.25% late in 2022»

«The Bank of Canada set the taper ball rolling last week, becoming the first major central bank to cut back on pandemic-era money-printing stimulus programmes»

«So who’s next?»

«The big guns of central banking – the U.S. Federal Reserve, European Central Bank and the Bank of Japan – won’t officially pare stimulus for a while, a message the BOJ reinforced on Tuesday and one the Fed is expected to reiterate»

«Yet the Bank of Canada’s C$1 billion ($806 million) cut to its weekly bond-buying programme may remind investors that the next phase in 2021 will be the taper phase»

«central bank asset purchases in the United States, Japan, the euro zone and Britain will slide to about $3.4 trillion this year from almost $9 trillion in 2020»

«The Fed plans to keep borrowing costs near 0% and maintain monthly asset purchases worth $120 billion until it sees “substantial further progress” towards full employment and its 2% flexible inflation target»

«Bank of England …. has raised expectations that the central bank’s 895 billion pound ($1.2 trillion) bond-buying scheme won’t be reduced any time soon»

«But tapering may come sooner, especially within the European Central Bank’s 1.85 trillion euro ($2.2 trillion) pandemic emergency purchase programme (PEPP)»

«ECB will end up using only 1.65 trillion euros of the total PEPP stimulus packag»

«Swedish inflation is approaching the Riksbank’s 2% target but it has said interest rates would stay at 0% for years. However, its 700 billion crowns ($84 billion) asset purchase programme will wind down this year as planned.»

* * * * * * *

Tra i molti scottanti problemi economici e finanziari che l’occidente liberal sobbolle quello degli acquisti di titoli di stato da parte delle banche centrali è cruciale.

Soffocati sotto cifre spropositate di debito pubblico, i loro titoli di stato non trovano più acquirenti sul mercato, cosa che ha spinto le banche centrali a diventare le acquirenti finali: il così detto Quantitative easing.

Se questa iniziativa ha salvato l’occidente dal default, nei fatti ha solo rimandato il momento del redde rationem.

Ma il QE non può durare in eterno e nella pausa di respiro gli stati non hanno messo in opera manovra alcuna di riduzione del debito.

La Bank of Canada è la prima banca centrale ad iniziare il tapering, ossia il processo di rallentamento del ritmo di acquisti mensile dei titoli di Stato. Le conseguenze saranno un ridimensionamento delle quotazioni ed un aumento degli interessi dovuti.

La situazione è esplosiva ed anche contagiosa.

*


The great exit: central banks line up to taper emergency stimulus.

The Bank of Canada set the taper ball rolling last week, becoming the first major central bank to cut back on pandemic-era money-printing stimulus programmes. So who’s next?

The big guns of central banking – the U.S. Federal Reserve, European Central Bank and the Bank of Japan – won’t officially pare stimulus for a while, a message the BOJ reinforced on Tuesday and one the Fed is expected to reiterate on Wednesday.

Yet the Bank of Canada’s C$1 billion ($806 million) cut to its weekly bond-buying programme may remind investors that the next phase in 2021 will be the taper phase, John Briggs, global head of strategy at NatWest Markets, told clients.

With economic data confirming a brighter outlook, Bank of America estimates central bank asset purchases in the United States, Japan, the euro zone and Britain will slide to about $3.4 trillion this year from almost $9 trillion in 2020.

For 2022, the U.S. bank predicts purchases of just $400 billion.

Here’s a look at who is tapering, who may raise interest rates and who might be the last to call time on pandemic-era monetary stimulus.

Graphic: Central bank balance sheets

1/ NORWAY

Norges Bank is at the vanguard in terms of signalling a retreat, having flagged last month that a rate rise may be coming in the second half of 2021. That has made the crown this year’s best performing G10 currency .

The central bank doesn’t intervene in bond markets, so the taper debate is not applicable.

2/ CANADA

Having announced tapering, Canada has signalled that its key interest rate could rise from 0.25% late in 2022.

Graphic: Canada’s bond market takes tapering in its stride

3/ UNITED STATES

The Fed plans to keep borrowing costs near 0% and maintain monthly asset purchases worth $120 billion until it sees “substantial further progress” towards full employment and its 2% flexible inflation target.

But with the economy expected to grow by more than 6% this year and inflation to be a “little higher” – according to Fed boss Jerome Powell – markets are pricing in a rate rise in 2023 and many analysts expect tapering to start this year.

The Fed faces a delicate balancing act, ensuring that tapering at a time of massive U.S. government borrowing does not push up Treasury yields too much.

Pictet Wealth senior economist Thomas Costerg expects tapering to start by early next year and proceed at a monthly pace of $10 billion. He said that means the process would last about a year – “enough to keep expectations for the first rate hike well in the distance”.

Graphic: Central bank holdings of government bonds

4/ BRITAIN

The departure of Andy Haldane, the Bank of England’s hawkish chief economist, has raised expectations that the central bank’s 895 billion pound ($1.2 trillion) bond-buying scheme won’t be reduced any time soon. The BoE expects inflation will be running at 1.9% by the end of this year but says the rise is likely to be capped over the medium term by labour market weakness.

Still, NatWest analysts believe the BoE could announce a 4 billion pound reduction in its so-called quantitative easing (QE) in May, trimming it to 14 billion pounds a month.

Money markets see a 56% chance of a quarter-point interest rate rise by the end of 2022.

5/ EURO ZONE

Anemic long-term inflationary pressures mean euro area rates are unlikely to rise for years. But tapering may come sooner, especially within the European Central Bank’s 1.85 trillion euro ($2.2 trillion) pandemic emergency purchase programme (PEPP).

Technically, this runs until March 2022 but some officials are already advocating reducing bond purchases as the economy strengthens.

Danske Bank analysts reckon the ECB will end up using only 1.65 trillion euros of the total PEPP stimulus package.

“For all we know at this stage, PEPP is coming to an end in March next year, so if you think about the slowdown from the current pace, that could come as soon as June,” said Andreas Billmeier, European economist at Western Asset.

Graphic: When will the ECB slow the pace of its emergency bond buys?

6/ AUSTRALIA

Australia’s economic rebound has surpassed expectations and is set for an “above trend” expansion, the Reserve Bank of Australia said in April. But the bank, which has underscored its dovish credentials by adopting yield curve control, could be among the last to tighten policy.

It wants unemployment slashed and inflation within its 2% to 3% target before shifting tack, but doesn’t see either happening until 2024. Economists expect rates to stay on hold until then and reckon the RBA could even extend asset purchases by another A$75 billion to A$100 billion ($58 bln to $77 bln).

7/ NEW ZEALAND

New Zealand’s strong recovery and red-hot property markets have raised speculation that a rate rise may come sooner than expected.

While its key interest rate is expected to stay at 0.25% this year, some analysts predict a rise in the second half of 2022. The central bank meanwhile appears to be in no hurry to taper its NZ$100 billion ($72 billion) QE programme.

8/ SWEDEN

Swedish inflation is approaching the Riksbank’s 2% target but it has said interest rates would stay at 0% for years. However, its 700 billion crowns ($84 billion) asset purchase programme will wind down this year as planned.

9/ JAPAN

The BOJ pledged this week to maintain stimulus using a yield target and purchases of government bonds and equities.

It has been accused of “stealth tapering” because its bond-buying has slowed since yield curve control (YCC) was adopted in 2016, though purchases have picked up slightly in the past year.

In March, they were about 22.2 trillion yen ($204 billion)above levels a year ago. But that’s still a quarter of the 81.96 trillion yen year-on-year increase in August 2016, just before YCC came in.

Graphic: BOJ steadily ‘stealth’ tapering its JGB buying

10/ SWITZERLAND

The Swiss National Bank does not intervene in domestic bond markets, instead capping the Swiss franc through interventions which came to nearly 110 billion francs ($120 billion) in 2020. The proceeds are used to purchase foreign bonds and equities.

The franc is less over-valued than before but the SNB shows no signs of departing from its interventionist policy and its minus 0.75% interest rate won’t rise any time soon.

Pubblicato in: Banche Centrali, Commercio, Stati Uniti

USA. 2020. Dati analitici completi di Export ed Import. -13% anno 2020 su anno 2019.

Giuseppe Sandro Mela.

2021-04-08.

Riportiamo da Annual International Trade Statistics by Country (HS02).

* * * * * * *


The value of merchandise exports from USA totalled $ 1.43 trillion in 2020. Overall commodity exports from USA decreased by 13% compared to 2019. Merchandise exports decreased by $ 214 billion (the value of merchandise exports from USA amounted to $1.64 trillion in 2019).

USA’s exports 2020 by country

Top export destinations of commodities from USA in 2020:

Canada with a share of 17.8% (255 billion US$)

Mexico with a share of 14.8% (212 billion US$)

China with a share of 8.71% (124 billion US$)

Japan with a share of 4.48% (64 billion US$)

United Kingdom with a share of 4.12% (58 billion US$)

Germany with a share of 3.99% (57 billion US$)

Korea with a share of 3.58% (51 billion US$)

Netherlands with a share of 3.18% (45 billion US$)

Brazil with a share of 2.45% (35 billion US$)

Other Asia, nes with a share of 2.13% (30 billion US$)

Exports structure from USA in 2020 represented by the following main commodity groups:

11.9% (170 billion US$): 84 – Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof

11.3% (161 billion US$): 85 – Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

10.8% (155 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

7.35% (105 billion US$): 87 – Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

6.74% (96 billion US$): 90 – Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

5.65% (80 billion US$): 88 – Aircraft, spacecraft, and parts thereof

4.24% (60 billion US$): 39 – Plastics and articles thereof

4.11% (58 billion US$): 71 – Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin

3.76% (53 billion US$): 30 – Pharmaceutical products

3% (42 billion US$): 99 – Commodities not specified according to kind

What did USA export in 2020?

USA’s Top Exports in 2020:

4.24% ($60 billion): 2710 – Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils.

3.51% ($50 billion): 2709 – Petroleum oils and oils obtained from bituminous minerals, crude.

3.19% ($45 billion): 8703 – Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars.

3.1% ($44 billion): 8542 – Electronic integrated circuits and microassemblies.

2.33% ($33 billion): 2711 – Petroleum gases and other gaseous hydrocarbons.

2.31% ($33 billion): 8708 – Parts and accessories of the motor vehicles of headings 87.01 to 87.05.

1.95% ($28 billion): 9018 – Instruments and appliances used in medical, surgical, dental or veterinary sciences, including scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments.

1.91% ($27 billion): 8525 – Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras.

1.86% ($26 billion): 8471 – Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included.

USA’s imports 2020 by country

Top trading partners (import sources) of USA in 2020:

China with a share of 19% (457 billion US$)

Mexico with a share of 13.6% (328 billion US$)

Canada with a share of 11.4% (276 billion US$)

Japan with a share of 5.09% (122 billion US$)

Germany with a share of 4.88% (117 billion US$)

Vietnam with a share of 3.45% (83 billion US$)

Korea with a share of 3.25% (78 billion US$)

Switzerland with a share of 3.13% (75 billion US$)

Ireland with a share of 2.73% (65 billion US$)

Other Asia, nes with a share of 2.59% (62 billion US$)

Imports structure to USA in 2020 represented by the following main commodity groups:

15.1% (364 billion US$): 84 – Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof

13.9% (336 billion US$): 85 – Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

10.5% (254 billion US$): 87 – Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

5.79% (139 billion US$): 30 – Pharmaceutical products

5.4% (130 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

4.35% (104 billion US$): 71 – Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin

4.26% (102 billion US$): 99 – Commodities not specified according to kind

3.93% (94 billion US$): 90 – Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

2.72% (65 billion US$): 94 – Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings

2.61% (62 billion US$): 39 – Plastics and articles thereof

What did USA import in 2020?

USA’s Top Imports in 2020:

6.05% ($145 billion): 8703 – Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 87.02), including station wagons and racing cars.

4.8% ($115 billion): 8471 – Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, not elsewhere specified or included.

4.17% ($100 billion): 8525 – Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras.

3.4% ($81 billion): 3004 – Medicaments (excluding goods of heading 30.02, 30.05 or 30.06) consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses (including those in the form of transdermal administration systems) or in forms or packings for retail sale.

3.39% ($81 billion): 2709 – Petroleum oils and oils obtained from bituminous minerals, crude.

2.49% ($60 billion): 8708 – Parts and accessories of the motor vehicles of headings 87.01 to 87.05.

2.13% ($51 billion): 3002 – Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and modified immunological products, whether or not obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excluding yeasts) and similar products.

1.5% ($36 billion): 2710 – Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils.

1.44% ($34 billion): 7108 – Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form.