The U.S. Department of Commerce recently released the full data for U.S. exports and imports of goods and services in 2010. The Chamber has prepared a handy overview of the official data. The charts are worth reviewing, but here are a few observations.

• Doubling Exports: U.S. exports of goods and services rose by 17% from 2009 levels, a pace that -- if continued -- will allow the United States to reach President Obama’s goal of doubling exports by 2014. However, 2009 was a low bar, as global trade had collapsed in the wake of the financial crisis. Maintaining this pace of export growth will be more challenging over the next four years.
• The Rise of the Rest: As recently as two decades ago, a vast majority of U.S. trade was with the “triad” of Europe, Canada, and Japan. No longer. For the first time, developing countries purchased a clear majority (53%) of U.S. goods exports in 2010, led by a boom in sales to East Asia and the Americas.
• Americas First: Canada edged out the EU as the top market for U.S. goods exports, and the Americas purchased 43.1% of U.S. goods exports — well ahead of East Asia (25.5%) and Europe (22.4%).
• Transatlantic Ties Still Bind: As a single market, the EU remains America’s top trading partner (combining exports and imports), particularly when services are included. However, Europe’s share of U.S. goods exports fell 2% in the past year (East Asia and the Americas each gained 1%).
• Most Imports from Middle Kingdom: China reaffirmed its position as the top source of U.S. goods imports in 2010, and it ranks fourth as a market for U.S. goods exports.
• FTAs Make Big Markets: America’s 17 FTA partners purchased 40.7% of U.S. goods exports in 2010 — up slightly from the previous year — and are the source of 30.9% of U.S. goods imports. This is a remarkable performance given that these countries represent just 7% of global GDP outside the United States. Korea and Colombia are both among the top 15 U.S. export destinations -- so approving the pending FTAs with these countries, and with booming Panama, will accelerate the already strong growth in U.S. exports to these countries.
• Trade Deficit Isn’t Caused by FTAs… The U.S. overall trade deficit was just shy of $500 billion in 2010, equivalent to 3.4% of U.S. GDP. But the United States continues to run a trade surplus in manufactured goods with its 17 FTA partners -- taken as a group -- on top of large global trade surpluses in services and agricultural products.
• … As Much As Energy Imports: U.S. net imports of petroleum and related products rose sharply to $265 billion in 2010 -- a sum equivalent to more than half the U.S. trade deficit. Imports from Nigeria and Saudi Arabia rose more rapidly than those from any other major trading partner. Given today’s soaring oil prices, look for more of the same in 2011.