ITC REPORT SHOWS U.S. MERCHANDISE TRADE DEFICIT NARROWING

ITC REPORT SHOWS U.S. MERCHANDISE TRADE DEFICIT NARROWING    The U.S. merchandise trade deficit recorded its first decline in 10 years in 2001, narrowing from $493.1 billion in 2000 to $466.6 billion in 2001, according to a recent annual U.S. International Trade Commission report.
   The report, “Shifts in U.S. Merchandise Trade,” highlights developments that influenced U.S. merchandise trade performance in 2001. Additionally, the report provides a 10-year perspective on developments in selected industry sectors, and information on bilateral shifts in trade during 2000-2001 with the top five U.S. trade partners — Canada, China, the European Union, Japan, and Mexico.
   The report is a companion to a separate ITC report, “Recent Trends in U.S. Services Trade,” which is issued annually in May.
   Other topics in this year’s merchandise report that are covered include:
   * Macroeconomic factors affecting U.S. and global markets in 2001, and the significance of international trade in the U.S. gross domestic product compared with that of major trade partners;
   * Factors affecting 10-year trade trends for five prominent industry/commodity groups — semiconductor manufacturing equipment, furniture, pork, aircraft and related; equipment;
   * The status of World Trade Organization dispute settlement cases involving the United States.
   * Influences of foreign currency exchange rates on trade patterns and rate shifts that occurred in 2001.
   ITC said the report will be available on the Internet at https://www.usitc.gov. Requests for the report may be faxed to (202) 205-2104.