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U.S. terms of trade increased with Canada and China for the year ended November 2020
December 22, 2020
The U.S terms of trade with Canada increased 4.1 percent, for the year ending in November 2020. Terms of trade with China increased 2.2 percent, and terms of trade decreased with the European Union (−3.0) and Latin America (−3.2) during the same period. The U.S terms of trade with Japan were essentially unchanged for the year ended in November 2020.
12-month percent changes in the U.S terms of trade index, with selected countries and groupings, December 2018 to November 2020
Month
Canada
China
European Union
Latin America
Japan
Dec 2018
17.8%
-1.3%
1.9%
2.5%
-0.8%
Jan 2019
4.4
-2.4
0.9
2.4
-2.7
Feb 2019
-2.9
-2.1
1.6
2.0
-2.9
Mar 2019
-5.5
-2.3
1.5
2.9
-2.3
Apr 2019
-7.0
-1.6
1.9
2.3
-1.2
May 2019
-5.0
-3.0
1.5
0.9
-1.9
Jun 2019
-1.0
-2.5
1.4
-0.3
-1.6
Jul 2019
-0.5
0.4
2.0
0.7
0.0
Aug 2019
-1.7
-0.6
2.0
-0.3
-0.6
Sep 2019
-4.4
1.0
1.5
0.0
-0.4
Oct 2019
-3.2
0.1
1.3
1.3
-0.1
Nov 2019
-10.2
0.2
0.4
2.0
-0.5
Dec 2019
-15.4
0.5
0.8
0.3
0.0
Jan 2020
-4.6
0.6
0.7
1.7
1.2
Feb 2020
5.7
-1.0
-0.4
-0.4
-0.9
Mar 2020
14.0
-3.8
-1.8
-0.2
-3.7
Apr 2020
28.6
-6.9
-4.1
-2.9
-7.5
May 2020
26.8
-4.6
-3.8
-3.9
-6.9
Jun 2020
8.8
-1.8
-2.6
-2.5
-3.1
Jul 2020
6.1
-1.4
-2.8
-3.2
-2.7
Aug 2020
1.7
0.5
-2.6
-4.3
-1.4
Sep 2020
3.4
0.4
-2.9
-3.2
-0.8
Oct 2020
2.7
1.1
-3.4
-3.3
-0.5
Nov 2020
4.1
2.2
-3.0
-3.2
0.0
U.S terms of trade with Canada increased because of a 0.1 percent increase in export prices to Canada and a 3.8 percent decrease for import prices from Canada.
Terms of trade with the European Union declined because of a 1.5 percent decrease in export prices to the European Union and a 1.5 percent increase in import prices from the European Union.
These data are from the International Price program. Terms of trade indexes are based on country, region, or grouping and measure the change in the purchasing power of exports relative to imports. To learn more, see “U.S. Import and Export Price Indexes — November 2020." Also see our blog post about measuring terms of trade. We also have more charts on U.S. import and export prices. Import and export price changes may be revised in each of the 3 months after original publication.
United States Department of Labor
