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U.S. terms of trade with China fell 5.0 percent in July 2022, after advancing 1.9 percent in June. The July drop in terms of trade with China was the largest 1-month decline since data on monthly percent changes began in January 2018. Despite the decrease in July, the index for U.S. terms of trade with China rose 6.7 percent over the past year.
Terms of trade indexes measure the change in the purchasing power of exports relative to imports. We calculate the indexes by dividing the all-export goods price index for a country or group of countries by the corresponding all-import goods price index and multiplying by 100.
Month | China | Japan | European Union | Canada | Mexico | Latin America |
---|---|---|---|---|---|---|
Dec 2017 |
100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
Jan 2018 |
100.8 | 100.5 | 101.2 | 101.0 | 100.6 | 100.0 |
Feb 2018 |
101.4 | 101.7 | 100.9 | 101.3 | 101.0 | 100.1 |
Mar 2018 |
102.4 | 101.2 | 101.1 | 102.5 | 101.1 | 100.6 |
Apr 2018 |
102.2 | 100.7 | 101.2 | 101.6 | 101.6 | 100.7 |
May 2018 |
102.4 | 100.7 | 101.2 | 99.2 | 102.1 | 100.9 |
Jun 2018 |
101.8 | 100.5 | 101.4 | 99.1 | 102.6 | 101.6 |
Jul 2018 |
99.7 | 99.5 | 101.4 | 99.2 | 103.1 | 101.7 |
Aug 2018 |
99.7 | 99.5 | 101.3 | 100.5 | 103.0 | 102.3 |
Sep 2018 |
98.0 | 99.4 | 101.6 | 102.8 | 102.1 | 101.4 |
Oct 2018 |
99.0 | 99.5 | 101.8 | 102.7 | 102.6 | 101.5 |
Nov 2018 |
99.2 | 99.5 | 102.3 | 110.4 | 102.0 | 101.6 |
Dec 2018 |
98.7 | 99.2 | 101.9 | 117.8 | 101.8 | 102.5 |
Jan 2019 |
98.4 | 97.8 | 102.1 | 105.4 | 101.9 | 102.4 |
Feb 2019 |
99.3 | 98.8 | 102.5 | 98.4 | 102.0 | 102.1 |
Mar 2019 |
100.0 | 98.9 | 102.6 | 96.9 | 103.3 | 103.5 |
Apr 2019 |
100.6 | 99.5 | 103.1 | 94.5 | 101.8 | 103.0 |
May 2019 |
99.3 | 98.8 | 102.7 | 94.2 | 101.2 | 101.8 |
Jun 2019 |
99.3 | 98.9 | 102.8 | 98.1 | 101.2 | 101.3 |
Jul 2019 |
100.1 | 99.5 | 103.4 | 98.7 | 101.9 | 102.4 |
Aug 2019 |
99.1 | 98.9 | 103.3 | 98.8 | 101.5 | 102.0 |
Sep 2019 |
99.0 | 99.0 | 103.1 | 98.3 | 101.2 | 101.4 |
Oct 2019 |
99.1 | 99.4 | 103.1 | 99.4 | 101.5 | 102.8 |
Nov 2019 |
99.4 | 99.0 | 102.7 | 99.1 | 103.0 | 103.6 |
Dec 2019 |
99.2 | 99.2 | 102.7 | 99.6 | 102.2 | 102.8 |
Jan 2020 |
99.0 | 99.0 | 102.8 | 100.6 | 103.5 | 104.1 |
Feb 2020 |
98.3 | 97.9 | 102.1 | 104.0 | 101.1 | 101.7 |
Mar 2020 |
96.2 | 95.2 | 100.8 | 110.5 | 101.2 | 103.3 |
Apr 2020 |
93.7 | 92.0 | 98.9 | 121.5 | 96.7 | 100.0 |
May 2020 |
94.7 | 92.0 | 98.8 | 119.4 | 96.7 | 97.8 |
Jun 2020 |
97.5 | 95.8 | 100.1 | 106.7 | 96.4 | 98.8 |
Jul 2020 |
98.7 | 96.8 | 100.5 | 104.7 | 97.2 | 99.1 |
Aug 2020 |
99.6 | 97.5 | 100.6 | 100.5 | 96.3 | 97.6 |
Sep 2020 |
98.4 | 98.1 | 100.1 | 101.6 | 96.8 | 98.2 |
Oct 2020 |
99.2 | 98.6 | 99.7 | 102.3 | 97.8 | 99.3 |
Nov 2020 |
100.9 | 99.1 | 100.0 | 103.8 | 99.8 | 100.2 |
Dec 2020 |
102.1 | 100.2 | 100.5 | 100.3 | 100.7 | 101.1 |
Jan 2021 |
102.0 | 102.1 | 101.3 | 97.2 | 103.1 | 104.1 |
Feb 2021 |
102.7 | 103.6 | 101.9 | 95.0 | 104.8 | 105.5 |
Mar 2021 |
106.0 | 104.8 | 101.9 | 92.0 | 108.0 | 108.9 |
Apr 2021 |
106.3 | 104.5 | 102.2 | 91.7 | 109.6 | 109.6 |
May 2021 |
107.7 | 107.7 | 102.6 | 88.8 | 118.2 | 114.3 |
Jun 2021 |
108.1 | 108.7 | 103.5 | 86.6 | 118.4 | 113.7 |
Jul 2021 |
107.9 | 108.4 | 102.5 | 89.2 | 118.3 | 113.8 |
Aug 2021 |
108.0 | 108.1 | 102.2 | 92.2 | 117.9 | 113.6 |
Sep 2021 |
107.4 | 108.8 | 102.2 | 93.6 | 116.7 | 112.8 |
Oct 2021 |
108.0 | 109.9 | 104.3 | 89.7 | 118.2 | 113.8 |
Nov 2021 |
109.0 | 111.0 | 104.2 | 88.4 | 118.1 | 113.7 |
Dec 2021 |
107.2 | 109.3 | 103.2 | 90.0 | 115.7 | 111.0 |
Jan 2022 |
109.3 | 113.4 | 105.4 | 87.3 | 116.9 | 113.4 |
Feb 2022 |
112.0 | 116.3 | 105.6 | 85.0 | 120.4 | 116.9 |
Mar 2022 |
117.0 | 121.3 | 109.0 | 80.7 | 123.1 | 120.4 |
Apr 2022 |
116.9 | 122.3 | 108.5 | 81.3 | 123.6 | 119.6 |
May 2022 |
118.8 | 124.7 | 109.7 | 80.4 | 128.6 | 126.3 |
Jun 2022 |
121.1 | 123.8 | 109.1 | 79.8 | 130.8 | 128.8 |
Jul 2022 |
115.1 | 120.5 | 106.8 | 81.9 | 125.0 | 122.4 |
Note: Latin America includes Mexico, Central America, South America, and the Caribbean. |
U.S. terms of trade with Japan decreased 2.7 percent in July 2022 and advanced 11.2 percent over the past 12 months. Lower export prices to Japan in July more than offset lower import prices from Japan.
U.S. terms of trade fell 4.4 percent with Mexico and 2.1 percent with the European Union in July. In contrast, U.S. terms of trade with Canada advanced 2.6 percent in July following a 0.7-percent decline in June. Despite the July increase, the index for U.S. terms of trade with Canada decreased 8.2 percent over the past 12 months.
These data are from the International Price program and are not seasonally adjusted. To learn more, see "U.S. Import and Export Price Indexes — July 2022." We also have more charts on U.S. import and export prices. Import and export price data may be revised in each of the 3 months after original publication. For more information about how we measure terms of trade and what they mean, see New Measures of Prices for Global Trade.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. terms of trade with China up 6.7 percent from July 2021 to July 2022 at https://www.bls.gov/opub/ted/2022/u-s-terms-of-trade-with-china-up-6-7-percent-from-july-2021-to-july-2022.htm (visited October 31, 2024).