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U.S. terms of trade with China up 6.7 percent from July 2021 to July 2022

August 19, 2022

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.

U.S. terms of trade indexes, December 2017–July 2022
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.

SUGGESTED CITATION

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 06, 2022).

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