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U.S. terms of trade with Canada down 0.9 percent over year ended June 2024
August 05, 2024
U.S. terms of trade with Canada fell 0.9 percent from June 2023 to June 2024, following a 0.7-percent drop over the year ended May 2024 and a 0.6-percent decrease for the 12 months ended in April 2024. The recent declines were the first 12-month decreases since a 6.1-percent drop in September 2022.
U.S. terms of trade indexes, 12-month percent change, June 2019–June 2024
Month
Canada
China
European Union
Japan
Mexico
Jun 2019
-1.0
-2.5
1.4
-1.6
-1.4
Jul 2019
-0.5
0.4
2.0
0.0
-1.2
Aug 2019
-1.7
-0.6
2.0
-0.6
-1.5
Sep 2019
-4.4
1.0
1.5
-0.4
-0.9
Oct 2019
-3.2
0.1
1.3
-0.1
-1.1
Nov 2019
-10.2
0.2
0.4
-0.5
1.0
Dec 2019
-15.4
0.5
0.8
0.0
0.4
Jan 2020
-4.6
0.6
0.7
1.2
1.6
Feb 2020
5.7
-1.0
-0.4
-0.9
-0.9
Mar 2020
14.0
-3.8
-1.8
-3.7
-2.0
Apr 2020
28.6
-6.9
-4.1
-7.5
-5.0
May 2020
26.8
-4.6
-3.8
-6.9
-4.4
Jun 2020
8.8
-1.8
-2.6
-3.1
-4.7
Jul 2020
6.1
-1.4
-2.8
-2.7
-4.6
Aug 2020
1.7
0.5
-2.6
-1.4
-5.1
Sep 2020
3.4
-0.6
-2.9
-0.9
-4.3
Oct 2020
2.9
0.1
-3.3
-0.8
-3.6
Nov 2020
4.7
1.5
-2.6
0.1
-3.1
Dec 2020
0.7
2.9
-2.1
1.0
-1.5
Jan 2021
-3.4
3.0
-1.5
3.1
-0.4
Feb 2021
-8.7
4.5
-0.2
5.8
3.7
Mar 2021
-16.7
10.2
1.1
10.1
6.7
Apr 2021
-24.5
13.4
3.3
13.6
13.3
May 2021
-25.6
13.7
3.8
17.1
22.2
Jun 2021
-18.8
10.9
3.4
13.5
22.8
Jul 2021
-14.8
9.3
2.0
12.0
21.7
Aug 2021
-8.3
8.4
1.6
10.9
22.4
Sep 2021
-7.9
9.1
2.1
10.9
20.6
Oct 2021
-12.3
8.9
4.6
11.5
20.9
Nov 2021
-14.8
8.0
4.2
12.0
18.3
Dec 2021
-10.3
5.0
2.7
9.1
14.9
Jan 2022
-10.2
7.2
4.0
11.1
13.4
Feb 2022
-10.5
9.1
3.6
12.3
14.9
Mar 2022
-12.3
10.4
7.0
15.7
14.0
Apr 2022
-11.3
10.0
6.2
17.0
12.8
May 2022
-9.3
10.3
6.9
15.5
8.7
Jun 2022
-7.6
11.7
5.4
13.8
10.3
Jul 2022
-7.2
7.0
4.2
11.0
5.1
Aug 2022
-6.4
5.4
3.5
8.8
5.6
Sep 2022
-6.1
3.4
2.5
5.6
5.8
Oct 2022
0.8
0.7
1.0
3.5
3.4
Nov 2022
3.6
-0.4
1.8
3.7
1.4
Dec 2022
4.0
-1.2
-0.2
1.9
-0.3
Jan 2023
6.5
-2.0
-3.1
-2.3
-1.4
Feb 2023
14.2
-2.7
-3.8
-3.5
-5.2
Mar 2023
22.2
-6.8
-6.2
-8.2
-7.0
Apr 2023
19.7
-6.5
-5.2
-9.8
-8.3
May 2023
21.1
-9.8
-8.0
-13.9
-13.6
Jun 2023
22.4
-12.4
-7.9
-14.2
-15.8
Jul 2023
17.3
-7.2
-5.0
-13.4
-12.3
Aug 2023
9.8
-6.2
-3.8
-11.5
-11.2
Sep 2023
6.9
-3.1
-1.5
-9.7
-10.4
Oct 2023
5.1
-1.5
-2.4
-8.4
-9.0
Nov 2023
6.7
-1.5
-4.1
-11.1
-8.7
Dec 2023
8.8
1.1
-1.9
-7.9
-6.2
Jan 2024
8.4
-0.9
-0.6
-7.8
-6.9
Feb 2024
3.0
-2.4
1.2
-7.3
-5.6
Mar 2024
0.8
-2.0
1.8
-7.2
-6.3
Apr 2024
-0.6
-1.5
1.9
-4.7
-4.0
May 2024
-0.7
0.3
2.5
-2.2
-2.3
Jun 2024
-0.9
1.2
2.1
-0.8
0.2
U.S. terms of trade with Japan also fell from June 2023 to June 2024, declining 0.8 percent. By contrast, U.S. terms of trade rose over the past 12 months with China (1.2 percent), the European Union (2.1 percent), and Mexico (0.2 percent).
These data are from the International Price program. To learn more, see “U.S. Import and Export Price Indexes — June 2024." Also see 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. Terms of trade indexes measure the change in the purchasing power of exports relative to imports. These indexes broadly describe the relative trade competitiveness over time between the United States and its trading partners. Terms of trade indexes are calculated by dividing the all-export goods price index for a country or group of countries by the corresponding all-import goods price index, then multiplying by 100. For more information, see Terms of Trade Factsheet.
United States Department of Labor
