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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.
United States Department of Labor
