The trade deficit has been an ongoing issue impacting the US economy. Let’s take a look back at the trade deficit in 2014. US companies exported a total of $2.345 billion worth of goods in 2014. Meanwhile, the US also imported $2.850 billion worth of goods in 2014. With a half a trillion-dollar trade deficit, the US has some soul-searching to do in the coming months to try and turn this around. However, it seems that no matter what freight forwarders these US companies work with, this result goes beyond the world of logistics. To truly understand the trade deficit in the US, we must look at the economic factors.
In 2014, the value of the US dollar grew. There were declining economies in other nations. The results include foreign-made goods that are more affordable for US citizens and exported US-made goods that are too expensive for foreign citizens. If these economic trends continue in 2015, then the trade deficit will also continue to grow. And even if the US improves the efficiency of ocean freight shipping, these economic forces will still hurt exports. Most imported products saw sharp increases in 2014 due to the value of the dollar. The one exemption would be with energy. Petroleum imports saw their lowest levels in 5 years, down to just 20% of the trade deficit. 5 years ago, petroleum imports made up more than 40% of the trade deficit.
US companies, that depend on international freight shipping to export, need to get back on track in 2015. With a rising value for the US dollar, this could seem very difficult to achieve.