Weekly Trade Topic: G8 Summit
Every week, the USTR website will explore a new trade topic, with background information and current trade data. On July 8, President Obama will join world leaders at the 2009 G8 Summit in Italy, so this week's trade topic is trade with G8 members.
This week, Italy's Prime Minister Silvio Berlusconi will host President Obama along with the Heads of State and Government of Canada, France, Germany, Japan, Russia and the United Kingdom at the 2009 G8 Summit in L'Aquila, Italy. The G8 is a summit between the main industrial countries of the world, intended to create an open dialogue on major world issues. During the G8, President Obama will be reviewing the Doha round negotiations and the international trading system. The Obama Administration is committed to a successful and balanced conclusion of the Doha round negotiations.
The G8 countries make up the United States' largest trading partners, with Canada being our largest goods trading partner. The U.S. and Canada traded $597 billion in total goods during 2008. In 2008, the U.S. exported $261.4 billion in goods to Canada. The largest exports of goods were vehicles at $45.2 billion.
Germany, France, Italy and the United Kingdom are all members of the European Union (EU). Trade between the U.S. and EU member countries constitutes the most complex and expansive trade relationship in the world. Trade between the U.S. and EU countries constitutes $2.7 billion in trade daily and supports 14 million jobs. In 2008, the U.S. purchased 19 percent of all EU exports and supplied 12 percent of all EU imports.
Japan is currently the United States' fourth largest overall trading partner trading $206 billion in two-way trade. The largest export commodity to Japan in 2008 was machinery, constituting $7.8 billion in export trade. In 2008, the U.S. imported $139.2 billion in goods from Japan.
In 2008, the U.S. imported $28.6 billion in goods from Russia, making Russia our 17th largest supplier of goods. The largest import from Russia was Mineral Fuel (oil), totaling $17 billion. Russia imported $1.8 billion in American agricultural goods during 2008, making them the 10th largest U.S. agriculture export market.
To learn more about the 2009 G8 summit you can visit its webpage here.