Asia-Pacific Economic Cooperation

The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 in response to the growing interdependence among Asia-Pacific economies. Starting out as an informal dialogue group, APEC has now become the primary regional vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic dynamism and sense of community.

APEC has 21 members - referred to as "Member Economies" - which account for 41 percent of the world's population, 54 percent of the world's total GDP and 44 percent of the world's trade.  APEC countries consist of Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam.

U.S.-APEC Trade Facts

U.S. goods and services trade with APEC countries totaled $2.0 trillion in 2007 (latest data available). Exports totaled $871 billion; Imports totaled $1.3 trillion. The U.S. goods and services trade deficit with APEC countries was $482 billion in 2007.

The United States has a $2.0 trillion in total (two ways) goods trade with APEC countries during 2008. Goods exports totaled $747 billion; Goods imports totaled $1.3 trillion. The U.S. goods trade deficit with APEC countries was $529 billion in 2008.

Trade in services with APEC countries (exports and imports) totaled $287 billion in 2007 latest data available). Services exports were $175 billion; Services imports were $112 billion. The U.S. services trade surplus with APEC countries was $63 billion in 2007.

Exports

U.S. goods exports to APEC countries in 2008 were $747.2 billion, up 8.3 percent ($57.3 billion) from 2007, and up 130 percent from 1994 (the year prior to Uruguay Round). U.S. exports to APEC countries account for 58 percent of overall U.S. exports in 2008, down from 63.4 percent in 1994.

The five largest export markets are: Canada ($261.1 billion), Mexico ($151.2 billion), China ($69.7 billion), Japan ($65.1 billion), and Korea ($34.7 billion).

The top export categories (2-digit HS) in 2008 were: Machinery ($112.6 billion), Electrical Machinery ($107.7 billion), Vehicles ($71.8 billion), Mineral fuel ($38.9 billion), and Plastic ($35.4 billion).

U.S. exports of agricultural products to APEC countries totaled $76.1 billion in 2008. Leading categories include: soybeans ($12.5 billion), coarse grains ($10.3 billion), red meats, fresh/chilled/frozen ($6.6 billion), wheat ($4.9 billion), and cotton ($3.3 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to APEC were $175 billion in 2007 (latest data available), up 7.9 percent ($12.8 billion) from 2006, and up 110 percent ($92 billion) since 1994.

Imports

U.S. goods imports from APEC countries totaled $1.3 trillion in 2008, up 3.6 percent ($44.2 billion) from 2007, and up 183 percent over the last 14 years. U.S. imports from APEC countries account for 61.1 percent of overall U.S. imports in 2008, down from 68.5 percent in 1994.

The five largest country suppliers of imports are: Canada ($339.5 billion), China ($337.8 billion), Mexico ($215.9 billion), Japan ($139.3 billion), and Korea ($48.1 billion).

The five largest categories in 2008 were: Electrical Machinery ($221.3 billion), Mineral Fuel (crude oil) ($185.4 billion) Machinery ($179.6 billion), Vehicles ($152.2 billion), and Furniture and Bedding ($33.9 billion).

U.S. imports of agricultural products to APEC countries totaled $47.5 billion in 2008. Leading categories include: fresh vegetables ($4.0 billion), snack foods (including chocolate) ($3.8 billion), red meats, fresh/chilled/frozen ($3.7 billion), processed fruit and vegetables ($3.7 billion), fresh fruit (excluding bananas and plantains) ($3.2 billion), and wine and beer ($3.0 billion).

U.S. imports of private commercial services* (i.e., excluding military and government) were $111.8 billion in 2007 (latest data available), up 6.6 percent ($7.0 billion) from 2006, and up 144 percent ($66 billion) since 1994.

Trade Balance

The U.S. goods trade deficit with APEC countries was $538.4 billion in 2008, a 2.4 percent decrease ($13.1 billion) over 2007 latest data available).

The United States has a services trade surplus of $63.0 billion with APEC countries in 2007 (latest data available).

Investment

U.S. foreign direct investment (FDI) in the APEC countries (stock) totaled $795.2 billion in 2007 (latest data available), up 11.4 percent from 2006.

U.S. direct investment in the APEC countries is concentrated in the manufacturing, finance, and nonbank holding companies sectors.

The APEC countries' FDI in the United States countries (stock) was $535.8 billion in 2007 (latest data available), up 19.1 percent from 2006.

The APEC countries direct investment in the U.S. is reported in the manufacturing, wholesale, and finance sectors.

 

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*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services. Services trade data includes all of APEC countries except Papua New Guinea, Russia, Peru, Vietnam and Brunei.