For the first time ever, Asia has surpassed the European Union as an American export destination, according to the Wall Street Journal blog, Real Time Economics. The story, “Sign of the Times: Emerging Asia Surpasses EU as U.S. Export Destination” by Kelly Evans, cites a Moody’s analysis of a recently released U.S. Commerce Department report:
John Lonski, chief economist at Moody’s Investor Service, [says] … March was “a watershed month…. For the first time in recorded history, the moving 12-month sum of $227.6 billion of U.S. merchandise exports to Asia’s emerging market countries surpassed the… $223.7 billion of such exports to the European Union.”
The change was driven by a 3.7% increase in U.S. exports to Asia, from April 2009 to March 2010. Exports to the EU dropped by 13.9%.
Further investigation of the Commerce Department report reveals that since the beginning of 2010, Asia has purchased nearly US$82.9 billion in exports from America, while Europe took $67.3:
In comparing these figures with a year ago, one can see the difference a year makes. In March 2009, Europe slightly edged out Asia. In March 2010, exports to Asia jumped dramatically while Europe’s rose much more slowly:
For more information on U.S. exports to Asia, including which states export the most, see AsiaMattersforAmerica.org.
The full Commerce Department report can be obtained here: U.S. International Trade in Goods and Services, March 2010. Note: This analysis combines the Commerce “Asia Pacific Rim” countries with other Asian economies, including India and Thailand.
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