Category: Uncategorized

Posted By Nathan Book

Each month, the U.S. Census Bureau publishes updated figures on numerous economic indicators, including those related to international trade. This data tracks the movement of goods and services into and out of the United States, offering a glimpse into global demand for American exports, the performance of domestic industries in global markets, and the nation’s overall trade balance. The statistics shared below appeared in the most recent report, dated July 3, which shared data from May 2025.

Exports for the nation totaled $279.0 billion, with $180.2 million of that being comprised of goods and the remaining $98.8 billion being imports of services.

• This represents an overall decrease of $11.6 billion, or around 4 percent, from the previous month, which can be attributed to a $10.8 billion decline in exports of goods. 
• Petroleum exports ($19.0 billion) were the lowest since October 2021 as oil prices fell due to economic uncertainties resulting from new and anticipated U.S. tariffs. With oil production being less profitable due to these low prices, the U.S. produced and therefore exported less oil during the month of May.
• The broader category of industrial supplies and materials also experienced a decrease in exports, dropping $10.0 billion from April to May. This drop can largely be credited to a $5.5 billion decline in exports of nonmonetary gold. 
• Exports of consumer goods ($22.4 billion) reached their highest point since March 2023, driven by a $1.1 billion increase in exports of pharmaceutical preparations from April to May. However, some of this high export value may be due to a temporary surge in exports as some businesses anticipate supply chain disruptions, increased input costs, or reduced demand due to tariffs.

The United States’ imports reached $350.5 billion, consisting of $277.7 billion in goods and $72.8 billion in services.

• A slight decline in imports ($0.3 billion) was evident from April to May, with both goods ($0.2 billion) and services ($0.1 billion) experiencing comparatively minor decreases in terms of their imports.
• Imports of industrial supplies and materials fell $0.9 billion from April to $51.1 billion, the lowest value since April 2021. This is somewhat due to decreases in imports of finished metal shapes, but can primarily be attributed to U.S. tariffs weighing on trade. This is particularly evident with industrial materials, which saw their imports largely front-loaded in anticipation of tariffs, resulting in a sharp plummet in May once tariffs came more into effect.
• Although most goods and services experienced a decrease in imports, some saw their imports rise from April to May, including passenger cars ($3.1 billion), computers ($4.4 billion), and nuclear fuel materials ($0.6 billion). 

As such, the United States’ current international trade deficit is $71.5 billion, including a deficit of $97.5 billion in goods and a surplus of $26.0 billion in services.

• This deficit is $11.3 billion higher than it was in April, representing an increase of 18.7 percent, although it is worth noting that April’s trade deficit was the lowest since September 2023. 

The statistics from May also demonstrated a combination of trade surpluses and deficits with various countries, reflecting the varied nature of the United States’ economic relationships with other nations.

• The largest trade surpluses were evident with the Netherlands ($4.8 billion), Hong Kong ($3.6 billion), South and Central America ($3.3 billion), and Switzerland ($3.3 billion). The May surplus with Switzerland was the highest ever recorded.
• Significant deficits were present with the European Union ($22.5 billion), Mexico ($17.1 billion), Vietnam ($14.9 billion), and China ($14.0 billion). The deficit with Vietnam, as well as that with Taiwan ($11.5 billion) and Thailand ($5.2 billion), were the highest on record.
• Notably, the U.S. trade deficit with China narrowed by $5.7 billion from April to May, fueled by a $7.4 billion decrease in U.S. imports of Chinese goods and services.

All trade data is seasonally adjusted and follows international accounting standards to show the complete movement of goods and services across U.S. borders. The upcoming release, which will present June’s statistics, is scheduled for August 5. Regular analysis of these reports aids in forecasting efforts and provides insight into both national economic conditions and global market trends.
U.S. Census Bureau. International Trade. U.S. Department of Commerce. Accessed July 8, 2025. https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf

Posted by Nathan Book

Each month, the U.S. Census Bureau releases national data on a variety of key economic indicators. Among these figures are several pertaining to international trade, measuring the flow of goods and services across U.S. borders. These statistics provide insights into global demand for American products, the competitiveness of U.S. industries, and the balance between what the nation sells abroad and what it buys from other countries. The following statistics were present in the most recent report, dated June 5, which shared data from April 2025:

• U.S. exports totaled $289.4 billion, with $190.5 billion being comprised of exports of goods and the remaining $98.9 billion in services exports.
  • Exports of goods increased ($6.2 billion) from the previous month, fueled by a surge in exports of industrial supplies and materials.
  • Exports of services experienced also increased ($2.1 billion) from March to April. The primary contributor to this increase was a rise in the export of travel services.
• Imports for the nation reached $351.0 billion. Among these imports were $277.9 billion in goods and $73.1 billion in services.
  • Imports of goods experienced a notable decrease ($68.9 million) from the previous month, with decreases evident in all categories. Representing the largest ever monthly drop, this is largely a result of a surge in imports in March to avoid tariffs, followed by a pullback in April and businesses and consumers adjusted to new tariff policies.
  • Imports of services also experienced a minimal increase ($0.5 billion) due to slightly higher imports of travel and other business services.
• As such, the United States’ current international trade deficit in goods and services is $61.6 billion, down $76.7 billion from March. This massive decrease can be attributed to a significant decrease in the imports of goods, brought upon by new and anticipated tariff policies. As shown by the graph below, this represents the nation’s lowest trade deficit since September 2023. 

• With regard to trade with specific countries, the April statistics revealed a combination of surpluses and deficits, reflecting the varied nature of U.S. economic relationships around the world:
  • Notable trade surpluses were recorded with Hong Kong ($6.9 billion), Netherlands ($4.8 billion), United Kingdom ($4.3 billion), and Switzerland ($3.5 billion).
  • Deficits persisted with many key nations and regions, including China ($19.7 billion), the European Union ($17.9 billion), Vietnam ($14.5 billion), and Mexico ($13.5 billion). 

All trade figures are adjusted to remove typical seasonal fluctuations and are reported using international accounting standards that track the full flow of goods and services between countries. The next iteration of data regarding these indicators, representing statistics from May, will be released on July 3. Monitoring these monthly statistics assists in the anticipation of market trends and prediction of performance in both domestic and global markets. 
U.S. Census Bureau. International Trade. U.S. Department of Commerce. Accessed June 10, 2025. https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf

On May 21, the World Trade Center Greater Philadelphia hosted the World Trade Centers Association (WTCA) Global Trade Summit– entitled “Kickoff to 2026 – Seizing the Global Spotlight”– at Temple University’s Alter Hall. 

The event marked approximately one year until the city of Philadelphia will host the WTCA  Global Business Forum from April 19-22 and brought together a variety of business leaders from the greater Philadelphia area and key stakeholders in international trade to hear about how the city’s businesses, organizations, and governmental entities plan to showcase Philadelphia on a global scale through the Forum and numerous other marquee events next summer. This vision was described in detail by several speakers, all of whom emphasized the role businesses and individual community members play in conveying optimism about Philadelphia’s future and helping the city capitalize on this summer’s events.

The Global Business Forum is an annual event hosted by the WTCA to bring together over 300 members and their business networks from around the world. The complete list of WTCA members by continent can be found here. 

As such, the purpose of the Global Business Forum is not only to foster cross-cultural connection and collective exploration of key trends and policy shifts impacting international business, but also to promote shared innovation and growth in the process. Previously hosted by Bengaluru, India in 2024 and Marseille, France in 2025, the 2026 event will cast Philadelphia onto the global stage, enabling the city to build toward becoming a leading global business hub and showcase its plan and vision for doing so.

The Global Trade Summit serves as both a strategic planning forum and a means of rallying the city’s regional and international business communities. Those in attendance engaged in networking, breakout sessions, and presentations that explored how Philadelphia can leverage its strengths to attract global attention, an opportunity that is more apparent than ever this summer. Among the strengths most emphasized were the following:

• A strategic location as the second-largest city on the Eastern Corridor with easy access to major U.S. markets like New York City and Washington, D.C.
• The presence of diverse industries thriving in the city with potential for global appeal, including education, life sciences and biotechnology, and healthcare
• Intentional efforts for further international engagement on the part of city government and active trade organizations, including World Trade Center of Greater Philadelphia,  Global Philadelphia Association, local Chambers of Commerce and partners such as World Trade Centers from Pittsburgh, Central Pennsylvania and Delaware among others.
• A great capacity for growth, fueled by city-wide optimism, engagement, and support to fully take advantage of this summer’s events

For attendees, the event provided practical insights into how their businesses and organizations can supplement larger city-wide efforts, showcasing innovation, hospitality, and growth in a way that gains the attention and admiration of those who visit Philadelphia this summer. In this way, the summit laid the groundwork for a coordinated, region-wide effort to seize the many opportunities presented by the Global Business Forum and related events.

The upcoming year represents a once-in-a-generation showcase for Philadelphia as a result of the many large-scale events the city will host. In addition to the Global Business Forum, Philadelphia will be one of sixteen North American cities hosting FIFA World Cup games, stimulating the city’s economy as people from all over the world stay in hotels, eat at restaurants, and visit other attractions in Philadelphia during their average three-week stays in the city as World Cup fans. Other sporting events taking place in Philadelphia in 2026 include the MLB All-Star Game, the PGA Championship, and certain games of the NCAA Men’s Basketball Tournament (March Madness). Additionally, Philadelphia will celebrate America’s semiquincentennial, commemorating the 250th anniversary of the signing of the Declaration of Independence. Thus, to say that 2026 is monumental for Philadelphia would be a drastic understatement, and the Global Business Forum plays a key role in this significant year for the city.

The fact that an international trade event as significant as the Global Business Forum is being hosted not just in our nation, but specifically in Philadelphia next year is significant not only for the city itself, but also for businesses in Central Pennsylvania just a short distance away. The forum offers companies the ability to connect with individuals around the world and gain the opportunity to enhance international trade and learn about trends and policy-related news that directly impact their functioning as a business. For more information about the event and how to leverage this opportunity as a business, visit the World Trade Center Greater Philadelphia’s website here or reach out to World Trade Center Harrisburg staff. More details regarding the forum will be made available on the World Trade Center Harrisburg website as it is released.

On May 16,  the World Trade Center Harrisburg team had the privilege of attending a business dialogue with several Omani delegates at the Lancaster Chamber of Commerce. This event was part of a broader effort to highlight strategic investment opportunities and strengthen economic ties between Oman and the United States, as evidenced by the inauguration of the Omani Trade Office in the U.S. this month. The discussion offered valuable insights into Oman’s investment offerings and opened the door for future collaboration with regional businesses.

The delegation’s visit to the Lancaster Chamber was one of several such events taking place in Delaware and Pennsylvania. The group was led by Saud Al Nahari, Oman Chamber of Commerce and Industry (OCCI) Board Member and Head of the Investment Committee, and included fellow Board Members and staff from OCCI as well as representatives from the Ministry of Commerce, Industry and Investment Promotion (MCIIP). Also in attendance was the newly formed Oman Trade Office U.S. team: Emmee Haun and Nasim Sadr-Fala. Notably, the trade office is the first of its kind in the United States, established entirely via private funding from OCCI .

After a brief period of networking and introductions, members of the Omani delegation delivered a thoughtful and informative presentation outlining strategic investment opportunities for American businesses. The presentation clearly communicated Oman’s vision for attracting international investment and highlighted key advantages for American companies considering foreign direct investment (FDI) in the country, including:

• A strategic location providing easy access to key export markets like India, Africa, and the rest of the Middle East via major land and sea routes
• The presence of special economic zones (SEZs)– such as the coastal cities of Duqm, Sohar, and Salalah– that offer quality infrastructure and favorable tax and regulatory policies, reducing risk and cost to American companies
• A national vision for economic diversification, sustaining economic growth through industries such as tourism, manufacturing, and logistics in addition to oil
• Reforms fostering a business-friendly environment, notably in foreign companies’ ability to maintain 100% business ownership in certain sectors

The visit marked a significant milestone in economic relations between the two countries, signaling a deepening of the bilateral ties instituted by the United States-Oman Free Trade Agreement. Entering into effect in 2009, this agreement reduced or eliminated many prior barriers to trade between the two nations, fostering an increase in the exchange of goods and services. This means that American companies enjoy duty-free access to all industrial and consumer products in Oman, further incentivizing them to pursue business there. Thus, the Omani delegation’s visit reinforced this foundation by creating further opportunities for dialogue and partnership, bringing this agreement to life even more through enhanced commercial engagement.

It was a valuable opportunity to hear directly from Omani representatives and Pennsylvanian stakeholders about the growing potential for international partnerships. As emphasized in the presentation, such partnerships hold immense value, as they are mutually beneficial and effectively support shared and sustained economic growth. With this shared vision in place and the Omani Trade Office established, the U.S.-Oman economic relationship is bound to deepen further, and I was immensely grateful to have been part of such an important conversation.

On May 6, World Trade Center Harrisburg hosted our annual 2025 International Trade Conference at the Eden Hotel in Lancaster, PA. We were honored to bring together global consulates, industry leaders, and professionals from across the Southcentral Pennsylvania region to discuss global issues that impact local businesses. This event served as a platform for networking, global collaboration, and discussion aimed at advancing international trade.

The all-day event welcomed over 60 attendees that represented various industries across Southcentral PA. The keynote presentation was presented by Matthew Brennan, CFA, of Fulton Private Bank and Fulton Financial Advisors, and covered hot trade topics such as tariffs and how businesses can financially plan for any upcoming changes.

Attendees then joined several breakout sessions that covered subjects such as Harmonized Tariff Codes, local Foreign Trade Zone 147, exporting and user destination, and export financing. These breakout sessions were presented by experts from Team Worldwide, Campbell Trade Group Inc, EXIM Bank, Fulton Financial Corporation, and the US Small Business Administration. 

The luncheon panel discussion, moderated by David Briel of BusinessPA, presented the opportunity for attendees to gain valuable trade insight from some of the United States’ top trading partners. We were honored to host a lineup of exceptional speakers who shared their expertise and perspectives on the future of international trade:

• Geoff Gartshore, Deputy Consul General of Canada, New York, NY
• Carlos Obrador, Head Consul of Mexico, Philadelphia, PA
• Jens Pohlmann, Counselor Trade Policy at the Embassy of the Federal Republic of Germany, Washington, DC

The event concluded with the recognition of  Lancaster County based company, Ecore International Inc, for  being one of just twelve companies to receive EXIM Bank’s prestigious 2025 Exporter of the Year Award. Anna Weidmayer and Kyle Harnish accepted the award presented by Regina Gordin, Deputy Managing Director of EXIM Bank.

We are excited about the fruitful conversations and momentum this event has created. Stay tuned for upcoming WTCH events including the Philadelphia Port Tour, and trade shows such as the Paris Air Show and the Summer Fancy Food Show.

Thank you to all of our amazing speakers, attendees, members, partners, and sponsors who made the 2025 International Trade Conference a success. We look forward to hosting more trade events and discussions to shape economic growth in the Southcentral Pennsylvania region.

Thank you again to our sponsors for your generous support!