The
narrowing of the U.S. bilateral trade deficit with Japan was
augmented by a 9.8-percent appreciation of the yen against the
dollar.
Japan has been experiencing an economic upturn since March 2003,
after more than a decade of deflation. This upturn appears to
be more broadly based than previous ones, with increased consumer
and corporate spending.
U.S. beef exports rebounded after incidences of “mad cow
disease” in Japanese herds and mislabeling of imported
beef in late 2001 and early 2002.
TRADE
SHIFTS in 2003 from 2002
U.S.
trade deficit:
Decreased by $3.4 billion (5 percent) to $69.6 billion
U.S.
exports: Increased by $589 million (1 percent)
to $48.9 billion
U.S.
imports: Decreased by $2.8 billion (2 percent)
to $118.5 billion
