Hi! Thanks for the question.
I found the following articles that show the different effects upon
the the US and International trade communities. I will provide small
snippets from the articles to save you time but I highly suggest that
you read them in their entirety to get a better grasp of the topic.
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TRADE FLOW CHANGES:
“The flow of private capital from the U.S., Japan, and Europe to
developing nations has effectively been suspended since Sept. 11,"
Nihon Keizai News, Tokyo's top financial paper, reported on Oct. 29.
The editorial called it "the biggest disruption of capital flows since
September 1998" when Russian bonds and the giant Long Term Credit
Management hedge fund crashed, nearly melting down world markets.”
“Business investment in the United States fell 14.6% in the second
quarter (below the second quarter of 2000), and 11.9% in the third
quarter, according to the Commerce Department. The decline in trade
was even more drastic: Imports of goods and services in the third
quarter were 15.2% below one year earlier, and exports 16.6% lower.”
“Global Lending Shuts Down; Banking Media Blame Sept. 11”
http://www.larouchepub.com/other/2001/2844credit_freeze.html
“The most dramatic effect of 9/11 has been on the ability of firms to
operate a supply chain spanning international borders. U.S. Firms are
incurring new costs in transporting goods internationally via ship,
air, and land.”
“In the area of transportation costs, airfreight costs have risen 15%
since 9/11. This increase is believed to be permanent for firms. There
has been little evidence indicating that transportation costs by sea
have been affected. Consequently, many firms are switching from air
transport to transport by sea. The absence of a cost increase in sea
transportation may be temporary as new legislation is under debate
that may have a negative cost impact on this transportation mode.”
“After 9/11: Supply Chain Implications in International Trade for U.S.
Firms”
http://globaledge.msu.edu/KnowledgeRoom/FeaturedInsights/0009.pdf
“Beginning in early October, ocean carriers operating in the
Europe/Far East and certain Middle East trade lanes announced war risk
surcharges for traffic to and from specific ports as well as cargo
transiting the Suez Canal, regardless of the origin and destination
ports. War risk surcharges range from $10 to $450 per Twenty Foot
Equivalent Unit of full container loads, and from $5 to $12 per cubic
metre of less than full container loads.5 The application of the
surcharges meant that total insurance rates for shipments from India
to Persian Gulf ports, for example, went up by about 50 per cent.”
“The reinforcement of US customs vigilance during the processing of
commercial vehicles led to lengthy delays immediately after the
terrorist attacks. The US-Mexican border was closed for a short
period, but hold-ups at the US-Canadian border were at least equally
substantial.”
“Road transportation companies themselves have been taking a variety
of new measures against terrorist attacks. Some are fencing unsecured
freight yards and terminals, conducting background checks on drivers,
and issuing identity badges to employees, while others have installed
satellite-tracking systems to monitor the exact location of trucks and
trailers or equipped their vehicles with sensors that can detect
whether a cargo container has been opened before reaching its
destination.”
“Oil price developments after the 11 September events have in
comparison been rather atypical. During the first month after the
events, oil prices were on average about $4 per barrel lower than
during the preceding month (Figure 1). Throughout the subsequent
military action in Afghanistan, oil prices stayed below $20 per
barrel.”
“Trade Impacts of the Terrorist Attacks of 11 September 2001: A
Quantitative Assessment”
http://www.diw.de/deutsch/service/veranstaltungen/ws_consequences/docs/diw_ws_consequences200206_walkenhorst.pdf
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FIGURES:
“The department's November 20 press release said that U.S. imports of
services dropped to $4,514 million in September from $18,013 million
in August, reflecting not only the $11,000 million surge in insurance
payments but also a sharp drop in travel spending.”
“Overall the deficit dropped to $18,692 million in September, the
lowest level since March 1999, from $27,108 million in August. The
deficit comprised a $35,917 million deficit in goods and a $17,225
million surplus in services.”
“U.S. exports in September, $77,293 million, and imports, $95,985
million, were both down to their lowest levels since March 1999.”
“Big drops in exports were reported in autos plus a wide range of
capital goods, including telecommunications equipment, computer
accessories, generators, industrial engines, aircraft and
semiconductors.”
“The September deficit with China went up to $8,503 million; that with
Japan was little changed at $5,359 million. Other large deficits were
reported with Canada, $4,251 million; Mexico, $2,974 million; Germany,
$1,900 million, and Taiwan, $1,186 million.”
Additional trade data are available on out next link.
“U.S. Trade Deficit Driven Down by September Terrorist Attacks”
http://usembassy.state.gov/tokyo/wwwhec0325.html
“While all modes were affected by the Sept. 11 attacks, the 13 percent
drop in 2001 in the value of air freight activity was the largest
decrease of all modes, followed by trucking at 8 percent, maritime at
3 percent and rail at 2 percent.”
“The United States, a major worldwide seller of aircraft, has run a
large deficit in trade of transportation-related goods in recent years
because of growth in the import of automobiles, particularly from
Japan. The transportation-related goods deficit was more than $75
billion in 2001, with a $100 billion deficit in automotive vehicles
and parts offsetting a $24 billion surplus in aircraft, spacecraft and
parts trade and smaller surpluses in other transportation sectors.”
“More than 10 Percent of U.S. Freight Is from International Trade, BTS
Reports”
http://www.dot.gov/affairs/bts0403.htm
“Over 40 percent of all maritime containers that arrived in the U.S.
in 2001 came through the ports of LA-Long Beach. When these ports were
closed for five days by the dockworkers strike in October 2002, the
cost to the national economy was estimated at $1 billion per day (Hart
and Rudman, 2002).”
United State Merchandise Exports by Air and Vessel, 1990-2001
(Millions of constant 2001 US$)
Volume Total Value:
Year 2000 - $483,425
Year 2001 - $450,335
“Longer-Term Impacts”
http://www-pam.usc.edu/volume6/v6i1a1s3.html
“Cumulative U.S. merchandise trade deficit, Sept. 2001-June 2002:
-$366.5 billion”
“Total manufacturing employment, Sept. 2001-Aug. 2002:* -710,000”
“Factline: Trade Flows Since 9/11”
http://www.tradealert.org/view_art.asp?Prod_ID=641
---------------------------------------
Asian Trade:
Notes Thailand Trade:
“Imports in the first 10 months rose 2% to just over $52.2 billion,
leaving the country with a trade surplus of $2.4 billion, down 61.3%
from a year earlier.”
“Other Asian nations shared Thailand's fate to an even greater extent.
Taiwan's exports plummeted by 16.9% in value between January and
October. The Philippines posted a decline of 13.8%, South Korea, 11%,
Malaysia 8.35%, Indonesia 6% and Hong Kong 3.6%.”
“China was the only country that maintained growth, a rise of 6.3% in
the period, but year-on-year it recorded a fall of 0.04% in
September.”
“US downturn hits Thailand's exports”
http://www.bangkokpost.net/yearend2001/trade.html
European Trade
“After growing strongly in recent years, mechanical engineering is
feeling the effects of the industrial investment downturn in the
United States, Japan and, to a lesser extent, in Europe (20% drop in
orders in the 3rd quarter this year in the European Union). Booked
orders and the outlook of company managers are clearly trending down.”
“World automobile sales should register a decline (down 7% in 2001).
However, the decline's intensity will vary depending on the region.”
“Steel continues to suffer very low prices (hot-rolled coil down 18%
from October 2000 to September 2001 in the European Union, cold-rolled
coil down 24%, type-304 stainless steel down 22%) with world demand
falling sharply while production has remained stable during the first
seven months this year.”
“The Internet and telecommunication sectors (which continue to be
rated C) are suffering a sharp decline in activity. World cell-phone
sales fell 20% in 2001. That decline reflects a sharp drop in Europe,
where the percentage of users is now very high, and a slowdown in the
United States and Asia.”
“Panorama of the situation by sector”
http://www.trading-safely.com/sitecwp/ceen.nsf/vwNL/7E7B2C8C8AADB1B0C1256AEF004AFFE8
Search terms used:
effects "terrorist attacks" 9/11 US European “trade flows” exports
imports
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Easterangel-ga
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