Goods and Services

THURSDAY, OCTOBER 13, 2011

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $177.6 billion and imports of $223.2 billion resulted in a goods and services deficit of $45.6 billion, virtually unchanged from July, revised. August exports were $0.1 billion less than July exports of $177.7 billion. August imports were $0.1 billion less than July imports of $223.3 billion.

In August, the goods deficit increased $0.1 billion from July to $61.4 billion, and the services surplus increased $0.2 billion to $15.8 billion. Exports of goods decreased $0.1 billion to $126.7 billion, and imports of goods were virtually unchanged at $188.1 billion. Exports of services were virtually unchanged at $50.9 billion, and imports of services decreased $0.2 billion to $35.1 billion.

The goods and services deficit increased $0.1 billion from August 2010 to August 2011. Exports were up $22.7 billion, or 14.7 percent, and imports were up $22.8 billion, or 11.4 percent.

Goods (Census Basis)
Exports of goods from July to August were virtually unchanged. Increases occurred in industrial supplies and materials ($0.8 billion); consumer goods ($0.2 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.0 billion) and capital goods ($0.4 billion).

The July to August increase in imports of goods reflected increases in industrial supplies and materials ($0.9 billion); other goods ($0.9 billion); and foods, feeds, and beverages ($0.1 billion). Decreases occurred in consumer goods ($0.8 billion); automotive vehicles, parts, and engines ($0.7 billion); and capital goods ($0.3 billion).

The August 2010 to August 2011 increase in exports of goods reflected increases in industrial supplies and materials ($9.7 billion); capital goods ($4.2 billion); automotive vehicles, parts, and engines ($1.6 billion); foods, feeds, and beverages ($1.3 billion); consumer goods ($0.9 billion); and other goods ($0.2 billion).

The August 2010 to August 2011 increase in imports of goods reflected increases in industrial supplies and materials ($13.4 billion); capital goods ($4.3 billion); automotive vehicles, parts, and engines ($1.8 billion); foods, feeds, and beverages ($1.1 billion); other goods ($0.5 billion); and consumer goods ($0.3 billion).

Services
Exports of services were virtually unchanged from July to August. An increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) was offset by a decrease in travel. Changes in the other categories of services exports were small and offsetting.

Imports of services decreased $0.2 billion from July to August. The decrease was more than accounted for by decreases in travel, other transportation (which includes freight and port services), and passenger fares. An increase in other private services was partly offsetting. Changes in the other categories of services imports were small.

The August 2010 to August 2011 increase in exports of services was $4.5 billion. The largest increases were in other private services ($2.0 billion), travel ($1.0 billion), and royalties and license fees ($0.7 billion). Within other private services, the largest increase was in business, professional, and technical services.

The August 2010 to August 2011 increase in imports of services was $0.8 billion. The largest increases were in royalties and license fees ($0.3 billion), passenger fares ($0.3 billion), and travel ($0.3 billion).

Goods and Services Moving Average
For the three months ending in August, exports of goods and services averaged $175.7 billion, while imports of goods and services averaged $223.3 billion, resulting in an average trade deficit of $47.6 billion. For the three months ending in July, the average trade deficit was $49.1 billion, reflecting average exports of $175.1 billion and average imports of $224.2 billion.

Selected Not Seasonally Adjusted Goods Details
The August figures show surpluses, in billions of dollars, with Hong Kong $2.4 ($2.3 for July), Australia $1.4 ($1.7), Singapore $1.0 ($1.2), and Egypt $0.4 ($0.4). Deficits were recorded, in billions of dollars, with China $29.0 ($27.0), OPEC $13.3 ($11.9), European Union $9.0 ($8.9), Japan $6.7 ($5.2), Mexico $5.5 ($4.9), Germany $4.5 ($4.2), Venezuela $3.0 ($2.6), Nigeria $3.0 ($2.8), Ireland $2.9 ($2.7), Canada $2.4 ($3.3), Taiwan $1.6 ($1.6), and Korea $0.7 ($1.4).

Advanced technology products exports were $23.9 billion in August and imports were $33.0 billion, resulting in a deficit of $9.1 billion. August exports were $0.3 billion more than the $23.6 billion in July, while August imports were $0.3 billion more than the $32.7 billion in July.

Revisions
Census Basis (not seasonally adjusted)
For July, exports of goods were revised down $0.1 billion and imports of goods were revised up $0.5 billion. Goods carry-over in August was $0.2 billion (0.2 percent) for exports and $1.4 billion (0.7 percent) for imports. For July, revised export carry-over was $0.2 billion (0.1 percent), virtually unrevised. For July, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.0 billion (0.6 percent).

Balance of Payments Basis (seasonally adjusted)
For July, exports of goods were revised down $0.1 billion and imports of goods were revised up $0.5 billion.

For July, exports of services were revised down $0.2 billion, mostly reflecting a downward revision in travel. For July, imports of services were virtually unrevised.

NOTICE
Addition of South Sudan
Effective with this release, the U.S. International Trade in Goods and Services report is revised to reflect South Sudan as an independent country. Sudan and South Sudan are listed individually in exhibit 6 of the FT-900 supplement.

If you have any questions or need additional information, please contact the Data Dissemination Branch office on 1-800-549-0595, option 4; 301-763-2311; or email at ftd.data.dissemination@census.gov.

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