International Trade - 8:30am

Full report here FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, WEDNESDAY, AUGUST 12, 2009 U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES June 2009 Goods and Services The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $125.8 billion and imports of $152.8 billion resulted in a goods and services deficit of $27.0 billion, up from $26.0 billion in May, revised. June exports were $2.4 billon more than May exports of $123.4 billion. June imports were $3.5 billion more than May imports of $149.3 billion. In June, the goods deficit increased $1.2 billion from May to $38.4 billion, and the services surplus increased $0.1 billion to $11.4 billion. Exports of goods increased $1.9 billion to $84.0 billion, and imports of goods increased $3.0 billion to $122.4 billion. Exports of services increased $0.5 billion to $41.8 billion, and imports of services increased $0.4 billion to $30.4 billion. In June, the goods and services deficit decreased $33.2 billion from June 2008. Exports were down $35.8 billion, or 22.2 percent, and imports were down $69.0 billion, or 31.1 percent. Goods The May to June increase in exports of goods reflected increases in industrial supplies and materials ($1.2 billion); capital goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods and other goods were virtually unchanged. The May to June increase in imports of goods reflected increases in industrial supplies and materials ($3.9 billion); automotive vehicles, parts, and engines ($0.9 billion); foods, feeds, and beverages ($0.1 billion); and other goods ($0.1 billion). Decreases occurred in consumer goods ($1.7 billion) and capital goods ($0.1 billion). The June 2008 to June 2009 decrease in exports of goods reflected decreases in industrial supplies and materials ($12.4 billion); capital goods ($8.0 billion); automotive vehicles, parts, and engines ($5.3 billion); consumer goods ($1.9 billion); foods, feeds, and beverages ($1.9 billion); and other goods ($0.8 billion). The June 2008 to June 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($36.3 billion); capital goods ($9.7 billion); automotive vehicles, parts, and engines ($9.4 billion); consumer goods ($7.6 billion); other goods ($0.9 billion); and foods, feeds, and beverages ($0.6 billion). Services Services exports increased $0.5 billion from May to June. The increase was more than accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), travel, other transportation (which includes freight and port services), and passenger fares. Changes in other categories of services exports were small. Services imports increased $0.4 billion from May to June. The increase was mostly accounted for by increases in other private services, travel, passenger fares, and direct defense expenditures. Changes in other categories of services imports were small. The June 2008 to June 2009 decrease in exports of services was $5.4 billion. The largest decreases were in travel ($1.8 billion), other transportation ($1.7 billion), and other private services ($0.7 billion). Within other private services, the largest decreases were in business, professional, and technical services and financial services. The June 2008 to June 2009 decrease in imports of services was $3.8 billion. The largest decreases were in other transportation ($2.0 billion), travel ($0.9 billion), and passenger fares ($0.5 billion). Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $123.5 billion, while imports of goods and services averaged $150.8 billion, resulting in an average trade deficit of $27.3 billion. For the three months ending in May, the average trade deficit was $27.8 billion, reflecting average exports of $122.9 billion and average imports of $150.7 billion. Selected Not Seasonally Adjusted Goods Details The June figures show surpluses, in billions of dollars, with Hong Kong $1.4 ($1.5 for May), Australia $1.0 ($1.0), Singapore $0.5 ($0.3), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China $18.4 ($17.5), OPEC $5.9 ($4.1), the European Union $4.5 ($2.8), Japan $3.7 ($1.9), Mexico $3.4 ($3.9), Venezuela $1.8 ($1.3), Canada $1.6 ($0.5), Nigeria $1.3 ($0.8), Korea $0.9 ($0.7), and Taiwan $0.6 ($0.9). Advanced technology products (ATP) exports were $20.7 billion in June and imports were $25.3 billion, resulting in a deficit of $4.6 billion. June exports were $1.5 billion more than the $19.2 billion in May, while June imports were $2.6 billion more than the $22.8 billion in May. Revisions Goods carry-over in June was $0.1 billion (0.1 percent) for exports and $0.5 billion (0.4 percent) for imports. For May, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.1 billion (0.2 percent). For May, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.6 billion (0.6 percent). Services exports for May were virtually unrevised at $41.3 billion. An upward revision in travel was mostly offset by a downward revision in other transportation. Services imports for May were revised up $0.1 billion to $30.0 billion. The revision was mostly accounted for by an upward revision in passenger fares.