International Trade - 8:30 am

Full report here U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES August 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 August exports of $128.2 billion and imports of $158.9 billion resulted in a goods and services deficit of $30.7 billion, down from $31.9 billion in July, revised. August exports were $0.2 billion more than July exports of $128.0 billion. August imports were $0.9 billion less than July imports of $159.8 billion. In August, the goods deficit decreased $0.8 billion from July to $41.9 billion, and the services surplus increased $0.3 billion to $11.2 billion. Exports of goods were virtually unchanged at $86.8 billion, and imports of goods decreased $0.8 billion to $128.7 billion. Exports of services increased $0.2 billion to $41.4 billion, and imports of services decreased $0.1 billion to $30.2 billion. In August, the goods and services deficit decreased $30.2 billion from August 2008. Exports were down $33.4 billion, or 20.7 percent, and imports were down $63.6 billion, or 28.6 percent. Goods (Census basis) The July to August decrease in exports of goods reflected decreases in capital goods ($1.3 billion), other goods ($0.4 billion), and consumer goods ($0.1 billion). Increases occurred in industrial supplies and materials ($0.9 billion); automotive vehicles, parts, and engines ($0.5 billion); and foods, feeds, and beverages ($0.1 billion). The July to August decrease in imports of goods reflected decreases in industrial supplies and materials ($1.0 billion); consumer goods ($0.7 billion); other goods ($0.2 billion); foods, feeds, and beverages ($0.1 billion); and capital goods ($0.1 billion). An increase occurred in automotive vehicles, parts, and engines ($1.2 billion). The August 2008 to August 2009 decrease in exports of goods reflected decreases in industrial supplies and materials ($11.3 billion); capital goods ($9.5 billion); automotive vehicles, parts, and engines ($3.0 billion); foods, feeds, and beverages ($2.0 billion); consumer goods ($1.6 billion); and other goods ($1.0 billion). The August 2008 to August 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($36.1 billion); capital goods ($8.0 billion); consumer goods ($7.2 billion); automotive vehicles, parts, and engines ($4.7 billion); foods, feeds, and beverages ($1.1 billion); and other goods ($0.7 billion). Services Services exports increased $0.2 billion from July to August. The increase was more than accounted for by increases in travel, other transportation (which includes freight and port services), and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). A decrease in transfers under U.S. military sales contracts was partly offsetting. Changes in other categories of services exports were small. Services imports decreased $0.1 billion from July to August. The decrease was more than accounted for by a decrease in other transportation. An increase in travel was partly offsetting. Changes in other categories of services imports were small. The August 2008 to August 2009 decrease in exports of services was $5.6 billion. The largest decreases were in travel ($2.0 billion), other transportation ($1.5 billion), and royalties and license fees ($0.9 billion). The August 2008 to August 2009 decrease in imports of services was $5.5 billion. The largest decreases were in other transportation ($2.2 billion), royalties and license fees ($1.2 billion), and passenger fares ($0.7 billion). Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $127.0 billion, while imports of goods and services averaged $157.1 billion, resulting in an average trade deficit of $30.0 billion. For the three months ending in July, the average trade deficit was $28.6 billion, reflecting average exports of $125.1 billion and average imports of $153.6 billion. Selected Not Seasonally Adjusted Goods Details The August figures show surpluses, in billions of dollars, with Hong Kong $1.3 ($1.3 for July), Australia $1.2 ($0.7), Egypt $0.4 ($0.2), and Singapore $0.3 ($0.7). Deficits were recorded, in billions of dollars, with China $20.2 ($20.4), OPEC $6.4 ($6.9), European Union $5.4 ($8.0), Japan $4.3 ($3.9), Mexico $4.0 ($2.9), Venezuela $1.9 ($2.3), Nigeria $1.7 ($1.7), Canada $1.5 ($2.1), Taiwan $0.5 ($0.7), and Korea $0.4 ($1.0). Advanced technology products exports were $18.5 billion in August and imports were $24.1 billion, resulting in a deficit of $5.6 billion. August exports were $1.5 billion less than the $20.0 billion in July, while August imports were $2.4 billion less than the $26.6 billion in July. Revisions Goods exports and imports for July were each revised up $0.1 billion. For July, revised export carry-over was virtually zero, revised down from $0.1 billion (0.1 percent). For July, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.6 billion (0.4 percent). Goods carry-over in August was virtually zero for exports and $0.7 billion (0.5 percent) for imports. Services exports for July were revised up $0.3 billion to $41.2 billion. The revision was mostly accounted for by upward revisions in travel, other private services, and passenger fares. Services imports for July were revised up $0.2 billion to $30.3 billion. The revision was mostly accounted for by upward revisions in travel and passenger fares. More at link with formatted tables