International trade - 8:30

Full report here 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 October 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 October exports of $136.8 billion and imports of $169.8 billion resulted in a goods and services deficit of $32.9 billion, down from $35.7 billion in September, revised. October exports were $3.5 billion more than September exports of $133.4 billion. October imports were $0.7 billion more than September imports of $169.0 billion. In October, the goods deficit decreased $2.6 billion from September to $44.8 billion, and the services surplus increased $0.2 billion to $11.9 billion. Exports of goods increased $3.2 billion to $93.5 billion, and imports of goods increased $0.7 billion to $138.4 billion. Exports of services increased $0.2 billion to $43.3 billion, and imports of services increased $0.1 billion to $31.4 billion. In October, the goods and services deficit decreased $26.5 billion from October 2008. Exports were down $12.9 billion, or 8.6 percent, and imports were down $39.3 billion, or 18.8 percent. Goods (Census basis) The September to October increase in exports of goods reflected increases in capital goods ($1.2 billion); consumer goods ($1.0 billion); other goods ($0.6 billion); industrial supplies and materials ($0.4 billion); automotive vehicles, parts, and engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). The September to October increase in imports of goods reflected increases in capital goods ($1.1 billion); consumer goods ($1.0 billion); automotive vehicles, parts, and engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in industrial supplies and materials ($1.8 billion) and other goods ($0.4 billion). The October 2008 to October 2009 decrease in exports of goods reflected decreases in industrial supplies and materials ($3.9 billion); capital goods ($3.8 billion); automotive vehicles, parts, and engines ($2.1 billion); and foods, feeds, and beverages ($0.7 billion). Increases occurred in consumer goods ($0.4 billion) and other goods ($0.1 billion). The October 2008 to October 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($25.0 billion); capital goods ($5.2 billion); consumer goods ($3.7 billion); automotive vehicles, parts, and engines ($1.2 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.7 billion). Services Services exports increased $0.2 billion from September to October. 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), other transportation (which includes freight and port services), and passenger fares. A decrease in transfers under U.S. military sales contracts was partly offsetting. Services imports increased $0.1 billion from September to October. The increase was mostly accounted for by an increase in passenger fares. Changes in the other categories of services imports were small. The October 2008 to October 2009 decrease in exports of services was $2.6 billion. The largest decreases were in travel ($1.1 billion), other transportation ($0.8 billion), and royalties and license fees ($0.6 billion). The October 2008 to October 2009 decrease in imports of services was $2.5 billion. Decreases occurred in other transportation ($1.6 billion), passenger fares ($0.8 billion), and travel ($0.5 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $133.3 billion, while imports of goods and services averaged $166.3 billion, resulting in an average trade deficit of $33.0 billion. For the three months ending in September, the average trade deficit was $32.5 billion, reflecting average exports of $130.8 billion and average imports of $163.3 billion. Selected Not Seasonally Adjusted Goods Details The October figures show surpluses, in billions of dollars, with Hong Kong $1.6 ($1.9 for September), Australia $1.3 ($0.9), Singapore $0.9 ($0.3), and Egypt $0.4 ($0.3). Deficits were recorded, in billions of dollars, with China $22.7 ($22.1), OPEC $5.8 ($7.9), European Union $4.9 ($5.5), Mexico $4.6 ($4.6), Japan $4.4 ($4.1), Canada $2.0 ($1.5), Venezuela $1.7 ($2.0), Nigeria $1.4 ($1.9), Taiwan $0.7 ($0.7), and Korea $0.5 ($0.8). Advanced technology products exports were $23.7 billion in October and imports were $29.3 billion, resulting in a deficit of $5.6 billion. October exports were $3.2 billion more than the $20.5 billion in September, while October imports were $2.8 billion more than the $26.5 billion in September. Revisions Goods exports for September were virtually unrevised. Goods imports for September were revised down $0.3 billion. Goods carry-over in October was $0.1 billion (0.1 percent) for exports and $0.6 billion (0.4 percent) for imports. For September, revised export carry-over was virtually zero. For September, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.9 billion (0.7 percent). Services exports and imports for April 2009 through September 2009 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest monthly revisions were in other private services, transfers under U.S. military sales contracts, and royalties and license fees. For services imports, the largest monthly revisions were in other private services. Services exports for September were revised up $1.5 billion to $43.1 billion. The revision was mostly accounted for by upward revisions in other private services, transfers under U.S. military sales contracts, and royalties and license fees. Services imports for September were revised up $0.9 billion to $31.4 billion. The revision was mostly accounted for by an upward revision in other private services.