International Trade At a Glance
- Exports: $144.3 billion
- Monthly Change: Up $2.0 billion
- Imports: $203.1 billion
- Monthly Change: Down $2.3 billion
- Trade Deficit: $58.8 billion
- Monthly Change: Down $4.3 billion
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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
December 2007
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 December exports
of $144.3 billion and imports of $203.1 billion resulted in
a goods and services deficit of $58.8 billion, down from
$63.1 billion in November, revised. December exports
were $2.2 billion more than November exports of $142.2
billion. December imports were $2.2 billion less than
November imports of $205.3 billion.
In December, the goods deficit decreased $4.6 billion
from November to $68.2 billion, and the services surplus
decreased $0.2 billion to $9.5 billion. Exports of goods
increased $2.3 billion to $103.1 billion, and imports of
goods decreased $2.3 billion to $171.3 billion. Exports of
services decreased $0.1 billion to $41.2 billion, and
imports of services increased $0.1 billion to $31.8 billion.
In December, the goods and services deficit was down
$1.5 billion from December 2006. Exports were up $17.2
billion, or 13.6 percent, and imports were up $15.7 billion,
or 8.4 percent.
Goods
The November to December change in exports of
goods reflected increases in capital goods ($2.0 billion);
industrial supplies and materials ($1.0 billion); and
andand
consumer goods ($0.6 billion). Decreases occurred in
automotive vehicles, parts, and engines ($0.9 billion);
other goods ($0.6 billion); and foods, feeds, and beverages
($0.1 billion).
The November to December change in imports of
goods reflected decreases in automotive vehicles, parts,
and engines ($2.1 billion); consumer goods ($0.5 billion);
other goods ($0.4 billion); foods, feeds, and beverages
($0.2 billion); and capital goods ($0.1 billion). An
increase occurred in industrial supplies and materials
($0.8 billion).
The December 2006 to December 2007 change in
exports of goods reflected increases in industrial supplies
and materials ($5.2 billion); capital goods ($3.8 billion);
foods, feeds, and beverages ($2.1 billion); consumer goods
($1.5 billion); automotive vehicles, parts, and engines
($0.6 billion); and other goods ($0.1 billion).
The December 2006 to December 2007 change in
imports of goods reflected increases in industrial supplies
and materials ($11.7 billion); capital goods ($2.1 billion);
consumer goods ($0.9 billion); foods, feeds, and beverages
($0.4 billion); and other goods ($0.1 billion). A decrease
occurred in automotive vehicles, parts, and engines ($2.2
billion).
Services
Services exports decreased $0.1 billion from
November to December. The decrease was more than
accounted for by decreases in transfers under U.S. military
sales contracts and travel. Increases in other private
services (which includes items such as business,
professional, and technical services, insurance services,
and financial services), passenger fares, and royalties and
license fees were partly offsetting. Changes in other
categories of services exports were small.
Services imports increased $0.1 billion from
November to December. The increase was more than
accounted for by increases in passenger fares and other
private services. A decrease in other transportation
(which includes freight and port services) was partly
offsetting. Changes in other categories of services imports
were small.
From December 2006 to December 2007, services
exports increased $3.6 billion. The largest increases were
in travel ($1.3 billion) and other private services ($0.9
billion).
From December 2006 to December 2007, services
imports increased $2.5 billion. The largest increases were
in other private services ($1.1 billion), travel ($0.3
billion), and other transportation ($0.3 billion).
Goods and Services Moving Average
For the three months ending in December, exports of
goods and services averaged $142.6 billion, while imports
of goods and services averaged $202.6 billion, resulting in
an average trade deficit of $60.0 billion. For the three
months ending in November, the average trade deficit was
$59.5 billion, reflecting average exports of $141.2 billion
and average imports of $200.8 billion.
Selected Not Seasonally Adjusted Goods Details
The December figures showed surpluses, in billions
of dollars, with Hong Kong $1.1 ($1.0 for November),
Singapore $1.0 ($0.6), Australia $0.9 ($1.0), Brazil $0.6
($0.1), and Egypt $0.3 ($0.3). Deficits were recorded, in
billions of dollars, with China $18.8 ($24.0), OPEC $12.3
($11.8), Europe $9.2 ($12.0), the European Union $7.8
($10.4), Japan $6.6 ($7.1), Mexico $6.5 ($7.6), Canada
$4.7 ($4.7), Korea $0.4 ($1.2), and Taiwan $0.3 ($1.3).
Advanced technology products (ATP) exports were
$24.8 billion in December and imports were $27.6 billion,
resulting in a deficit of $2.8 billion. December exports
were $1.2 billion more than the $23.6 billion in
November, while imports were $2.4 billion less than the
$30.0 billion in November.
Revisions
Goods carry-over in December was $0.3 billion (0.3
percent) for exports and $1.1 billion (0.7 percent) for
imports. For November, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.3 billion
(0.3 percent). For November, revised import carry-over
was $0.4 billion (0.2 percent), revised down from $1.3
billion (0.7 percent).
The seasonally adjusted goods data for January
through November were also revised to align the
seasonally adjusted months with the annual totals.
Services exports for November were virtually
unrevised at $41.4 billion. Services imports for November
were revised down $0.1 billion to $31.7 billion. The
revision was more than accounted for by a downward
revision_in_travel.
Annual Summary for 2007
Goods and Services
For 2007, exports of $1,621.8 billion and imports of
$2,333.4 billion resulted in a goods and services deficit
of $711.6 billion, $46.9 billion less than the 2006 deficit
of $758.5 billion. For goods, exports were $1,149.3
billion and imports were $1,964.9 billion, resulting in a
goods deficit of $815.6 billion, $22.7 billion less than
the 2006 deficit of $838.3 billion. For services, exports
were $472.5 billion and imports were $368.5 billion,
resulting in a services surplus of $104.0 billion, $24.2
billion more than the 2006 surplus of $79.7 billion.
The goods and services deficit was $711.6 billion in
2007, down from $758.5 billion in 2006. As a
percentage of U.S. gross domestic product, the goods
and services deficit was 5.1 percent in 2007, down from
5.7 percent in 2006.
Goods
For 2007, on a Census basis, exports of goods were
up $126.7 billion from 2006. Increases occurred in
industrial supplies and materials ($39.6 billion); capital
goods ($32.1 billion); foods, feeds, and beverages ($18.2
billion); consumer goods ($16.4 billion); automotive
vehicles, parts, and engines ($13.8 billion); and other
goods ($6.6 billion).
For 2007, on a Census basis, imports of goods were
up $99.7 billion from 2006. Increases occurred in
consumer goods ($32.3 billion); industrial supplies and
materials ($28.9 billion); capital goods ($26.6 billion);
foods, feeds, and beverages ($6.8 billion); other goods
($2.9 billion); and automotive vehicles, parts, and
engines ($2.3 billion).
Services
For 2007, exports of services were $472.5 billion,
up $49.9 billion from 2006. Increases occurred in other
private services ($22.8 billion), which includes items
such as business, professional, and technical services,
insurance services, and financial services; travel ($12.1
billion); royalties and license fees ($8.1 billion); other
transportation ($5.3 billion), which includes freight and
port services; and passenger fares ($2.7 billion). A
decrease occurred in transfers under U.S. military sales
contracts ($1.2 billion). U.S. Government miscellaneous
services were virtually unchanged.
For 2007, imports of services were $368.5 billion,
up $25.7 billion from 2006. Increases occurred in other
private services ($15.3 billion); travel ($4.3 billion);
other transportation ($1.9 billion); royalties and license
fees ($1.6 billion); direct defense expenditures ($1.5
billion); and passenger fares ($1.0 billion). U.S.
Government miscellaneous services were virtually
unchanged.
US Foreign Trade - December 2007 [PDF]
US Foreign Trade - December 2007 [Text]
Source: Department of Commerce, Census Bureau
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