EconoIndicators

International Trade At a Glance

• Exports: $148.2 billion
• Monthly Change: Up $2.4 billion
• Imports: $206.4 billion
• Monthly Change: Up $2.7 billion
• Trade Deficit: $58.2 billion
• Monthly Change: Up $0.3 billion

Technorati Tags: trade, deficit, international, foreign, trade

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
January 2008

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 January exports of
$148.2 billion and imports of $206.4 billion resulted in a
goods and services deficit of $58.2 billion, up from $57.9
billion in December, revised. January exports were $2.4
billion more than December exports of $145.9 billion.
January imports were $2.7 billion more than December
imports of $203.7 billion.

In January, the goods deficit increased $0.7 billion
from December to $68.7 billion, and the services surplus
increased $0.4 billion to $10.5 billion. Exports of goods
increased $1.6 billion to $104.5 billion, and imports of
goods increased $2.4 billion to $173.3 billion. Exports of
services increased $0.8 billion to $43.7 billion, and
imports of services increased $0.4 billion to $33.1 billion.

In January, the goods and services deficit was up $0.8
billion from January 2007. Exports were up $21.1 billion,
or 16.6 percent, and imports were up $21.9 billion, or 11.9
percent.

Goods

The December to January change in exports of goods
reflected increases in industrial supplies and materials
($0.8 billion); foods, feeds, and beverages ($0.6 billion);

and consumer goods ($0.5 billion). A decrease occurred
in capital goods ($0.5 billion). Other goods and
automotive vehicles, parts, and engines were virtually
unchanged.

The December to January change in imports of goods
reflected increases in industrial supplies and materials
($3.8 billion); foods, feeds, and beverages ($0.3 billion);
and automotive vehicles, parts, and engines ($0.2 billion).
Decreases occurred in consumer goods ($1.7 billion) and
capital goods ($0.2 billion). Other goods were virtually
unchanged.

The January 2007 to January 2008 change in exports
of goods reflected increases in industrial supplies and
materials ($5.9 billion); capital goods ($2.8 billion);
foods, feeds, and beverages ($2.6 billion); consumer goods
($1.5 billion); and automotive vehicles, parts, and engines
($1.2 billion). A decrease occurred in other goods ($0.1
billion).

The January 2007 to January 2008 change in imports
of goods reflected increases in industrial supplies and
materials ($15.6 billion); capital goods ($1.1 billion);
foods, feeds, and beverages ($0.5 billion); other goods
($0.3 billion); consumer goods ($0.3 billion); and
automotive vehicles, parts, and engines ($0.2 billion).

Services

Services exports increased $0.8 billion from
December to January. The largest increases were in other
private services (which includes items such as business,
professional, and technical services, insurance services,
and financial services) and transfers under U.S. military
sales contracts. Changes in other categories of services
exports were small.

Services imports increased $0.4 billion from
December to January. The largest increases were in other
private services, other transportation (which includes
freight and port services), and passenger fares. Changes
in other categories of services imports were small.

From January 2007 to January 2008, services exports
increased $6.7 billion. The largest increases were in other
private services ($2.8 billion), travel ($1.9 billion), and
royalties and license fees ($0.8 billion).

From January 2007 to January 2008, services imports
increased $3.7 billion. The largest increases were in other
private services ($2.0 billion) and passenger fares ($0.5
billion).

Goods and Services Moving Average

For the three months ending in January, exports of
goods and services averaged $145.9 billion, while imports
of goods and services averaged $205.4 billion, resulting in
an average trade deficit of $59.5 billion. For the three
months ending in December, the average trade deficit was
$59.3 billion, reflecting average exports of $144.1 billion
and average imports of $203.4 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures showed surpluses, in billions of
dollars, with Hong Kong $0.9 ($1.1 for December),
Australia $0.6 ($0.9), Singapore $0.5 ($1.0), and Egypt
$0.3 ($0.3). Deficits were recorded, in billions of dollars,
with China $20.3 ($18.8), OPEC $15.5 ($12.6), Europe
$7.4 ($9.2), Japan $6.6 ($6.6), the European Union $6.1
($7.8), Canada $5.9 ($4.7), Mexico $5.1 ($6.5), Venezuela
$3.4 ($3.7), Nigeria $3.4 ($3.4), Korea $1.2 ($0.4), and
Taiwan $1.0 ($0.3).

Advanced technology products (ATP) exports were
$22.1 billion in January and imports were $25.6 billion,
resulting in a deficit of $3.5 billion. January exports were
$2.7 billion less than the $24.8 billion in December, while
imports were $2.0 billion less than the $27.6 billion in
December.

Revisions

Goods carry-over in January was $0.2 billion (0.2
percent) for exports and 0.8 billion (0.5 percent) for
imports. For December, revised export carry-over was
$0.3 billion (0.3 percent). For December, revised import
carry-over was $0.3 billion (0.2 percent), revised down
from $1.1 billion (0.7 percent).

Goods and services exports and imports for all
months in 2007 were revised in order to align the
seasonally adjusted monthly estimates with the annual
totals.

Services exports and imports for July through
December 2007 reflect the incorporation of more
comprehensive and revised quarterly and monthly data.
For services exports, the largest revisions over the entire
period were in other private services and royalties and
license fees. For services imports, the largest revisions
over the entire period were in other private services and
other transportation.

Services exports for December were revised up $1.7
billion to $42.9 billion. The revision was mostly
accounted for by an upward revision in other private
services. Services imports for December were revised up
$1.0 billion to $32.8 billion. The revision was mostly
accounted for by an upward revision in other private
services.

US Foreign Trade - January 2008 [PDF]

US Foreign Trade - January 2008 [Text]

Source: Department of Commerce, Census Bureau