International Trade At a Glance
- Exports: $148.5 billion billion
- Monthly Change: Down $2.9 billion
- Imports: $206.7 billion
- Monthly Change: Down $7 billion
- Trade Deficit: $58.2 billion
- Monthly Change: Down $4.1 billion
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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
March 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 March exports of
$148.5 billion and imports of $206.7 billion resulted in a
goods and services deficit of $58.2 billion, down from
$61.7 billion in February, revised. March exports were
$2.6 billion less than February exports of $151.1 billion.
March imports were $6.1 billion less than February
imports of $212.8 billion.
In March, the goods deficit decreased $3.5 billion
from February to $68.6 billion, and the services surplus
was virtually unchanged at $10.4 billion. Exports of
goods decreased $2.5 billion to $104.7 billion, and
imports of goods decreased $6.0 billion to $173.3
billion. Exports of services were virtually unchanged at
$43.8 billion, and imports of services decreased $0.1
billion to $33.4 billion.
In March, the goods and services deficit decreased
$4.8 billion from March 2007. Exports were up $20.0
billion, or 15.5 percent, and imports were up $15.1
billion, or 7.9 percent.
Goods
The February to March change in exports of goods
reflected decreases in capital goods ($1.2 billion);
automotive vehicles, parts, and engines ($1.0 billion);
consumer goods ($0.7 billion); other goods ($0.2
billion); and industrial supplies and materials ($0.1
billion). An increase occurred in foods, feeds, and
beverages ($0.3 billion).
The February to March change in imports of goods
reflected decreases in automotive vehicles, parts, and
engines ($2.1 billion); industrial supplies and materials
($2.0 billion); consumer goods ($1.1 billion); capital
goods ($0.8 billion); and foods, feeds, and beverages
($0.1 billion). An increase occurred in other goods ($0.2
billion).
The March 2007 to March 2008 change in exports of
goods reflected increases in industrial supplies and
materials ($6.9 billion); foods, feeds, and beverages
($3.5 billion); capital goods ($2.6 billion); and consumer
goods ($0.7 billion). Decreases occurred in automotive
vehicles, parts, and engines ($0.3 billion) and other
goods ($0.3 billion).
The March 2007 to March 2008 change in imports
of goods reflected increases in industrial supplies and
materials ($11.9 billion); capital goods ($1.5 billion);
other goods ($0.5 billion); and foods, feeds, and
beverages ($0.3 billion). Decreases occurred in
automotive vehicles, parts, and engines ($1.8 billion)
and consumer goods ($0.9 billion).
Services
Services exports were virtually unchanged from
February to March. A decrease in transfers under U.S.
military sales contracts (which includes support services
and related equipment) was partly offset by increases in
other private services (which includes items such as
business, professional, and technical services, insurance
services, and financial services) and royalties and
license fees. Changes in other categories of services
exports were small and nearly offsetting.
Services imports decreased $0.1 billion from
February to March. The decrease was more than
accounted for by a decrease in other transportation
(which includes freight and port services). An increase
in other private services was partly offsetting. Changes
in other categories of services imports were small.
From March 2007 to March 2008, services exports
increased $6.0 billion. The largest increases were in
other private services ($2.5 billion), travel ($1.7 billion),
royalties and license fees ($0.9 billion), and other
transportation ($0.7 billion). Within other private
services, increases were largest in business, professional,
and technical services and in financial services.
From March 2007 to March 2008, services imports
increased $3.6 billion. The largest increases were in
other private services ($2.0 billion), travel ($0.4 billion),
and passenger fares ($0.4 billion). Within other private
services, increases were largest in insurance services and
in business, professional, and technical services.
Goods and Services Moving Average
For the three months ending in March, exports of
goods and services averaged $149.3 billion, while
imports of goods and services averaged $209.0 billion,
resulting in an average trade deficit of $59.6 billion. For
the three months ending in February, the average trade
deficit was $59.5 billion, reflecting average exports of
$148.4 billion and average imports of $208.0 billion.
Selected Not Seasonally Adjusted Goods Details
The March figures showed surpluses, in billions of
dollars, with Australia $1.5 ($1.2 for February),
Singapore $1.5 ($1.1), Hong Kong $1.2 ($1.2), and
Egypt $0.4 ($0.4). Deficits were recorded, in billions of
dollars, with China $16.1 ($18.4), OPEC $14.1 ($13.2),
Japan $7.5 ($6.9), the European Union $7.5 ($6.9),
Canada $6.5 ($6.5), Mexico $6.0 ($5.5), Nigeria $3.3
($2.9), Venezuela $2.8 ($2.6), Korea $0.8 ($1.1), and
Taiwan $0.3 ($0.7).
Advanced technology products (ATP) exports were
$24.7 billion in March and imports were $27.9 billion,
resulting in a deficit of $3.3 billion. March exports were
$2.4 billion more than the $22.3 billion in February,
while imports were $2.3 billion more than the $25.6
billion in February.
Revisions
Goods carry-over in March was $0.4 billion (0.3
percent) for exports and $0.8 billion (0.5 percent) for
imports. For February, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.4 billion
(0.4 percent). For February, revised import carry-over
was $0.3 billion (0.2 percent), revised down from $1.7
billion (1.0 percent).
Services exports for February were revised down
$0.2 billion to $43.8 billion. The revision was mostly
accounted for by a downward revision in travel.
Services imports for February were virtually unchanged
at $33.4 billion.
US International Trade - March 2008 [PDF]
Source: Department of Commerce, Census Bureau
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