International Trade At a Glance
- Exports: $155.5 billion
- Monthly Change: Up $5 billion
- Imports: $216.4 billion
- Monthly Change: Up $9.4 billion
- Trade Deficit: $60.9 billion
- Monthly Change: Down $4.4 billion
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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
April 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 April exports of
$155.5 billion and imports of $216.4 billion resulted in a
goods and services deficit of $60.9 billion, up from
$56.5 billion in March, revised. April exports were $5.0
billion more than March exports of $150.6 billion. April
imports were $9.4 billion more than March imports of
$207.1 billion.
In April, the goods deficit increased $4.5 billion
from March to $72.9 billion, and the services surplus
increased $0.1 billion to $12.0 billion. Exports of goods
increased $4.5 billion to $109.6 billion, and imports of
goods increased $9.1 billion to $182.5 billion. Exports
of services increased $0.4 billion to $46.0 billion, and
imports of services increased $0.3 billion to $34.0
billion.
In April, the goods and services deficit increased
$0.6 billion from April 2007. Exports were up $25.0
billion, or 19.2 percent, and imports were up $25.7
billion, or 13.5 percent.
Goods
The March to April change in exports of goods
reflected increases in capital goods ($2.2 billion);
industrial supplies and materials ($1.1 billion);
consumer goods ($0.8 billion); automotive vehicles,
parts, and engines ($0.6 billion); and foods, feeds, and
beverages ($0.1 billion). A decrease occurred in other
goods ($0.1 billion).
The March to April change in imports of goods
reflected increases in industrial supplies and materials
($5.6 billion); capital goods ($1.2 billion); automotive
vehicles, parts, and engines ($1.0 billion); consumer
goods ($0.7 billion); foods, feeds, and beverages ($0.3
billion); and other goods ($0.2 billion).
The April 2007 to April 2008 change in exports of
goods reflected increases in industrial supplies and
materials ($7.3 billion); capital goods ($5.1 billion);
foods, feeds, and beverages ($3.2 billion); consumer
goods ($1.5 billion); other goods ($0.5 billion); and
automotive vehicles, parts, and engines ($0.2 billion).
The April 2007 to April 2008 change in imports of
goods reflected increases in industrial supplies and
materials ($16.6 billion); capital goods ($3.1 billion);
consumer goods ($1.0 billion); other goods ($0.8
billion); and foods, feeds, and beverages ($0.8 billion).
Automotive vehicles, parts, and engines were virtually
unchanged.
Services
Services exports increased $0.4 billion from March
to April. The increase was mostly accounted for by
increases in other transportation (which includes freight
and port services), transfers under U.S. military sales
contracts, royalties and license fees, and travel.
Changes in other categories of services exports were
small.
Services imports increased $0.3 billion from March
to April. The increase was mostly 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, and travel. Changes in other categories
of services imports were small.
From April 2007 to April 2008, services exports
increased $6.7 billion. The largest increases were in
other private services ($2.7 billion), travel ($1.5 billion),
and royalties and license fees ($1.1 billion). Within
other private services, increases were largest in business,
professional, and technical services and in financial
services.
From April 2007 to April 2008, services imports
increased $3.1 billion. The largest increases were in
other private services ($1.3 billion) and travel ($0.7
billion). Within other private services, increases were
largest in business, professional, and technical services
and in insurance services.
Goods and Services Moving Average
For the three months ending in April, exports of
goods and services averaged $153.2 billion, while
imports of goods and services averaged $212.5 billion,
resulting in an average trade deficit of $59.3 billion. For
the three months ending in March, the average trade
deficit was $58.3 billion, reflecting average exports of
$151.4 billion and average imports of $209.7 billion.
Selected Not Seasonally Adjusted Goods Details
The April figures showed surpluses, in billions of
dollars, with Hong Kong $1.4 ($1.2 for March),
Singapore $1.4 ($1.5), Australia $0.8 ($1.5), and Egypt
$0.3 ($0.4). Deficits were recorded, in billions of
dollars, with China $20.2 ($16.1), OPEC $15.6 ($14.1),
the European Union $8.5 ($7.5), Japan $7.6 ($7.5),
Canada $7.6 ($6.4), Mexico $6.8 ($6.0), Nigeria $3.4
($3.3), Venezuela $3.0 ($2.8), Korea $1.3 ($0.8), and
Taiwan $0.9 ($0.3).
Advanced technology products (ATP) exports were
$23.4 billion in April and imports were $28.7 billion,
resulting in a deficit of $5.3 billion. April exports were
$1.2 billion less than the $24.7 billion in March, while
imports were $0.8 billion more than the $27.9 billion in
March.
Revisions
Goods carry-over in April was $0.4 billion (0.3
percent) for exports and $0.8 billion (0.5 percent) for
imports. For March, revised export carry-over was $0.1
billion (0.1 percent), revised down from $0.4 billion (0.3
percent). For March, revised import carry-over was $0.2
billion (0.1 percent), revised down from $0.8 billion (0.5
percent).
Goods and services exports and imports for all
months shown in this release reflect the incorporation of
annual revisions to the goods and services series in the
U.S. international transactions accounts. See the
“Notice” in this release for a description of major
revisions to goods and services exports and imports.
NOTICE
In this release and the accompanying “U.S. International Trade in Goods and Services: Annual
Revision for 2007,” the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are
jointly publishing revised data on U.S. trade in goods for 2005-2007 and the first three months of 2008
and revised data on services for 2004-2007 and the first three months of 2008.
Goods
The 2007 not seasonally adjusted Census-basis goods data were revised to redistribute monthly data
that arrived too late for inclusion in the month of transaction but that were included, initially, in the
month in which the data were received. In addition, corrections were made to previously published
data. Once the redistributions of data to the proper month of transaction and corrections were
completed, factors for seasonal adjustment and trading day adjustments were recomputed and the
seasonally adjusted current-dollar series were revised for 2005-2007 and the first three months of
2008. Similar changes were made to the chain-weighted dollar series. Also, the balance of payments
adjustments to the Census-basis data have been revised to incorporate updated source data.
Services
The services estimates were revised for 2004-2007 and the first three months of 2008. The revisions
resulted largely from incorporation of results from BEA’s benchmark survey of U.S. direct investment
abroad for 2004 and its quarterly surveys of direct investment abroad for 2005, as well as from its
quarterly surveys of foreign direct investment in the United States for 2005, from BEA’s benchmark
survey of selected international services for 2006, and from BEA’s quarterly surveys of selected
international services beginning in the first quarter of 2007. Revisions from these sources have an
impact mostly on receipts and payments for 2006-2007. The revisions to services receipts are larger
than the revisions to services payments. Most of the revisions are to royalties and license fees and to
“other private services.” The revisions result from recent BEA initiatives to better capture movements
of large and volatile categories of transactions, as well as to improve the coverage of transactions.
US Foreign Trade - April 2008 [PDF]
Source: Department of Commerce, Census Bureau
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