EconoIndicators

International Trade At a Glance

• Exports: $168.1 billion
• Monthly Change: Up $5.4 billion
• Imports: $230.3 billion
• Monthly Change: Up $8.7 billion
• Trade Deficit: $62.2 billion
• Monthly Change: Up $3.4 billion

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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
July 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 July exports of $168.1 billion
and imports of $230.3 billion resulted in a goods and
services deficit of $62.2 billion, up from $58.8 billion in
June, revised. July exports were $5.4 billion more than
June exports of $162.8 billion. July imports were $8.7
billion more than June imports of $221.6 billion.

In July, the goods deficit increased $3.6 billion from
June to $74.9 billion, and the services surplus increased
$0.2 billion to $12.7 billion. Exports of goods increased
$4.5 billion to $120.8 billion, and imports of goods
increased $8.1 billion to $195.7 billion. Exports of services
increased $0.8 billion to $47.4 billion, and imports of
services increased $0.6 billion to $34.7 billion.

In July 2008, the goods and services deficit increased
$4.9 billion from July 2007. Exports were up $28.2 billion,
or 20.1 percent, and imports were up $33.0 billion, or 16.8
percent.

Goods

The June to July change in exports of goods reflected
increases in industrial supplies and materials ($1.6 billion);

automotive vehicles, parts, and engines ($1.4 billion);
capital goods ($0.9 billion); and consumer goods ($0.8
billion). A decrease occurred in foods, feeds, and
beverages ($0.1 billion). Other goods were virtually
unchanged.

The June to July change in imports of goods reflected
increases in industrial supplies and materials ($7.0 billion);
capital goods ($0.6 billion); other goods ($0.3 billion); and
foods, feeds, and beverages ($0.1 billion). Decreases
occurred in automotive vehicles, parts, and engines ($0.1
billion) and consumer goods ($0.1 billion).

The July 2007 to July 2008 change in exports of goods
reflected increases in industrial supplies and materials
($11.9 billion); foods, feeds, and beverages ($3.4 billion);
capital goods ($3.3 billion); consumer goods ($2.5 billion);
automotive vehicles, parts, and engines ($1.3 billion); and
other goods ($0.5 billion).

The July 2007 to July 2008 change in imports of goods
reflected increases in industrial supplies and materials
($26.8 billion); consumer goods ($2.2 billion); capital
goods ($1.8 billion); foods, feeds, and beverages ($0.7
billion); and other goods ($0.7 billion). A decrease
occurred in automotive vehicles, parts, and engines ($1.8
billion).

Services

Services exports increased $0.8 billion from June to
July. 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), travel, and other
transportation (which includes freight and port services).
Changes in other categories of services exports were small.

Services imports increased $0.6 billion from June to
July. The increase was mostly accounted for by increases
in other transportation, other private services, and travel.
Changes in other categories of services imports were small.

From July 2007 to July 2008, services exports
increased $4.9 billion. The largest increases were in
travel ($1.6 billion), other private services ($1.3 billion),
and other transportation ($1.1 billion). Within other
private services, the largest increases were in financial
services and business, professional, and technical services.

From July 2007 to July 2008, services imports
increased $2.7 billion. The largest increases were in travel
($0.6 billion), other transportation ($0.6 billion), and other
private services ($0.5 billion). Within other private
services, the largest increases were in business,
professional, and technical services and insurance services.

Goods and Services Moving Average

For the three months ending in July, exports of goods
and services averaged $162.6 billion, while imports of
goods and services averaged $223.0 billion, resulting in an
average trade deficit of $60.4 billion. For the three months
ending in June, the average trade deficit was $60.2 billion,
reflecting average exports of $158.3 billion and average
imports of $218.5 billion.

Selected Not Seasonally Adjusted Goods Details

The July figures showed surpluses, in billions of
dollars, with Australia $1.2 ($1.0 for June), Hong Kong
$1.1 ($1.8), Singapore $0.9 ($1.5), and Egypt $0.5 ($0.4).
Deficits were recorded, in billions of dollars, with China
$24.9 ($21.4), OPEC $24.2 ($18.1), the European Union
$11.0 ($8.2), Canada $8.3 ($7.2), Japan $6.3 ($6.1), Mexico
$5.5 ($5.7), Venezuela $5.4 ($4.6), Nigeria $3.8 ($3.3),
Korea $1.3 ($0.5), and Taiwan $0.5 ($0.6).

Advanced technology products (ATP) exports were
$23.3 billion in July and imports were $30.4 billion,
resulting in a deficit of $7.1 billion. July exports were $1.7
billion less than the $25.0 billion in June, while imports
were $1.5 billion more than the $28.9 billion in June.

Revisions

Goods carry-over in July was $0.4 billion (0.3 percent)
for exports and $2.2 billion (1.1 percent) for imports. For
June, revised export carry-over was $0.2 billion (0.2
percent), revised down from $0.8 billion (0.7 percent). For
June, revised import carry-over was $0.2 billion (0.1
percent), revised down from $1.4 billion (0.7 percent).

Services exports and imports for January through June
2008 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
also in other private services and royalties and license fees.

Services exports for June were revised down $1.2
billion to $46.5 billion. The revision was more than
accounted for by downward revisions in other private
services and royalties and license fees. An upward revision
in travel was partly offsetting. Services imports for June
were revised down $0.4 billion to $34.1 billion. The
revision was more than accounted for by a downward
revision in other private services. Upward revisions in
royalties and license fees and other transportation were
partly offsetting.

US Foreign Trade – July 2008 [PDF]

Source: Department of Commerce, Census Bureau