EconoIndicators

International Trade At a Glance

• Exports: $164.7 billion
• Monthly Change: Down $3.4 billion
• Imports: $223.9 billion
• Monthly Change: Down $5.5 billion
• Trade Deficit: $59.1 billion
• Monthly Change: Down $2.2 billion

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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
August 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 August exports of $164.7 billion
and imports of $223.9 billion resulted in a goods and
services deficit of $59.1 billion, down from $61.3 billion in
July, revised. August exports were $3.4 billion less than
July exports of $168.1 billion. August imports were $5.5
billion less than July imports of $229.4 billion.

In August, the goods deficit decreased $3.2 billion
from July to $70.9 billion, and the services surplus
decreased $1.0 billion to $11.8 billion. Exports of goods
decreased $3.2 billion to $117.6 billion, and imports of
goods decreased $6.4 billion to $188.5 billion. Exports of
services decreased $0.2 billion to $47.1 billion, and imports
of services increased $0.9 billion to $35.3 billion.

In August 2008, the goods and services deficit
increased $3.8 billion from August 2007. Exports were up
$22.6 billion, or 15.9 percent, and imports were up $26.4
billion, or 13.4 percent.

Goods

The July to August change in exports of goods
reflected decreases in automotive vehicles, parts, and
engines ($1.7 billion); industrial supplies and materials
($1.2 billion); consumer goods ($0.9 billion); and foods,

feeds, and beverages ($0.2 billion). Increases occurred in
capital goods ($0.8 billion) and other goods ($0.2 billion).

The July to August change in imports of goods
reflected decreases in industrial supplies and materials
($6.2 billion); automotive vehicles, parts, and engines ($1.2
billion); capital goods ($0.8 billion); and other goods ($0.3
billion). Increases occurred in consumer goods ($2.3
billion) and foods, feeds, and beverages ($0.2 billion).

The August 2007 to August 2008 change in exports of
goods reflected increases in industrial supplies and
materials ($9.7 billion); capital goods ($4.2 billion); foods,
feeds, and beverages ($2.6 billion); consumer goods ($1.6
billion); other goods ($0.8 billion); and automotive
vehicles, parts, and engines ($0.2 billion).

The August 2007 to August 2008 change in imports of
goods reflected increases in industrial supplies and
materials ($20.2 billion); consumer goods ($4.1 billion);
capital goods ($1.0 billion); foods, feeds, and beverages
($0.8 billion); and other goods ($0.4 billion). A decrease
occurred in automotive vehicles, parts, and engines ($2.7
billion).

Services

Services exports decreased $0.2 billion from July to
August. The decrease was more than accounted for by
decreases in other private services (which includes items
such as business, professional, and technical services,
insurance services, and financial services) and other
transportation (which includes freight and port services).
Increases in royalties and license fees and transfers under
U.S. military sales contracts were partly offsetting.
Changes in other categories of services exports were small.

Services imports increased $0.9 billion from July to
August. Royalties and license fees increased $0.9 billion; it
includes payments for the rights to broadcast the 2008
Summer Olympic Games. Decreases in other
transportation and passenger fares were partly offsetting.
Changes in other categories of services imports were small.

From August 2007 to August 2008, services exports
increased $3.5 billion. The largest increases were in
travel ($1.4 billion), other transportation ($0.9 billion), and
passenger fares ($0.7 billion).

From August 2007 to August 2008, services imports
increased $3.1 billion. The largest increases were in
royalties and license fees ($1.2 billion) and other
transportation ($0.6 billion).

Goods and Services Moving Average

For the three months ending in August, exports of
goods and services averaged $165.2 billion, while imports
of goods and services averaged $225.0 billion, resulting in
an average trade deficit of $59.8 billion. For the three
months ending in July, the average trade deficit was $60.1
billion, reflecting average exports of $162.6 billion and
average imports of $222.7 billion.

Selected Not Seasonally Adjusted Goods Details

The August figures showed surpluses, in billions of
dollars, with Hong Kong $1.2 ($1.1 for July), Singapore
$1.2 ($0.9), Australia $1.0 ($1.2), and Egypt $0.4 ($0.5).
Deficits were recorded, in billions of dollars, with China
$25.3 ($24.9), OPEC $19.2 ($24.2), Canada $7.4 ($8.2), the
European Union $6.8 ($11.0), Mexico $5.9 ($5.5), Japan
$4.8 ($6.3), Venezuela $4.6 ($5.4), Nigeria $3.4 ($3.8),
Taiwan $1.1 ($0.5), and Korea $0.7 ($1.3).

Advanced technology products (ATP) exports were
$25.1 billion in August and imports were $28.3 billion,
resulting in a deficit of $3.2 billion. August exports were
$1.8 billion more than the $23.3 billion in July, while
imports were $2.1 billion less than the $30.4 billion in July.

Revisions

Goods carry-over in August was $0.3 billion (0.2
percent) for exports and $2.5 billion (1.3 percent) for
imports. For July, revised export carry-over was $0.1
billion (0.1 percent), revised down from $0.4 billion (0.3
percent). For July, revised import carry-over was $0.2
billion (0.1 percent), revised down from $2.2 billion (1.1
percent).

Services exports for July were revised down $0.1
billion to $47.3 billion. The revision was mostly accounted
for by a downward revision in other transportation.
Services imports for July were revised down $0.3 billion to
$34.4 billion. The revision was mostly accounted for by
downward revisions in travel and passenger fares.

Source: Department of Commerce, Census Bureau