EconoIndicators

International Trade At a Glance

• Exports: $155.4 billion
• Monthly Change: Down $9.9 billion
• Imports: $211.9 billion
• Monthly Change: Down $12.5 billion
• Trade Deficit: $56.5 billion
• Monthly Change: Down $2.6 billion

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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
September 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 September exports of $155.4
billion and imports of $211.9 billion resulted in a goods
and services deficit of $56.5 billion, down from $59.1
billion in August, revised. September exports were $9.9
billion less than August exports of $165.3 billion.
September imports were $12.5 billion less than August
imports of $224.4 billion.

In September, the goods deficit decreased $1.5 billion
from August to $69.6 billion, and the services surplus
increased $1.1 billion to $13.1 billion. Exports of goods
decreased $9.8 billion to $108.1 billion, and imports of
goods decreased $11.3 billion to $177.7 billion. Exports of
services decreased $0.1 billion to $47.3 billion, and imports
of services decreased $1.2 billion to $34.2 billion.

In September 2008, the goods and services deficit
increased $1.0 billion from September 2007. Exports were
up $12.6 billion, or 8.8 percent, and imports were up $13.6
billion, or 6.9 percent.

Goods

The August to September change in exports of goods
reflected decreases in capital goods ($4.2 billion);
industrial supplies and materials ($4.1 billion); foods,

feeds, and beverages ($1.1 billion); consumer goods ($0.5
billion); other goods ($0.4 billion); and automotive
vehicles, parts, and engines ($0.1 billion).

The August to September change in imports of goods
reflected decreases in industrial supplies and materials
($8.1 billion); consumer goods ($3.4 billion); automotive
vehicles, parts, and engines ($0.7 billion); foods, feeds, and
beverages ($0.2 billion); and other goods ($0.1 billion). An
increase occurred in capital goods ($0.5 billion).

The September 2007 to September 2008 change in
exports of goods reflected increases in industrial supplies
and materials ($5.7 billion); foods, feeds, and beverages
($1.0 billion); consumer goods ($0.9 billion); and other
goods ($0.7 billion). A decrease occurred in automotive
vehicles, parts, and engines ($0.1 billion). Capital goods
were virtually unchanged.

The September 2007 to September 2008 change in
imports of goods reflected increases in industrial supplies
and materials ($12.2 billion); capital goods ($0.8 billion);
consumer goods ($0.8 billion); foods, feeds, and beverages
($0.6 billion); and other goods ($0.2 billion). A decrease
occurred in automotive vehicles, parts, and engines ($3.5
billion).

Services

Services exports decreased $0.1 billion from August to
September. The decrease was more than accounted for by
decreases in travel, other transportation (which includes
freight and port services), and transfers under U.S. military
sales contracts. An increase in other private services
(which includes items such as business, professional, and
technical services, insurance services, and financial
services) was partly offsetting.

Services imports decreased $1.2 billion from August to
September. The decrease was mostly due to a $0.9 billion
decrease in royalties and license fees, which had been
boosted in August by payments for the rights to broadcast
the 2008 Summer Olympic Games. Travel, other
transportation, and passenger fares also decreased and
other private services increased.

From September 2007 to September 2008, services
exports increased $4.0 billion. The largest increases were
in travel ($1.4 billion), other private services ($0.9 billion),
other transportation ($0.8 billion), and passenger fares
($0.7 billion).

From September 2007 to September 2008, services
imports increased $2.2 billion. The largest increases were
in other transportation ($0.7 billion), other private services
($0.5 billion), royalties and license fees ($0.3 billion), and
travel ($0.3 billion).

Goods and Services Moving Average

For the three months ending in September, exports of
goods and services averaged $162.9 billion, while imports
of goods and services averaged $221.9 billion, resulting in
an average trade deficit of $59.0 billion. For the three
months ending in August, the average trade deficit was
$59.7 billion, reflecting average exports of $165.4 billion
and average imports of $225.1 billion.

Selected Not Seasonally Adjusted Goods Details

The September figures showed surpluses, in billions of
dollars, with Hong Kong $1.7 ($1.2 for August), Singapore
$0.9 ($1.2), Australia $0.8 ($1.0), and Egypt $0.2 ($0.4).
Deficits were recorded, in billions of dollars, with China
$27.8 ($25.3), OPEC $13.4 ($19.2), the European Union
$8.3 ($6.8), Canada $7.8 ($7.5), Japan $5.6 ($4.8), Mexico
$4.9 ($5.9), Venezuela $3.5 ($4.6), Nigeria $2.2 ($3.4),
Taiwan $1.4 ($1.1), and Korea $1.0 ($0.7).

Advanced technology products (ATP) exports were
$21.6 billion in September and imports were $29.3 billion,
resulting in a deficit of $7.8 billion. September exports
were $3.6 billion less than the $25.1 billion in August,
while imports were $1.0 billion more than the $28.3 billion
in August.

Revisions

Goods carry-over in September was $0.9 billion (0.8
percent) for exports and $2.1 billion (1.1 percent) for
imports. For August, revised export carry-over was $0.5
billion (0.4 percent), revised up from $0.3 billion (0.2
percent). For August, revised import carry-over was $1.2
billion (0.6 percent), revised down from $2.5 billion (1.3
percent).

Services exports for August were revised up $0.3
billion to $47.4 billion. The revision was mostly accounted
for by an upward revision in travel. Services imports for
August were revised up $0.1 billion to $35.4 billion. The
revision was more than accounted for by an upward
revision in travel.

US Foreign Trade – September 2008

Source: Department of Commerce, Census Bureau