EconoIndicators

International Trade At a Glance

• Exports: $151.7 billion
• Monthly Change: Down $3.4 billion
• Imports: $208.9 billion
• Monthly Change: Down $2.7 billion
• Trade Deficit: $57.2 billion
• Monthly Change: Up $0.6 billion

Technorati Tags: trade, deficit, international, foreign, trade

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
October 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 October exports of $151.7 billion
and imports of $208.9 billion resulted in a goods and
services deficit of $57.2 billion, up from $56.6 billion in
September, revised. October exports were $3.4 billion less
than September exports of $155.1 billion. October imports
were $2.7 billion less than September imports of $211.6
billion.

In October, the goods deficit increased $0.3 billion
from September to $69.8 billion, and the services surplus
decreased $0.4 billion to $12.6 billion. Exports of goods
decreased $3.0 billion to $104.8 billion, and imports of
goods decreased $2.7 billion to $174.6 billion. Exports of
services decreased $0.3 billion to $46.9 billion, and imports
of services were virtually unchanged at $34.3 billion.

In October 2008, the goods and services deficit
increased $0.9 billion from October 2007. Exports were up
$7.6 billion, or 5.3 percent, and imports were up $8.5 billion,
or 4.2 percent.

Goods

The September to October change in exports of goods
reflected decreases in industrial supplies and materials

($1.4 billion); foods, feeds, and beverages ($0.8 billion);
automotive vehicles, parts, and engines ($0.2 billion);
consumer goods ($0.2 billion); capital goods ($0.1 billion);
and other goods ($0.1 billion).

The September to October change in imports of goods
reflected decreases in capital goods ($1.4 billion);
automotive vehicles, parts, and engines ($0.9 billion); other
goods ($0.2 billion); and industrial supplies and materials
($0.1 billion). Increases occurred in consumer goods ($0.5
billion) and foods, feeds, and beverages ($0.1 billion).

The October 2007 to October 2008 change in exports of
goods reflected increases in industrial supplies and materials
($4.0 billion); consumer goods ($0.8 billion); foods, feeds, and
beverages ($0.5 billion); and other goods ($0.1 billion).
Decreases occurred in capital goods ($1.0 billion) and
automotive vehicles, parts, and engines ($0.4 billion).

The October 2007 to October 2008 change in imports of
goods reflected increases in industrial supplies and materials
($10.0 billion); foods, feeds, and beverages ($0.8 billion);
consumer goods ($0.7 billion); and other goods ($0.2 billion).
Decreases occurred in automotive vehicles, parts, and engines
($4.6 billion) and capital goods ($0.4 billion).

Services

Services exports decreased $0.3 billion from September to
October. The decrease was more than accounted for by
decreases in travel, other transportation (which includes
freight and port services), and other private services (which
includes items such as business, professional, and technical
services, insurance services, and financial services). An
increase in transfers under U.S. military sales contracts was
partly offsetting. Changes in other categories of services
exports were small.

Services imports were virtually unchanged from
September to October. Increases in other private services and
passenger fares were largely offset by a decrease in other
transportation. Changes in other categories of services
imports were small.

From October 2007 to October 2008, services exports
increased $3.2 billion. The largest increases were in other
private services ($1.1 billion), travel ($0.6 billion), and
royalties and license fees ($0.6 billion). Within other private
services, the largest increase was in business, professional, and
technical services.

From October 2007 to October 2008, services imports
increased $2.0 billion. The largest increases were in other
private services ($0.8 billion), other transportation ($0.4
billion), royalties and license fees ($0.3 billion), and passenger
fares ($0.3 billion). Within other private services, the largest
increase was in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in October, exports of goods
and services averaged $157.5 billion, while imports of goods
and services averaged $215.0 billion, resulting in an average
trade deficit of $57.5 billion. For the three months ending in
September, the average trade deficit was $58.8 billion,
reflecting average exports of $163.0 billion and average
imports of $221.9 billion.

Selected Not Seasonally Adjusted Goods Details

The October figures showed surpluses, in billions of dollars,
with Australia $1.1 ($0.8 for September), Hong Kong $1.1 ($1.7),
Singapore $1.0 ($0.9), and Egypt $0.2 ($0.2). Deficits were
recorded, in billions of dollars, with China $28.0 ($27.8), OPEC
$14.0 ($13.4), the European Union $9.6 ($8.3), Japan $6.0 ($5.6),
Canada $6.0 ($7.6), Mexico $4.8 ($4.9), Venezuela $2.7 ($3.5),
Nigeria $2.6 ($2.2), Korea $1.6 ($1.0), and Taiwan $1.5 ($1.4).

Advanced technology products (ATP) exports were $22.1
billion in October and imports were $29.9 billion, resulting in a
deficit of $7.9 billion. October exports were $0.5 billion more
than the $21.6 billion in September, while imports were $0.6
billion more than the $29.3 billion in September.

Revisions

Goods carry-over in October was $0.2 billion (0.2 percent)
for exports and $1.8 billion (1.0 percent) for imports. For
September, revised export carry-over was $0.3 billion (0.3
percent), revised down from $0.9 billion (0.8 percent). For
September, revised import carry-over was $0.4 billion (0.2
percent), revised down from $2.1 billion (1.1 percent).

Services exports and imports for April through September
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 in other private services and
travel.

Services exports for September were virtually unrevised at
$47.3 billion. Downward revisions in travel, passenger fares,
and other transportation were mostly offset by upward revisions
in other private services and royalties and license fees. Services
imports for September were revised up $0.1 billion to $34.3
billion. The revision was more than accounted for by an upward
revision in other private services. A downward revision in travel
was partly offsetting.

Foreign Trade – October 2008 [PDF]

Source: Department of Commerce, Census Bureau