FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, TUESDAY, AUGUST 12, 2008
CB08-121
BEA08-37
FT-900 (08-06)
BEA08-37
FT-900 (08-06)
* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.
U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
June 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 June exports of $164.4
billion and imports of $221.2 billion resulted in a goods and services deficit
of $56.8 billion, down from $59.2 billion in May, revised. June exports were
$6.4 billion more than May exports of $158.0 billion. June imports were $3.9
billion more than May imports of $217.2 billion.
In June, the goods deficit decreased $2.1 billion from May to $70.0 billion,
and the services surplus increased $0.4 billion to $13.3 billion. Exports of
goods increased $5.7 billion to $116.7 billion, and imports of goods increased
$3.6 billion to $186.7 billion. Exports of services increased $0.7 billion to
$47.7 billion, and imports of services increased $0.3 billion to $34.5 billion.
In June, the goods and services deficit decreased $2.4 billion from June 2007.
Exports were up $28.7 billion, or 21.1 percent, and imports were up $26.3 billion,
or 13.5 percent.
Goods
The May to June change in exports of goods reflected increases in industrial supplies
and materials ($2.8 billion); capital goods ($1.2 billion); foods, feeds, and beverages
($0.9 billion); consumer goods ($0.7 billion); and automotive vehicles, parts, and engines
($0.6 billion). A decrease occurred in other goods ($0.2 billion).
The May to June change in imports of goods reflected increases in industrial supplies
and materials ($5.6 billion); other goods ($0.1 billion); and automotive vehicles, parts,
and engines ($0.1 billion). Decreases occurred in capital goods ($1.4 billion); consumer
goods ($0.6 billion); and foods, feeds, and beverages ($0.1 billion).
The June 2007 to June 2008 change in exports of goods reflected increases in industrial
supplies and materials ($10.0 billion); capital goods ($3.9 billion); foods, feeds, and
beverages ($3.8 billion); consumer goods ($2.3 billion); automotive vehicles, parts, and
engines ($0.8 billion); and other goods ($0.6 billion).
The June 2007 to June 2008 change in imports of goods reflected increases in industrial
supplies and materials ($19.8 billion); consumer goods ($1.8 billion); capital goods
($1.2 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.4 billion).
A decrease occurred in automotive vehicles, parts, and engines ($0.9 billion).
Services
Services exports increased $0.7 billion from May to June. 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),
royalties and license fees, passenger fares, and other transportation (which includes
freight and port services).
Services imports increased $0.3 billion from May to June. The increase was mostly accounted
for by increases in other private services and passenger fares. Changes in other categories
of services imports were small.
From June 2007 to June 2008, services exports increased $6.8 billion. The largest increases
were in other private services ($2.3 billion), travel ($1.7 billion), other transportation
($1.1 billion), and royalties and license fees ($1.0 billion). Within other private
services, the largest increase was in business, professional, and technical services.
From June 2007 to June 2008, services imports increased $3.1 billion. The largest increases
were in other private services ($1.2 billion), travel ($0.6 billion), and other transportation
($0.6 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 June, exports of goods and services averaged $159.5 billion,
while imports of goods and services averaged $218.4 billion, resulting in an average trade
deficit of $58.8 billion. For the three months ending in May, the average trade deficit
was $58.7 billion, reflecting average exports of $154.9 billion and average imports of
$213.7 billion.
Selected Not Seasonally Adjusted Goods Details
The June figures showed surpluses, in billions of dollars, with Hong Kong $1.8 ($1.4 for May),
Singapore $1.5 ($1.3), Australia $1.0 ($1.1), and Egypt $0.4 ($0.3). Deficits were recorded,
in billions of dollars, with China $21.4 ($21.0), OPEC $18.1 ($17.9), the European Union $8.2
($7.9), Canada $7.2 ($5.4), Japan $6.1 ($5.0), Mexico $5.7 ($6.6), Venezuela $4.6 ($3.9),
Nigeria $3.3 ($3.2), Taiwan $0.6 ($0.6), and Korea $0.5 ($1.1).
Advanced technology products (ATP) exports were $25.0 billion in June and imports were $28.9
billion, resulting in a deficit of $3.9 billion. June exports were $1.0 billion more than
the $24.1 billion in May, while imports were $1.3 billion more than the $27.6 billion in May.
Revisions
Goods carry-over in June was $0.8 billion (0.7 percent) for exports and $1.4 billion
(0.7 percent) for imports. For May, revised export carry-over was $0.2 billion (0.1 percent),
revised down from $0.7 billion (0.6 percent). For May, revised import carry-over was
$0.1 billion (0.1 percent), revised down from $1.5 billion (0.8 percent).
Services exports for May were revised up $0.3 billion to $47.0 billion. The revision was
mostly accounted for by upward revisions in travel and passenger fares. Services imports
for May were revised up $0.1 billion to $34.1 billion. The revision was more than accounted
for by an upward revision in travel.
