FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, THURSDAY, SEPTEMBER 11, 2008
CB08-137
BEA08-40
FT-900 (08-07)
BEA08-40
FT-900 (08-07)
* 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. 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.
