FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 10, 2008
CB08-58
BEA08-14
FT-900 (08-02)
BEA08-14
FT-900 (08-02)
* 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
February 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 February exports of $151.4 billion and imports
of $213.7 billion resulted in a goods and services deficit of $62.3 billion, up from
$59.0 billion in January, revised. February exports were $3.0 billion more than January
exports of $148.4 billion. February imports were $6.3 billion more than January imports
of $207.3 billion.
In February, the goods deficit increased $3.5 billion from January to $72.9 billion, and
the services surplus increased $0.1 billion to $10.6 billion. Exports of goods increased
$2.6 billion to $107.3 billion, and imports of goods increased $6.0 billion to $180.2
billion. Exports of services increased $0.4 billion to $44.1 billion, and imports of
services increased $0.3 billion to $33.5 billion.
In February, the goods and services deficit increased $4.1 billion from February 2007.
Exports were up $26.1 billion, or 20.8 percent, and imports were up $30.2 billion, or
16.4 percent.
Goods
The January to February change in exports of goods reflected increases in industrial
supplies and materials ($1.9 billion); foods, feeds, and beverages ($0.7 billion); other
goods ($0.6 billion); and automotive vehicles, parts, and engines ($0.4 billion).
Decreases occurred in capital goods ($0.7 billion) and consumer goods ($0.1 billion).
The January to February change in imports of goods reflected increases in consumer goods
($2.2 billion); automotive vehicles, parts, and engines ($1.8 billion); capital goods
($1.0 billion); foods, feeds, and beverages ($0.1 billion); industrial supplies and
materials ($0.1 billion); and other goods ($0.1 billion).
The February 2007 to February 2008 change in exports of goods reflected increases in
industrial supplies and materials ($8.0 billion); capital goods ($4.2 billion); foods,
feeds, and beverages ($3.0 billion); consumer goods ($1.8 billion); automotive vehicles,
parts, and engines ($1.4 billion); and other goods ($0.5 billion).
The February 2007 to February 2008 change in imports of goods reflected increases in
industrial supplies and materials ($19.5 billion); capital goods ($1.9 billion); automotive
vehicles, parts, and engines ($1.5 billion); consumer goods ($1.3 billion); foods, feeds,
and beverages ($0.6 billion); and other goods ($0.1 billion).
Services
Services exports increased $0.4 billion from January to February. The increase was mostly
accounted for by increases in travel and royalties and license fees. Changes in other
categories of services exports were small and nearly offsetting.
Services imports increased $0.3 billion from January to February. The increase was
mostly accounted for by increases in other transportation (which includes freight and
port services), travel, and other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services).
Changes in other categories of services imports were small and nearly offsetting.
From February 2007 to February 2008, services exports increased $7.1 billion. The
largest increases were in other private services ($2.8 billion), travel ($2.1 billion),
royalties and license fees ($0.9 billion), and other transportation ($0.9 billion).
Within other private services, increases were largest in business, professional, and
technical services and in financial services.
From February 2007 to February 2008, services imports increased $4.0 billion. The largest
increases were in other private services ($2.0 billion), other transportation ($0.6 billion),
and travel ($0.5 billion). Within other private services, increases were largest in
insurance services and in business, professional, and technical services.
Goods and Services Moving Average
For the three months ending in February, exports of goods and services averaged $148.5
billion, while imports of goods and services averaged $208.2 billion, resulting in an
average trade deficit of $59.7 billion. For the three months ending in January, the
average trade deficit was $59.7 billion, reflecting average exports of $146.0 billion
and average imports of $205.7 billion.
Selected Not Seasonally Adjusted Goods Details
The February figures showed surpluses, in billions of dollars, with Australia $1.2
($0.6 for January), Hong Kong $1.2 ($0.9), Singapore $1.1 ($0.5), Belgium $0.7 ($0.9),
and Egypt $0.4 ($0.3). Deficits were recorded, in billions of dollars, with China
$18.4 ($20.3), OPEC $13.2 ($15.5), Japan $6.9 ($6.6), the European Union $6.9 ($6.1),
Canada $6.5 ($5.9), Mexico $5.5 ($5.1), Nigeria $2.9 ($3.4), Venezuela $2.6 ($3.4),
Korea $1.1 ($1.2), and Taiwan $0.7 ($1.0).
Advanced technology products (ATP) exports were $22.3 billion in February and imports
were $25.6 billion, resulting in a deficit of $3.3 billion. February exports were $0.1
billion more than the $22.1 billion in January, while imports were virtually unchanged
from January at $25.6 billion.
Revisions
Goods carry-over in February was $0.4 billion (0.4 percent) for exports and $1.7 billion
(1.0 percent) for imports. For January, revised export carry-over was $0.1 billion
(0.1 percent), revised down from $0.2 billion (0.2 percent). For January, revised import
carry-over was $0.3 billion (0.2 percent), revised down from $0.8 billion (0.5 percent).
Services exports for January were virtually unrevised at $43.6 billion. Downward
revisions in travel and passenger fares were partly offset by an upward revision in
other transportation. Services imports for January were virtually unrevised at $33.2 billion.
