U.S. International Trade in Goods and Services Highlights

October 10, 2008

Goods and Services Deficit Decreases in August 2008

The Nation's international deficit in goods and services decreased to $59.1 billion in August from $61.3 billion (revised) in July, as imports decreased more than exports.

Goods and Services

• Exports decreased to $164.7 billion in August from $168.1 billion in July. Goods were $117.6 billion in August, down from $120.8 billion in July, and services were $47.1 billion in August, down from $47.3 billion in July.
  
  
• Imports decreased to $223.9 billion in August from $229.4 billion in July. Goods were $188.5 billion in August, down from $194.9 billion in July, and services were $35.3 billion in August, up from $34.4 billion in July.
  
  
• For goods, the deficit was $70.9 billion in August, down from $74.1 billion in July. For services, the surplus was $11.8 billion in August, down from $12.8 billion in July.
  

Goods by Category

• The July to August change in exports of goods reflected decreases in automotive vehicles, parts, and engines ($1.7 billion); industrial supplies and materials ($1.2 billion); consumer goods ($0.9 billion); and foods, feeds, and beverages ($0.2 billion). Increases occurred in capital goods ($0.8 billion) and other goods ($0.2 billion).
  
  
• The July to August change in imports of goods reflected decreases in industrial supplies and materials ($6.2 billion); automotive vehicles, parts, and engines ($1.2 billion); capital goods ($0.8 billion); and other goods ($0.3 billion). Increases occurred in consumer goods ($2.3 billion) and foods, feeds, and beverages ($0.2 billion).

Services by Category

• The July to August change in exports of services reflected decreases in other private services ($0.3 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and other transportation ($0.1 billion), which includes freight and port services. Increases in royalties and license fees ($0.1 billion) and transfers under U.S. military sales contracts ($0.1 billion) were partly offsetting. Changes in other categories of services exports were small.
  
  
• The July to August change in imports of services reflected an increase in royalties and license fees ($0.9 billion), which includes payments for the rights to broadcast the 2008 Summer Olympic Games. Decreases in other transportation ($0.1 billion) and passenger fares ($0.1 billion) were partly offsetting. Changes in other categories of services imports were small.

Goods by Geographic Area (Not Seasonally Adjusted)

• The goods deficit with Canada decreased from $8.2 billion in July to $7.4 billion in August. Exports decreased $0.2 billion (primarily petroleum products) to $22.2 billion, while imports decreased $1.1 billion (primarily crude oil) to $29.6 billion.
  
  
• The goods deficit with China increased from $24.9 billion in July to $25.3 billion in August. Exports increased $0.1 billion (primarily civilian aircraft) to $6.5 billion, while imports increased $0.5 billion (primarily toys, games, and sporting goods; household goods; and apparel) to $31.8 billion.
  
  
• The goods deficit with the European Union decreased from $11.0 billion in July to $6.8 billion in August. Exports decreased $0.2 billion (primarily nonmonetary gold; civilian aircraft; and artwork, antiques, and stamps) to $23.6 billion, while imports decreased $4.5 billion (primarily passenger cars) to $30.4 billion.

  This and more information is provided in the Bureau of the Census and Bureau of Economic Analysis press release:

  U.S.International Trade in Goods and Services: August 2008 .

  This and more information is provided in the U.S. Census Bureau and U.S. Bureau of Economic Analysis press release, U.S. International Trade in Goods and Services: August 2008. For further information on goods, contact Maria Iseman, Foreign Trade Division, U.S. Census Bureau, on (301) 763-2311; on services, contact Christopher Bach, U.S. Bureau of Economic Analysis, on (202) 606-9545.
  
  NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page A-1 of the FT-900 release, or at www.census.gov/ft900 or http://www.bea.gov/bea/di/home/trade.htm.

  The next release is November 13, 2008

  ---

  Note: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the Information Section (PDF, 53k) (TXT, 23k)

  ---

  Related sites:

  • U.S. Department of Commerce
    • U.S. Census Bureau, Foreign Trade Division
    • Bureau of Economic Analysis