U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce ? Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EDT FRIDAY, OCTOBER 10, 2008 For information on goods contact: For information on services contact: U.S. Census Bureau: U.S. Bureau of Economic Analysis: Nick Orsini 301-763-6959 Technical: Christopher Bach 202-606-9545 Maria Iseman 301-763-2311 Media: Ralph Stewart 202-606-2649 CB08-153, BEA08-47, FT-900 (08-08) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES August 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 August exports of $164.7 billion and imports of $223.9 billion resulted in a goods and services deficit of $59.1 billion, down from $61.3 billion in July, revised. August exports were $3.4 billion less than July exports of $168.1 billion. August imports were $5.5 billion less than July imports of $229.4 billion. In August, the goods deficit decreased $3.2 billion from July to $70.9 billion, and the services surplus decreased $1.0 billion to $11.8 billion. Exports of goods decreased $3.2 billion to $117.6 billion, and imports of goods decreased $6.4 billion to $188.5 billion. Exports of services decreased $0.2 billion to $47.1 billion, and imports of services increased $0.9 billion to $35.3 billion. In August 2008, the goods and services deficit increased $3.8 billion from August 2007. Exports were up $22.6 billion, or 15.9 percent, and imports were up $26.4 billion, or 13.4 percent. Goods 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). The August 2007 to August 2008 change in exports of goods reflected increases in industrial supplies and materials ($9.7 billion); capital goods ($4.2 billion); foods, feeds, and beverages ($2.6 billion); consumer goods ($1.6 billion); other goods ($0.8 billion); and automotive vehicles, parts, and engines ($0.2 billion). The August 2007 to August 2008 change in imports of goods reflected increases in industrial supplies and materials ($20.2 billion); consumer goods ($4.1 billion); capital goods ($1.0 billion); foods, feeds, and beverages ($0.8 billion); and other goods ($0.4 billion). A decrease occurred in automotive vehicles, parts, and engines ($2.7 billion). Services Services exports decreased $0.2 billion from July to August. The decrease was more than accounted for by decreases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and other transportation (which includes freight and port services). Increases in royalties and license fees and transfers under U.S. military sales contracts were partly offsetting. Changes in other categories of services exports were small. Services imports increased $0.9 billion from July to August. Royalties and license fees increased $0.9 billion; it includes payments for the rights to broadcast the 2008 Summer Olympic Games. Decreases in other transportation and passenger fares were partly offsetting. Changes in other categories of services imports were small. From August 2007 to August 2008, services exports increased $3.5 billion. The largest increases were in travel ($1.4 billion), other transportation ($0.9 billion), and passenger fares ($0.7 billion). From August 2007 to August 2008, services imports increased $3.1 billion. The largest increases were in royalties and license fees ($1.2 billion) and other transportation ($0.6 billion). Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $165.2 billion, while imports of goods and services averaged $225.0 billion, resulting in an average trade deficit of $59.8 billion. For the three months ending in July, the average trade deficit was $60.1 billion, reflecting average exports of $162.6 billion and average imports of $222.7 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Hong Kong $1.2 ($1.1 for July), Singapore $1.2 ($0.9), Australia $1.0 ($1.2), and Egypt $0.4 ($0.5). Deficits were recorded, in billions of dollars, with China $25.3 ($24.9), OPEC $19.2 ($24.2), Canada $7.4 ($8.2), the European Union $6.8 ($11.0), Mexico $5.9 ($5.5), Japan $4.8 ($6.3), Venezuela $4.6 ($5.4), Nigeria $3.4 ($3.8), Taiwan $1.1 ($0.5), and Korea $0.7 ($1.3). Advanced technology products (ATP) exports were $25.1 billion in August and imports were $28.3 billion, resulting in a deficit of $3.2 billion. August exports were $1.8 billion more than the $23.3 billion in July, while imports were $2.1 billion less than the $30.4 billion in July. Revisions Goods carry-over in August was $0.3 billion (0.2 percent) for exports and $2.5 billion (1.3 percent) for imports. For July, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.4 billion (0.3 percent). For July, revised import carry-over was $0.2 billion (0.1 percent), revised down from $2.2 billion (1.1 percent). Services exports for July were revised down $0.1 billion to $47.3 billion. The revision was mostly accounted for by a downward revision in other transportation. Services imports for July were revised down $0.3 billion to $34.4 billion. The revision was mostly accounted for by downward revisions in travel and passenger fares. TABLE OF CONTENTS Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages. . . . . . . 2 Exhibit 3 U.S. Services by Major Category – Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Exhibit 4 U.S. Services by Major Category – Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Exhibit 5 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 6 Exhibit 7 Exports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 7 Exhibit 8 Imports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 9 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain- weighted dollars) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals (2000 Chain-weighted dollars) . . . . . . . . . . . . . . . . . . . . . . 13 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 15 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas. . . . . . . . . . . . 16 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities. . . . . . . . . . . . . . . . . . . . 18 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products. . . . . . . . . . . . . . . . . . 20 Exhibit 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil . . . . . . . . . . . . . . . 22 Exhibit 18 Exports and Imports of Motor Vehicles and Parts by Selected Countries. . . . . . . . . . . . . 23 Information on Goods and Services.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1 ii 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 27 of this release, or at www.census.gov/ft900 or www.bea.gov/bea/di/home/trade.htm. The next FT-900 release is April 11, 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 on page A-1 of this release, or at www.census.gov/ft900 or www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. The next FT-900 release is November 13, 2008. Scheduled release dates through February 2009 are located on page A-5