FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 10, 2008
CB08-153
BEA08-47
FT-900 (08-08)
BEA08-47
FT-900 (08-08)
* 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
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.
