U.S. International Trade in Goods and Services Highlights
January 13, 2009
Goods and Services Deficit Decreases in November 2008
The Nation's international deficit in goods and services decreased to $40.4 billion in November from $56.7 billion (revised) in October, as imports decreased more than exports.
Goods and Services
- Exports decreased to $142.8 billion in November from $151.5 billion in October. Goods were $97.2 billion in November, down from $104.8 billion in October, and services were $45.6 billion in November, down from $46.7 billion in October.
- Imports decreased to $183.2 billion in November from $208.2 billion in October. Goods were $149.7 billion in November, down from $173.8 billion in October, and services were $33.6 billion in November, down from $34.4 billion in October.
- For goods, the deficit was $52.4 billion in November, down from $69.0 billion in October. For services, the surplus was $12.0 billion in November, down from $12.4 billion in October.
Goods by Category
- The October to November change in exports of goods reflected decreases in industrial supplies and materials ($4.2 billion); capital goods ($1.5 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.5 billion); and consumer goods ($0.2 billion). An increase occurred in other goods ($0.2 billion).
- The October to November change in imports of goods reflected decreases in industrial supplies and materials ($16.5 billion); consumer goods ($3.8 billion); capital goods ($2.2 billion); automotive vehicles, parts, and engines ($1.2 billion); and foods, feeds, and beverages ($0.4 billion). Other goods were virtually unchanged.
Services by Category
- The October to November change in exports of services mostly reflected decreases in other private services ($0.4 billion), which includes items such as business, professional, and technical services, insurance services, and financial services; travel ($0.3 billion); and other transportation ($0.2 billion), which includes freight and port services.
- The October to November change in imports of services mostly reflected decreases in other transportation ($0.3 billion), travel ($0.2 billion), and other private services ($0.1 billion).
Goods by Geographic Area (Not Seasonally Adjusted)
- The goods deficit with Canada decreased from $5.9 billion in October to $3.3 billion in November. Exports decreased $2.9 billion (primarily other petroleum products and automobiles, parts, and accessories) to $19.2 billion, while imports decreased $5.4 billion (primarily crude oil) to $22.6 billion.
- The goods deficit with China decreased from $28.0 billion in October to $23.1 billion in November. Exports decreased $0.8 billion (primarily steelmaking materials) to $5.2 billion, while imports decreased $5.7 billion (primarily household goods; toys, games, and sporting goods; and apparel) to $28.3 billion.
- The goods deficit with the European Union decreased from $9.6 billion in October to $5.6 billion in November. Exports decreased $2.2 billion (primarily passenger cars and nonmonetary gold) to $20.7 billion, while imports decreased $6.2 billion (primarily pharmaceutical preparations and other petroleum products) to $26.3 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:
November 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: November 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
February 11, 2009
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)
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