FOR IMMEDIATE RELEASE AT 8:30 A.M. EST, TUESDAY, JANUARY 13, 2009
CB09-04
BEA09-01
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U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
November 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 November exports of $142.8
billion and imports of $183.2 billion resulted in a goods and services deficit
of $40.4 billion, down from $56.7 billion in October, revised. November exports
were $8.7 billion less than October exports of $151.5 billion. November imports
were $25.0 billion less than October imports of $208.2 billion.
In November, the goods deficit decreased $16.6 billion from October to $52.4 billion,
and the services surplus decreased $0.4 billion to $12.0 billion. Exports of goods
decreased $7.6 billion to $97.2 billion, and imports of goods decreased $24.2 billion
to $149.7 billion. Exports of services decreased $1.2 billion to $45.6 billion, and
imports of services decreased $0.8 billion to $33.6 billion.
In November 2008, the goods and services deficit decreased $19.4 billion from
November 2007. Exports were down $2.4 billion, or 1.7 percent, and imports were
down $21.8 billion, or 10.6 percent.
Goods
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.
The November 2007 to November 2008 change in exports of goods reflected decreases in
capital goods ($2.3 billion); automotive vehicles, parts, and engines ($1.8 billion);
industrial supplies and materials ($0.7 billion); and foods, feeds, and beverages
($0.3 billion). Increases occurred in consumer goods ($0.7 billion) and other goods
($0.1 billion).
The November 2007 to November 2008 change in imports of goods reflected decreases in
industrial supplies and materials ($11.0 billion); automotive vehicles, parts, and
engines ($5.7 billion); consumer goods ($3.8 billion); capital goods ($2.7 billion);
and other goods ($0.1 billion). An increase occurred in foods, feeds, and beverages
($0.2 billion).
Services
Services exports decreased $1.2 billion from October to November. Most categories of
services exports decreased. The largest decreases were in other private services
(which includes items such as business, professional, and technical services, insurance
services, and financial services), travel, and other transportation (which includes
freight and port services).
Services imports decreased $0.8 billion from October to November. All categories of
services imports decreased. The largest decreases were in other transportation,
travel, and other private services.
The November 2007 to November 2008 increase in exports of services was $1.3 billion.
The largest increases were in royalties and license fees ($0.6 billion) and other
private services ($0.5 billion). Within other private services, the largest increase
was in business, professional, and technical services, which was partly offset by a
decrease in financial services.
The November 2007 to November 2008 increase in imports of services was $1.2 billion.
The largest increases were in other private services ($0.7 billion), royalties and
license fees ($0.3 billion), and passenger fares ($0.2 billion). Within other private
services, the largest increase was in business, professional, and technical services,
which was partly offset by a decrease in financial services.
Goods and Services Moving Average
For the three months ending in November, exports of goods and services averaged
$149.8 billion, while imports of goods and services averaged $201.0 billion, resulting
in an average trade deficit of $51.2 billion. For the three months ending in October,
the average trade deficit was $57.4 billion, reflecting average exports of $157.4
billion and average imports of $214.8 billion.
Selected Not Seasonally Adjusted Goods Details
The November figures showed surpluses, in billions of dollars, with Australia $1.0
($1.1 for October), Hong Kong $1.0 ($1.1), Singapore $0.7 ($1.0), and Egypt $0.1
($0.2). Deficits were recorded, in billions of dollars, with China $23.1 ($28.0),
OPEC $5.6 ($14.0), the European Union $5.6 ($9.6), Japan $5.0 ($6.0), Mexico $3.5
($4.8), Canada $3.3 ($5.9), Taiwan $1.4 ($1.5), Venezuela $1.3 ($2.7), and Nigeria
$1.3 ($2.6).
Advanced technology products (ATP) exports were $20.1 billion in November and imports
were $24.7 billion, resulting in a deficit of $4.6 billion. November exports were
$1.9 billion less than the $22.1 billion in October, while imports were $5.2 billion
less than the $29.9 billion in October.
Revisions
Goods carry-over in November was $0.2 billion (0.2 percent) for exports and $0.6
billion (0.4 percent) for imports. For October, revised export carry-over was less
than $0.1 billion. For October, revised import carry-over was $0.4 billion
(0.2 percent), revised down from $1.8 billion (1.0 percent).
Services exports for October were revised down $0.2 billion to $46.7 billion. The
revision was more than accounted for by downward revisions in travel and passenger
fares. Services imports for October were revised up $0.1 billion to $34.4 billion.
The revision was mostly accounted for by small upward revisions in passenger fares,
other transportation, and travel.
