U.S. International Trade in Goods and Services Highlights

February 8, 2013

Goods and Services Deficit Decreases in 2012

The Nation’s international trade deficit in goods and services decreased to $540.4 billion in 2012 from $559.9 billion in 2011.

Goods and Services

• The goods and services deficit was $540.4 billion in 2012, down from $559.9 billion in 2011. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.4 percent in 2012, down from 3.7 percent in 2011.

• Exports increased $92.6 billion to $2,195.9 billion in 2012. Goods were $1,563.6 billion and services were $632.3 billion.

• Imports increased $73.0 billion to $2,736.3 billion in 2012. Goods were $2,299.3 billion and services were $437.0 billion.

• For goods, the deficit was $735.7 billion in 2012, down from $738.4 billion in 2011. For services, the surplus was $195.3 billion in 2012, up from $178.5 billion in 2011.
  

Goods by Category (Census basis)

• For 2012, exports of goods were up $66.7 billion from 2011.  Increases occurred in capital goods ($33.7 billion); automotive vehicles, parts, and engines ($12.9 billion); consumer goods ($6.7 billion); foods, feeds, and beverages ($6.6 billion); other goods ($6.3 billion); and industrial supplies and materials ($0.5 billion).

• For 2012, imports of goods were up $67.2 billion from 2011.  Increases occurred in automotive vehicles, parts, and engines ($43.1 billion); capital goods ($37.5 billion); other goods ($6.3 billion); foods, feeds, and beverages ($2.8 billion); and consumer goods ($2.2 billion). A decrease occurred in industrial supplies and materials ($24.6 billion).

Services by Category

• For 2012, exports of services were $632.3 billion, up $26.4 billion from 2011.  Increases occurred in travel ($12.1 billion), other private services ($10.2 billion), which includes items such as business, professional, and technical services, insurance services, and  financial  services,  passenger  fares  ($3.3 billion),  royalties and license fees ($0.6 billion), other transportation ($0.3 billion), which includes freight and port services, and U.S. government miscellaneous services ($0.1 billion).  Within other private services, the largest increase was in business, professional, and technical services.  A decrease occurred in transfers under U.S. military sales contracts ($0.1 billion).

• For 2012, imports of services were $437.0 billion, up $9.6 billion from 2011.  Increases occurred in royalties and license fees ($4.9 billion), which partly reflects payments for the rights to broadcast the 2012 Summer Olympic Games, travel ($4.9 billion), passenger fares ($3.3 billion), and other transportation ($0.4 billion).  Decreases occurred in direct defense expenditures ($3.0 billion), other private services ($0.6 billion), and U.S. government miscellaneous services ($0.4 billion). Within other private services, the largest decrease was in insurance.

Goods by Geographic Area (Not Seasonally Adjusted)

• The goods deficit with China increased from $295.4 billion in 2011 to $315.1 billion in 2012.  Exports increased $6.7 billion (primarily soybeans and civilian aircraft, engines, equipment, and parts) to $110.6 billion, while imports increased $26.3 billion (primarily cell phones and other household goods) to $425.6 billion.

• The goods deficit with European Union increased from $99.9 billion in 2011 to $115.7 billion in 2012.  Exports decreased $3.3 billion (primarily nonmonetary gold and petroleum products) to $265.1 billion, while imports increased $12.5 billion (primarily passenger cars, civilian aircraft engines, and petroleum products) to $380.8 billion.

• The goods deficit with Mexico decreased from $64.5 billion in 2011 to $61.3 billion in 2012.  Exports increased $18.0 billion (primarily fuel oil, automotive parts and accessories, and electric apparatus) to $216.3 billion, while imports increased $14.8 billion (primarily automotive vehicles, parts, and engines) to $277.7 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: December 2012 .

For further information on goods, contact Maria Iseman, Foreign Trade Division, U.S. Census Bureau, on (301) 763-2311; on services, contact Edward Dozier, U.S. Bureau of Economic Analysis, on (202) 606-9559.

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 March 7, 2013

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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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Related sites:

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