U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce · Washington, D.C. 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EDT TUESDAY, SEPTEMBER 11, 2007 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 Vanessa Ware (301) 763-2311 Media: Ralph Stewart (202) 606-2649 CB07-125, BEA07-40, FT-900 (07-07) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES July 2007 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 July exports of $137.7 billion and imports of $196.9 billion resulted in a goods and services deficit of $59.2 billion, $0.2 billion less than the $59.4 billion in June, revised. July exports were $3.6 billion more than June exports of $134.1 billion. July imports were $3.4 billion more than June imports of $193.5 billion. In July, the goods deficit decreased $0.3 billion from June to $68.1 billion, and the services surplus decreased $0.1 billion to $8.9 billion. Exports of goods increased $3.5 billion to $98.4 billion, and imports of goods increased $3.2 billion to $166.6 billion. Exports of services increased $0.1 billion to $39.2 billion, and imports of services increased $0.2 billion to $30.4 billion. In July, the goods and services deficit was down $8.3 billion from July 2006. Exports were up $17.8 billion, or 14.8 percent, and imports were up $9.5 billion, or 5.1 percent. Goods The June to July change in exports of goods reflected increases in capital goods ($1.9 billion); automotive vehicles, parts, and engines ($1.4 billion); consumer goods ($0.5 billion); and foods, feeds, and beverages ($0.3 billion). A decrease occurred in industrial supplies and materials ($0.6 billion). Other goods were virtually unchanged. The June to July change in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.1 billion); industrial supplies and materials ($1.0 billion); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). A decrease occurred in capital goods ($0.1 billion). 2 The July 2006 to July 2007 change in exports of goods reflected increases in capital goods ($4.7 billion); industrial supplies and materials ($3.5 billion); automotive vehicles, parts, and engines ($2.0 billion); consumer goods ($1.4 billion); foods, feeds, and beverages ($1.3 billion); and other goods ($0.6 billion). The July 2006 to July 2007 change in imports of goods reflected increases in consumer goods ($2.8 billion); capital goods ($1.9 billion); automotive vehicles, parts, and engines ($1.5 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.4 billion). Industrial supplies and materials were virtually unchanged. Services Services exports increased $0.1 billion from June to July. The increase was mostly accounted for by increases in travel and other transportation (which includes freight and port services), which were partly offset by a decrease in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in other categories of services exports were small. Services imports increased $0.2 billion from June to July. The increase was more than accounted for by increases in other transportation and other private services. Changes in other categories of services imports were small. From July 2006 to July 2007, services exports increased $4.4 billion. The largest increases were in other private services ($2.3 billion), travel ($0.9 billion), and other transportation ($0.6 billion). From July 2006 to July 2007, services imports increased $1.7 billion. The largest increases were in other private services ($1.2 billion), travel ($0.2 billion), and other transportation ($0.2 billion). Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $134.7 billion, while imports of goods and services averaged $194.2 billion, resulting in an average trade deficit of $59.4 billion. For the three months ending in June, the average trade deficit was $59.2 billion, reflecting average exports of $131.9 billion and average imports of $191.1 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Hong Kong $0.9 ($1.2 for June), Australia $0.7 ($0.9), Singapore $0.5 ($1.0), Argentina $0.2 ($0.2), and Egypt $0.1 ($0.2 billion). Deficits were recorded, in billions of dollars, with China $23.8 ($21.2), Europe $14.8 ($9.6), the European Union $13.0 ($9.2), OPEC $10.9 ($9.9), Japan $8.0 ($6.3), Canada $5.7 ($5.9), Mexico $5.6 ($6.4), Korea $1.4 ($0.9), Taiwan $1.0 ($0.7), and Brazil $0.2 ($0.4). Advanced technology products (ATP) exports were $22.2 billion in July and imports were $27.1 billion, resulting in a deficit of $4.9 billion. July exports were $2.1 billion less than the $24.2 billion in June, while imports were $0.4 billion less than the $27.5 billion in June. Revisions Goods carry-over in July was $0.3 billion (0.3 percent) for exports and $2.0 billion (1.2 percent) for imports. For June, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.4 billion (0.4 percent). For June, revised import carry-over was $0.4 billion (0.2 percent), revised down from $1.1 billion (0.7 percent). Services exports and imports for January through June 2007 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revisions over the entire period were in other private services. For services imports, the largest revisions over the entire period were in other transportation, passenger fares, and travel. Services exports for June were revised down $0.2 billion to $39.1 billion. The revision was more than accounted for by a downward revision in other private services. Services imports for June were revised up $0.2 billion to $30.2 billion. The revision was more than accounted for by upward revisions in travel and other transportation, which were partly offset by downward revisions in passenger fares and other private services. Table of Contents December 1995 Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services . . . .4 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages5 Exhibit 3 U.S. Services by Major Category--Exports . . . . . . .6 Exhibit 4 U.S. Services by Major Category--Imports . . . . . . .7 Exhibit 5 U.S. Trade in Goods. . . . . . . . . . . . . . . . . .8 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category9 Exhibit 7 Exports of Goods by End-Use Category and Commodity . 10 Exhibit 8 Imports of Goods by End-Use Category and Commodity . 12 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals. . . . . . . . 14 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain-weighted dollars) . . . . . . 15 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (2000 Chain-weighted dollars)16 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods. . . . . . . . . . . . . . . . . 17 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas . . . . . . . . . . . . 19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products23 Exhibit 16aExports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas24 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil. . . . . . . . . . . . . . . . 25 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries26 Information on Goods and Services. . . . . . . . . . . . . . . . 27