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 THURSDAY, OCTOBER 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 Joe Kafchinski (301) 763-2311 Media: Ralph Stewart (202) 606-2649 CB07-143, BEA07-49, FT-900 (07-08) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES August 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 August exports of $138.3 billion and imports of $195.9 billion resulted in a goods and services deficit of $57.6 billion, $1.4 billion less than the $59.0 billion in July, revised. August exports were $0.6 billion more than July exports of $137.7 billion. August imports were $0.8 billion less than July imports of $196.7 billion. In August, the goods deficit decreased $1.2 billion from July to $66.6 billion, and the services surplus increased $0.2 billion to $9.0 billion. Exports of goods increased $0.3 billion to $99.0 billion, and imports of goods decreased $0.8 billion to $165.5 billion. Exports of services increased $0.3 billion to $39.4 billion, and imports of services were virtually unchanged at $30.4 billion. In August, the goods and services deficit was down $10.0 billion from August 2006. Exports were up $15.7 billion, or 12.8 percent, and imports were up $5.7 billion, or 3.0 percent. Goods The July to August change in exports of goods reflected increases in industrial supplies and materials ($0.9 billion); foods, feeds, and beverages ($0.6 billion); and consumer goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.0 billion); other goods ($0.3 billion); and capital goods ($0.2 billion). The July to August change in imports of goods reflected decreases in industrial supplies and materials ($0.7 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.2 billion). Increases occurred in capital goods ($0.3 billion); other goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). 2 The August 2006 to August 2007 change in exports of goods reflected increases in industrial supplies and materials ($3.9 billion); capital goods ($3.4 billion); foods, feeds, and beverages ($1.7 billion); consumer goods ($1.3 billion); and automotive vehicles, parts, and engines ($1.1 billion). Other goods were virtually unchanged. The August 2006 to August 2007 change in imports of goods reflected increases in consumer goods ($1.8 billion); capital goods ($1.7 billion); automotive vehicles, parts, and engines ($0.9 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.4 billion). A decrease occurred in industrial supplies and materials ($1.8 billion). Services Services exports increased $0.3 billion from July to August. The increase was mostly accounted for by an increase in travel. Changes in other categories of services exports were small. Services imports were virtually unchanged from July to August. Changes in all categories of services imports were small and nearly offsetting. From August 2006 to August 2007, services exports increased $4.1 billion. The largest increases were in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services ($2.1 billion), travel ($1.1 billion), and royalties and license fees ($0.5 billion). From August 2006 to August 2007, services imports increased $1.8 billion. The largest increases were in other private services ($1.1 billion), travel ($0.3 billion), and royalties and license fees ($0.2 billion). Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $136.7 billion, while imports of goods and services averaged $195.4 billion, resulting in an average trade deficit of $58.7 billion. For the three months ending in July, the average trade deficit was $59.3 billion, reflecting average exports of $134.8 billion and average imports of $194.1 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Hong Kong $1.1 ($0.9 for July), Australia $0.9 ($0.7), Singapore $0.6 ($0.5), Egypt $0.4 ($0.1), and Argentina $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $22.5 ($23.8), OPEC $11.4 ($10.9), Europe $11.1 ($14.8), the European Union $10.2 ($13.0), Mexico $6.9 ($5.6), Japan $6.7 ($8.0), Canada $5.3 ($5.7), Taiwan $0.8 ($1.0), Korea $0.8 ($1.4), and Brazil $0.2 ($0.2). Advanced technology products (ATP) exports were $23.2 billion in August and imports were $27.9 billion, resulting in a deficit of $4.7 billion. August exports were $1.1 billion more than the $22.2 billion in July, while imports were $0.8 billion more than the $27.1 billion in July. Revisions Goods carry-over in August was $0.4 billion (0.4 percent) for exports and $1.5 billion (0.9 percent) for imports. For July, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.3 billion (0.3 percent). For July, revised import carry-over was $0.7 billion (0.4 percent), revised down from $2.0 billion (1.2 percent). Services exports for July were revised down $0.1 billion to $39.1 billion. The revision was mostly accounted for by a downward revision in travel. Services imports for July were virtually unchanged at $30.4 billion. 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