U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce ? Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EST TUESDAY, JANUARY 13, 2009 For information on goods contact: U.S. Census Bureau: Nick Orsini 301-763-6959 Maria Iseman 301-763-2311 For information on services contact: U.S. Bureau of Economic Analysis: Technical: Edward Dozier 202-606-9559 Media: Ralph Stewart 202-606-2649 CB09-04, BEA09-01, FT-900 (08-11) 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. TABLE OF CONTENTS Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services 1 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages 2 Exhibit 3 U.S. Services by Major Category - Exports 3 Exhibit 4 U.S. Services by Major Category - Imports 4 Exhibit 5 U.S. Trade in Goods 5 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category 6 Exhibit 7 Exports of Goods by End-Use Category and Commodity 7 Exhibit 8 Imports of Goods by End-Use Category and Commodity 9 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals 11 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain- weighted dollars) 12 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals (2000 Chain-weighted dollars) 13 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods 14 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category 15 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas 16 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities 18 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products 20 Exhibit 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas 21 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil 22 Exhibit 18 Exports and Imports of Motor Vehicles and Parts by Selected Countries 23 Information on Goods and Services A-1 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 27 of this release, or at www.census.gov/ft900 or www.bea.gov/bea/di/home/trade.htm. The next FT-900 release is February 11, 2009.