The estimates of gross domestic product (GDP) for American Samoa show that real GDP, adjusted to remove price changes, increased 0.5 percent in 2011 and decreased 2.4 percent in 2012.
For comparison, real GDP for the United States (excluding the territories) increased 1.8 percent in 2011 and 2.8 percent in 2012.
In 2011, the increase in real GDP reflected an increase in territorial government spending that was partly offset by a decrease in consumer spending. The growth in government spending reflected an increase in investment that was largely due to continued reconstruction efforts following the 2009 earthquake and tsunami. Consumer spending fell as residents faced increases in prices and decreases in compensation.
In 2012, the downturn in real GDP reflected a continued decrease in consumer spending and a downturn in territorial government spending. Activities associated with the tuna canning industry offset some of the declines in consumer spending and government spending. Exports of goods, primarily canned tuna, increased. Private construction activity also increased, reflecting the construction of Tri Marine’s cold storage facility.
Read the full report here.
The U.S. monthly international trade deficit increased in July 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $34.5 billion in June (revised) to $39.1 billion in July as exports decreased and imports increased. The previously published June deficit was $34.2 billion. The goods deficit increased $4.5 billion from June to $58.6 billion in July; the services surplus decreased $0.1 billion from June to $19.4 billion in July.
Exports of goods and services decreased $1.1 billion in July to $189.4 billion, reflecting a decrease in exports of goods. Exports of services were virtually unchanged.
• The largest decreases in exports of goods were in capital goods and in consumer goods.
• The small change in exports of services reflected an increase in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, that was offset by decreases in passenger fares and in other transportation, which includes freight and port services.
Imports of goods and services increased $3.5 billion in July to $228.6 billion mostly reflecting an increase in imports of goods. Imports of services also increased.
• The largest increases in imports of goods were in industrial supplies and materials, in automotive vehicles, parts, and engines, and in consumer goods.
• The increase in imports of services mostly reflected an increase in other transportation.
Goods by geographic area (not seasonally adjusted)
• The goods deficit with the European Union increased from $7.1 billion in June to $13.9 billion in July. Exports decreased $1.7 billion to $21.1 billion and imports increased $5.1 billion to $35.1 billion.
• The goods deficit with China increased from $26.6 billion in June to $30.1 billion in July. Exports decreased $0.4 billion to $8.7 billion and imports increased $3.0 billion to $38.8 billion.
• The goods deficit with Canada increased from $1.8 billion in June to $2.8 billion in July. Exports decreased $1.8 billion to $23.6 billion and imports decreased $0.8 billion to $26.4 billion.
To learn more about U.S. international trade in goods and services, read the full report.