Archive for December, 2013



October 2013 Trade Gap is $40.6 Billion

The U.S. monthly international trade deficit decreased in October 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.0 billion in September (revised) to $40.6 billion in October as exports increased more than imports. The previously published September deficit was $41.8 billion. The goods deficit decreased $2.2 billion from September to $60.2 billion in October; the services surplus increased $0.1 billion from September to $19.6 billion in October.trade_124

Exports
Exports of goods and services increased $3.4 billion in October to $192.7 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
• The increase in exports of goods mostly reflected increases in industrial supplies and materials, in consumer goods, and in foods, feeds, and beverages.
• The increase in exports of services mostly reflected increases in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, in travel, and in passenger fares.

Imports
Imports of goods and services increased $1.0 billion in October to $233.3 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.
• The increase in imports of goods mostly reflected increases in industrial supplies and materials, in consumer goods, and in other goods that were partly offset by a decrease in automotive vehicles, parts, and engines.
• The increase in imports of services mostly reflected increases in passenger fares and in travel.

Goods by geographic area (not seasonally adjusted)
• The goods deficit with the European Union increased from $8.0 billion in September to $14.3 billion in October. Exports increased $0.3 billion to $23.1 billion and imports increased $6.6 billion to $37.4 billion.
• The goods deficit with China decreased from $30.5 billion in September to $28.9 billion in October. Exports increased $3.5 billion to $13.1 billion and imports increased $1.9 billion to $41.9 billion.
• The goods deficit with Mexico decreased from $5.3 billion in September to $4.1 billion in October. Exports increased $3.2 billion to $21.2 billion and imports increased $2.0 billion to $25.3 billion.

To learn more about U.S. international trade in goods and services, read the full report.

Northern Mariana Islands’ Economy Grows in 2012, Shrinks in 2011

Newly published estimates for the Commonwealth of the Northern Mariana Islands show that real Gross Domestic Product, GDP adjusted to remove price changes, increased 5.2 percent in 2012 after decreasing 6.8 percent in 2011.

For comparison, real GDP for the United States (excluding the territories) increased 2.8 percent in 2012 and 1.8 percent in 2011.

Tourism spending was a key driver of the CNMI’s economy over this period, accounting for much of the growth in 2012 and the decline in 2011. Exports of services, which consist mostly of spending by tourists, increased 17.0 percent in 2012 after decreasing 10.7 percent in 2011. The pattern of tourism spending reflected visitor arrivals to the CNMI, which rebounded in 2012 after falling significantly in 2011. The decline in 2011 reflected a drop in arrivals from Japan that were adversely affected by the March 2011 earthquake and tsunami.

Consumer spending also played a major role in the economy, increasing 4.9 percent in 2012 after decreasing 2.4 percent in 2011. The pattern of consumer spending reflected household purchases of durable goods, primarily motor vehicles.

Territorial government spending fell in both years.

Read the full report here.