Archive for the 'BEA News' Category

Innovation @ BEA: Exploring New Data Projects

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BEA is working on a variety of projects this year to bring new economic statistics your way. The goal is to give business people, policymakers and households additional tools to make informed decisions and deepen their understanding of the U.S. economy. At this point, it’s too early for us to say exactly when these new statistics will be introduced, but here’s a look at what we’re planning.

TRADE IN SERVICES
BEA will begin enhancing the information it provides on trade in services between the United States and other countries to support U.S. trade promotion and trade agreement efforts and to shed light on expanding trade in high-value services categories.

In October of this year, BEA will publish expanded geographic detail on exports and imports of services with the release of BEA’s most detailed annual trade in services statistics. The additional countries include Free Trade Agreement countries not already published and other trading partners of interest.

Over the next several years, BEA will accelerate the release of geographic detail by publishing more countries each quarter rather than just annually. BEA plans to produce quarterly statistics for at least 55 countries and country groups, an expansion from the current 38 countries and country groups. In addition, BEA will expand the level of detail it publishes—by type of service—for some of the most dynamic services provided by, and to, U.S. businesses, including research and development, intellectual property, medical services, financial services, and information and communication technology.

SMALL BUSINESS
BEA plans to produce statistics to measure the economic impact of small businesses, which are often at the leading edge of risk-taking, entrepreneurship and economic growth in the United States.

This new effort would include development of a Small Business Satellite Account, which would estimate the economic activity generated by small businesses and track the overall growth and health of America’s small business sector.

ARTS AND CULTURE
BEA plans to produce statistics showing the role of arts and culture in the economies of all 50 states. Statistics would include state-by-state employment and compensation information for those in the arts. Currently, BEA produces arts and culture statistics only on a nationwide basis.

INDUSTRY DETAIL
BEA plans to produce more industry detail as part of its annual GDP by Industry statistics. Currently, these statistics are published for 71 industries, which primarily reflect 3-digit industry detail under the North American Industry Classification System (NAICS). The planned expansion, which will take place over the next few years, will be more closely aligned with the 4-digit NAICS industries. For example, GDP by Industry statistics for utilities would be expanded to include detail for the following three industries: electric power generation transmission and distribution; natural gas distribution; and water, sewage and other systems. Another example: More detail would be made available for computer and electronic products manufacturing – a key source of U.S. innovation. Detailed breakouts would include computer equipment manufacturing, semiconductor manufacturing, and audio video and communications equipment manufacturing. Providing customers with such detail will foster a deeper understanding of the U.S. economy.

COUNTY ECONOMIC ACTIVITY
BEA is exploring the idea of producing statistics detailing the economic performance of the nation’s more than 3,000 counties. Currently, BEA produces Gross Domestic Product statistics covering the national economy, state economies and metropolitan economies.

 

2015 Trade Gap is $531.5 Billion

The U.S. international trade deficit increased in 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $508.3 billion in 2014 to $531.5 billion in 2015, as exports decreased more than imports. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent in 2015, up from 2.9 percent in 2014. The goods deficit increased from $741.5 billion in 2014 to $758.9 billion in 2015, and the services surplus decreased from $233.1 billion in 2014 to $227.4 billion in 2015.

annual highlights

Exports
Exports of goods and services decreased $112.9 billion, or 4.8 percent, in 2015 to $2,230.3 billion. Exports of goods decreased $118.8 billion and exports of services increased $5.9 billion. 

  • The largest decreases in exports of goods were in industrial supplies and materials ($76.9 billion), in foods, feeds, and beverages ($16.0 billion), and in capital goods ($12.7 billion). 
  • The largest increases in exports of services were in other business services ($9.3 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, in telecommunications, computer, and information services ($2.0 billion), and in financial services ($1.7 billion).

Imports
Imports of goods and services decreased $89.7 billion, or 3.1 percent, in 2015 to $2,761.8 billion. Imports of goods decreased $101.3 billion and imports of services increased $11.6 billion. 

  • The largest decrease in imports of goods was in industrial supplies and materials ($180.8 billion). 
  • The largest increases in imports of services were in travel (for all purposes including education) ($9.7 billion), in other business services ($5.2 billion), and in transport ($3.1 billion), which includes freight and port services and passenger fares.

Goods by geographic area (Census basis) 

  • The deficit with China increased from $343.1 billion in 2014 to $365.7 billion in 2015. Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion. 
  • The deficit with the European Union increased from $142.1 billion in 2014 to $153.3 billion in 2015. Exports decreased $3.5 billion to $272.7 billion and imports increased $7.8 billion to $426.0 billion. 
  • The balance with members of OPEC shifted from a deficit of $50.0 billion in 2014 to a surplus of $6.6 billion in 2015. Exports decreased $9.6 billion to $72.8 billion and imports decreased $66.2 billion to $66.2 billion.

For more information, read the full report.

December 2015 Trade Gap is $43.4 Billion

The U.S. monthly international trade deficit increased in December 2015 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.2 billion in November (revised) to $43.4 billion in December, as exports decreased and imports increased. The previously published November deficit was $42.4 billion. The goods deficit increased $1.3 billion from November to $62.5 billion in December. The services surplus increased $0.1 billion from November to $19.2 billion in December.

Balance on Goods and service monthly

Exports
Exports of goods and services decreased $0.5 billion, or 0.3 percent, in December to $181.5 billion. Exports of goods decreased $0.8 billion and exports of services increased $0.3 billion. 

  • The decrease in exports of goods mainly reflected decreases in automotive vehicles, parts, and engines ($0.6 billion), in industrial supplies and materials ($0.4 billion), and in foods, feeds, and beverages ($0.4 billion). 
  • The increase in exports of services mainly reflected increases in financial services ($0.2 billion) and in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services.

Imports
Imports of goods and services increased $0.6 billion, or 0.3 percent, in December to $224.9 billion. Imports of goods increased $0.5 billion and imports of services increased $0.1 billion. 

  • The increase in imports of goods mainly reflected increases in automotive vehicles, parts, and engines ($1.0 billion) and in industrial supplies and materials ($0.5 billion). 
  • The increase in imports of services mainly reflected increases in travel (for all purposes including education) ($0.1 billion) and in other business services ($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The balance with members of OPEC shifted from a surplus of $1.1 billion in November to a deficit of $0.2 billion in December. Exports decreased $1.2 billion to $5.2 billion and imports increased $0.1 billion to $5.4 billion. 
  • The deficit with Germany increased from $5.5 billion in November to $6.4 billion in December. Exports decreased less than $0.1 billion to $4.1 billion and imports increased $0.8 billion to $10.5 billion. 
  • The deficit with France decreased from $2.1 billion in November to $1.4 billion in December. Exports increased $0.1 billion to $2.5 billion and imports decreased $0.6 billion to $3.9 billion.

For more information, read the full report.