Archive for the 'BEA News' Category



May 2014 Trade Gap is $44.4 Billion

The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3 billion from April to $18.9 billion in May.

BALANCE ON GOODS AND SERVICES TRADE

Exports

Exports of goods and services increased $2.0 billion in May to $195.5 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods mainly reflected increases in automotive vehicles, parts, and engines, in other goods, and in consumer goods.
  • The increase in exports of services mainly reflected increases in travel (for all purposes including education) and in transport, which includes freight and port services and passenger fares.

Imports

Imports of goods and services decreased $0.7 billion in May to $239.8 billion, mainly reflecting a decrease in imports of goods. Imports of services were nearly unchanged.

  • The decrease in imports of goods mainly reflected decreases in industrial supplies and materials, in other goods, and in consumer goods. Increases in automotive vehicles, parts, and engines and in capital goods were partly offsetting.
  • Changes in all categories of imports of services were small and mostly offsetting.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with Canada increased from $2.5 billion in April (revised) to $3.5 billion in May. Exports increased $0.6 billion to $26.2 billion, and imports increased $1.6 billion to $29.7 billion.
  • The goods deficit with Mexico decreased from $4.5 billion in April to $3.5 billion in May. Exports increased $1.1 billion to $20.8 billion, and imports increased $0.1 billion to $24.4 billion.
  • The goods deficit with Saudi Arabia decreased from $4.0 billion in April to $2.3 billion in May. Exports increased $0.4 billion to $1.7 billion, and imports decreased $1.3 billion to $4.1 billion.

Read the full report.

How BEA Regional Data is Used to Distribute Federal Funds to State, Local Governments

Did you know that each year BEA regional economic statistics, such as annual personal income and per capita personal income are used to allocate billions of dollars in federal funds to states and local governments?  In fiscal year 2013, about $308 billion in federal funds were distributed under programs using BEA statistics in funding formulas.

Each year BEA gathers information on the amounts distributed by federal programs using BEA regional economic statistics.  BEA recently released materials detailing the amounts distributed in fiscal year 2013.  The information can be found on BEA’s Web site at http://www.bea.gov/regional/about.cfm under “Uses of the Regional Program Estimates”.

The use of BEA regional economic statistics in federal funding formulas is only one of the important uses of these data, and is just one reason why the accuracy and timeliness of these statistics are so important.

regional income and product account

Value of U.S. Assets Decreased but Value of U.S. Liabilities Increased in First Quarter 2014

The U.S. net international investment position was -$5,539.3 billion (preliminary) at the end of the first quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the fourth quarter, the net position was -$5,383.0 billion (revised).

Assets and Liabilities

  •  The $156.3 billion decrease in the net position reflected a $108.3 billion decrease in the value of U.S. assets and a $48.0 billion increase in the value of U.S. liabilities.
  •  The U.S. net international investment position decreased 2.9 percent in the first quarter, compared with a decrease of 7.8 percent in the fourth quarter and an average quarterly decrease of 7.4 percent from the first quarter of 2011    through the fourth quarter of 2013.
  •  U.S. assets were $23,601.5 billion at the end of the first quarter compared with $23,709.8 billion at the end of the fourth quarter.
  •  U.S. liabilities were $29,140.8 billion at the end of the first quarter compared with $29,092.8 billion at the end of the fourth quarter.

Read the full report.