Archive for the 'Trade in Goods and Services' Category

Detailed Statistics on Trade in Services Coming Soon

With the release of the October edition of the Survey of Current Business, the Bureau of Economic Analysis (BEA) will publish the most detailed tables on trade in services by type of service and by area and country. These data represent the final product related to the restructuring of BEA’s international accounts, the most sweeping revamp since 1976.

This annual article (U.S. International Services: Trade in Services and Services Supplied Through Affiliates) provides a broad perspective on services provided by and to the United States in international markets by presenting information on both trade in services and services supplied through the channel of direct investment by affiliates of multinational enterprises. This year’s article will feature restructured tables on U.S. exports and imports of services consistent with those released with the international transactions accounts in June. The statistics on services supplied through affiliates will not be restructured but there will be minor changes to the tables to adopt new terminology.

In addition, these tables will be made available for the first time in BEA’s interactive tables.  This gives users the flexibility to customize their own time series rather than relying on static Excel tables. Templates previewing the structure of the tables are available here.

New information on trade by detailed type of service and by area and country will be available under the restructured trade in services tables.  For example:
• Exports and imports of accounting, auditing, and bookkeeping services by area and country
• Exports and imports of construction by area and country
• Exports and imports of architectural and engineering services by area and country

Also, the analysis in the article has expanded to include statistics on services provided to, and received from, nonresidents by U.S. government agencies, both military and nonmilitary, as part of a new category, “government goods and services n.i.e.” (not included elsewhere).  With this change, this article will now provide detailed information on all U.S. trade in services, not just private services.

These changes have aligned U.S. data more closely with updated international guidelines, such as the sixth edition of the Balance of Payments and International Investment Position Manual. Keeping up with international guidelines makes it easier for users to compare U.S. data with data from our major trade and investment partners.

July 2014 Trade Gap is $40.5 Billion

The U.S. monthly international trade deficit decreased in July 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.8 billion in June (revised) to $40.5 billion in July as exports increased more than imports. The previously published June deficit was $41.5 billion. The goods deficit decreased $0.2 billion from June to $60.2 billion in July; the services surplus was nearly unchanged from June at $19.6 billion.

Trade_july2014

Exports
Exports of goods and services increased $1.8 billion in July to $198.0 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.

  • The increase in exports of goods was more than accounted for by increases in automotive vehicles, parts, and engines and in industrial supplies and materials. Partly offsetting were decreases in consumer goods and in foods, feeds, and beverages.
  • The increase in exports of services reflected increases of less than $0.1 billion in several categories of services.

Imports
Imports of goods and services increased $1.6 billion in July to $238.6 billion, reflecting an increase in imports of goods. Imports of services were nearly unchanged.

  • The increase in imports of goods was mostly accounted for by an increase in automotive vehicles, parts, and engines.
  • Imports of services were nearly unchanged as an increase in other business services was mostly offset by a decrease in charges for the use of intellectual property, which decreased due to higher payments in June than in July for the rights to broadcast the 2014 soccer World Cup.

Goods by geographic area (seasonally adjusted, Census basis)

  • The goods deficit with the European Union decreased from $11.5 billion in June to $9.5 billion in July. Exports increased $0.5 billion to $24.8 billion, and imports decreased $1.5 billion to $34.3 billion.
  • The goods deficit with China decreased from $29.2 billion in June to $27.5 billion in July. Exports increased $0.1 billion to $9.8 billion, and imports decreased $1.6 billion to $37.3 billion.
  • The goods deficit with OPEC increased from $3.6 billion in June to $4.9 billion in July. Exports increased $0.3 billion to $6.9 billion, and imports increased $1.5 billion to $11.8 billion.

See the full report.

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.