Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $123.6 billion and imports of $182.5 billion resulted in a goods and services deficit of $58.9 billion, $5.4 billion less than the $64.3 billion in September, revised.

October exports were $0.3 billion more than September exports of $123.4 billion. October imports were $5.1 billion less than September imports of $187.6 billion. In October, the goods deficit decreased $5.2 billion from September to $65.1 billion, and the services surplus increased $0.2 billion to $6.2 billion. Exports of goods decreased $0.1 billion to $88.5 billion, and imports of goods decreased $5.3 billion to $153.6 billion. Exports of services increased $0.4 billion to $35.2 billion, and imports of services increased $0.2 billion to $28.9 billion. In October, the goods and services deficit was down $7.7 billion from October 2005. Exports were up $15.0 billion, or 13.8 %, and imports were up $7.3 billion, or 4.2 %.

Goods

The September to October change in exports of goods reflected decreases in industrial supplies and materials ($0.5 billion) and automotive vehicles, parts, and engines ($0.1 billion). An increase occurred in consumer goods ($0.4 billion). Foods, feeds, and beverages; capital goods; and other goods were virtually unchanged. The September to October change in imports of goods reflected decreases in industrial supplies and materials ($5.2 billion); capital goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.3 billion). Increases occurred in consumer goods ($0.2 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion).

The October 2005 to October 2006 change in exports of goods reflected increases in industrial supplies and materials ($4.8 billion); capital goods ($4.5 billion); consumer goods ($1.6 billion); other goods ($1.0 billion); foods, feeds, and beverages ($0.8 billion); and automotive vehicles, parts, and engines ($0.2 billion). The October 2005 to October 2006 change in imports of goods reflected increases in consumer goods ($3.8 billion); capital goods ($3.2 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.5 billion). A decrease occurred in industrial supplies and materials ($3.1 billion). Automotive vehicles, parts, and engines were virtually unchanged.

Services

Services exports increased $0.4 billion from September to October. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and travel. Changes in other categories of services exports were small. Services imports increased $0.2 billion from September to October.

The increase was more than accounted for by increases in other private services, travel, and passenger fares. Changes in other categories of services imports were small. From October 2005 to October 2006, services exports increased $2.5 billion. The largest increases were in other private services ($1.7 billion) and travel ($0.4 billion). From October 2005 to October 2006, services imports increased $2.3 billion. The largest increases were in other private services ($1.5 billion) and travel ($0.4 billion).

Goods and Services Moving Average

For the three months ending in October, exports of goods and services averaged $123.2 billion, while imports of goods and services averaged $187.1 billion, resulting in an average trade deficit of $63.9 billion. For the three months ending in September, the average trade deficit was $66.8 billion, reflecting average exports of $122.0 billion and average imports of $188.8 billion.

The October figures showed surpluses, in billions of dollars, with Australia $1.0 ($0.9 for September), Hong Kong $0.7 ($1.0), Singapore $0.3 ($0.7), Egypt $0.3 ($0.2), and Argentina $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $24.4 ($23.0), Europe $11.4 ($9.0), the European Union $9.5 ($7.0), Japan $8.3 ($6.7), OPEC $7.5 ($9.2), Canada $5.4 ($5.7), Mexico $5.2 ($5.8), Korea $1.4 ($0.8), Taiwan $1.3 ($1.5), and Brazil $0.6 ($0.5).

Advanced technology products (ATP) exports were $22.3 billion in October and imports were $27.1 billion, resulting in a deficit of $4.8 billion. October exports were $0.3 billion more than the $22.0 billion in September, while imports were $0.9 billion more than the $26.2 billion in September.

Revisions

Goods carry-over in October was $0.2 billion (0.2 %) for exports and $1.1 billion (0.7%) for imports. For September, revised export carry-over was $0.1 billion (0.1%), revised down from $0.2 billion (0.2%). For September, revised import carry-over was $0.2 billion (0.2%), revised down from $1.0 billion (0.6%).

Available at:

http://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf