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 March exports of $126.2 billion and imports of $190.1 billion resulted in a goods and services deficit of $63.9 billion, $6.0 billion more than the $57.9 billion in February, revised. March exports were $2.2 billion more than February exports of $124.0 billion. March imports were $8.2 billion more than February imports of $181.9 billion.

In March, the goods deficit increased $6.0 billion from February to $70.2 billion, and the services surplus was virtually unchanged at $6.3 billion. Exports of goods increased $1.8 billion to $90.2 billion, and imports of goods increased $7.8 billion to $160.3 billion. Exports of services increased $0.4 billion to $36.1 billion, and imports of services increased $0.4 billion to $29.8 billion. In March, the goods and services deficit was up $1.6 billion from March 2006. Exports were up $10.7 billion, or 9.2 percent, and imports were up $12.3 billion, or 6.9 percent.

Goods

The February to March change in exports of goods reflected increases in industrial supplies and materials ($1.3 billion); automotive vehicles, parts, and engines ($0.6 billion); consumer goods ($0.3 billion); and other goods ($0.2 billion). A decrease occurred in foods, feeds, and
beverages ($0.3 billion). Capital goods were virtually unchanged. The February to March change in imports of goods reflected increases in industrial supplies and materials ($5.0 billion); automotive vehicles, parts, and engines ($0.9 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.3 billion). A decrease occurred in capital goods ($0.1 billion). Other goods were virtually unchanged.

The March 2006 to March 2007 change in exports of goods reflected increases in industrial supplies and materials ($2.5 billion); capital goods ($1.6 billion); consumer goods ($1.4 billion); automotive vehicles, parts, and engines ($1.3 billion); other goods ($1.0 billion); and foods, feeds, and beverages ($0.7 billion). The March 2006 to March 2007 change in imports of goods reflected increases in consumer goods ($3.6 billion); industrial supplies and materials ($2.6 billion); capital goods ($1.7 billion); automotive vehicles, parts, and engines ($0.8 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.2 billion).

Services

Services exports increased $0.4 billion from February to March. 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), travel, and other transportation (which includes freight and port services). Changes in other categories of services exports were small and nearly offsetting. Services imports increased $0.4 billion from February toMarch. The increase was mostly accounted for by increases in travel, other private services, and other transportation.

Changes in other categories of services imports were small. From March 2006 to March 2007, services exports increased $2.6 billion. The largest increases were in other private services ($1.7 billion), travel ($0.6 billion), and royalties and license fees ($0.3 billion). From March 2006 to March 2007, services imports increased $1.8 billion. The largest increases were in other private services ($1.3 billion), travel ($0.2 billion), and royalties and license fees ($0.2 billion).

Goods and Services Moving Average

For the three months ending in March, exports of goods and services averaged $125.7 billion, while imports of goods and services averaged $185.9 billion, resulting in an average trade deficit of $60.2 billion. For the three months ending in February, the average trade deficit was $59.4 billion, reflecting average exports of $125.4 billion and average imports of $184.8 billion.

Selected Not Seasonally Adjusted Goods Details

The March figures showed surpluses, in billions of dollars, with Hong Kong $1.3 ($0.8 for February), Australia $1.0 ($0.9), Singapore $0.9 ($0.8), Egypt $0.2 ($0.3), and Argentina $0.1($0.0). Deficits were recorded, in billions of dollars, with China $17.2 ($18.4), Europe $8.9 ($7.2), OPEC $8.7 ($7.0), the European Union $7.7 ($6.4), Japan $7.1 ($7.1), Mexico $6.7 ($5.1), Canada $5.7 ($4.7), Korea $1.2 ($1.1), Taiwan $1.0($0.9), and Brazil $0.4 ($0.1).Advanced technology products (ATP) exports were $24.2 billion in March and imports were $27.1 billion, resulting in a deficit of $2.9 billion. March exports were $4.8 billion more than the $19.4 billion in February, while imports were $3.5 billion more than the $23.6 billion in February.

Revisions

Goods carry-over in March was $0.1 billion (0.1 percent) for exports and $0.6 billion (0.4 percent) for imports. For February, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.3 billion (0.4 percent). For February, revised import carry-over was $0.3 billion (0.2 percent), revised down from $1.2 billion (0.9 percent). Services exports for February were revised up $0.1billion to $35.6 billion. The revision was accounted for by small upward revisions in several categories. Services imports for February were revised down $0.2 billion to $29.4 billion. The revision was mostly accounted for by a downward revision in travel.


Available at:

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