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 January exports of $126.7 billion and imports of $185.8 billion resulted in a goods and services deficit of $59.1 billion, compared with $61.5 billion in December, revised. January exports were $1.4 billion more than December exports of $125.3 billion.

January imports were $1.0 billion less than December imports of $186.7 billion. In January, the goods deficit decreased $2.6 billion from December to $65.4 billion, and the services surplus decreased $0.3 billion to $6.3 billion. Exports of goods increased $1.5 billion to $90.9 billion, and imports of goods decreased $1.1 billion to $156.3 billion. Exports of services decreased $0.1 billion to $35.8 billion, and imports of services increased $0.2 billion to $29.5 billion. In January, the goods and services deficit was down $7.4 billion from January 2006. Exports were up $12.3 billion, or 10.7 percent, and imports were up $4.9 billion, or 2.7%.

Goods

The December to January change in exports of goods reflected increases in capital goods ($1.0 billion); consumer goods ($0.5 billion); foods, feeds, and beverages ($0.3 billion); and industrial supplies and materials ($0.3billion). Decreases occurred in automotive vehicles, parts, and engines ($0.7 billion) and other goods ($0.2 billion). The December to January change in imports of goods reflected decreases in automotive vehicles, parts, and engines ($1.5 billion); consumer goods ($1.4 billion); and other goods ($0.1 billion). Increases occurred in capital goods ($1.3 billion); industrial supplies and materials ($0.4 billion); and foods, feeds, and beverages ($0.1billion).

The January 2006 to January 2007 change in exports of goods reflected increases in capital goods ($4.0 billion); industrial supplies and materials ($2.9 billion); consumer goods ($1.6 billion); foods, feeds, and beverages ($0.9 billion); other goods ($0.7 billion); and automotive vehicles, parts, and engines ($0.1 billion) The January 2006 to January 2007 change in imports of goods reflected increases in consumer goods ($3.2 billion); capital goods ($2.6 billion); and foods, feeds, and beverages ($0.4 billion). Decreases occurred in industrial supplies and materials ($2.3 billion) and automotive vehicles, parts, and engines ($1.0 billion). Other goods were virtually unchanged.

Services

Services exports decreased $0.1 billion from December to January. Decreases in transfers under U.S. military sales contracts and other transportation (which includes freight and port services) were partly offset by an increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in other categories of services exports were small. Services imports increased $0.2 billion from December to January. The increase was mostly accounted for by an increase in other private services. Changes in other categories of services imports were small. From January 2006 to January 2007, services exports increased $2.6 billion. The largest increases were in other private services ($1.7 billion) and travel ($0.4 billion). From January 2006 to January 2007, services imports increased $2.1 billion. The largest increases were in other private services ($1.4 billion) and travel ($0.4 billion).

Goods and Services Moving Average

For the three months ending in January, exports of goods and services averaged $125.6 billion, while imports of goods and services averaged $185.2 billion, resulting in an average trade deficit of $59.6 billion. For the three months ending in December, the average trade deficit was $59.5 billion, reflecting average exports of $124.5 billion and averageimports of $184.0 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures showed surpluses, in billions of dollars, with Hong Kong $1.1 ($1.1 for December), Australia $0.7 ($0.8), Singapore $0.5 ($1.7), Egypt $0.2 ($0.1), Argentina $0.1 ($0.1), and Brazil $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $21.3 ($19.0), OPEC $9.3 ($6.9), Europe $7.7 ($10.1), Canada $6.9 ($5.6), Japan $6.5 ($7.5), the European Union $6.5 ($9.0), Mexico $4.6 ($5.0), Korea $1.6 ($0.7), and Taiwan $1.4 ($1.1). Advanced technology products (ATP) exports were $20.8 billion in January and imports were $25.5 billion, resulting in a deficit of $4.7 billion. January exports were $2.2 billion less than the $23.0 billion in December, while imports were $0.3 billion more than the $25.2 billion in December.

Revisions

Goods carry-over in January was $0.3 billion (0.3 percent) for exports and $1.2 billion (0.8 percent) for imports. For December, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent). For December, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.2 billion (0.8 percent). Goods and services exports and imports for all months in 2006 were revised in order to align the seasonally adjusted monthly data with the annual totals. Services exports and imports for July through December 2006 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revisions over the entire period were in other private services and passenger fares. For services imports, the largest revisions over the entire period were in royalties and license fees and travel. Services exports for December were revised down $0.2 billion to $35.9 billion; the revision was more than accounted for by downward revisions in other private services and transfers under U.S. military sales contracts. Services imports for December were revised up $0.2 billion to $29.3 billion; the revision was more than accounted for by upward revisions in royalties and license fees and travel.


Available at:

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