Home > News Release: U.S. International Trade in Goods and Services, October 2007
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 12, 2007
BEA 07-55


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                                U.S. Census Bureau
                        U.S. Bureau of Economic Analysis
                                      NEWS
                U.S. Department of Commerce * Washington, DC 20230

    

CB07-174
BEA07-55
FT-900 (07-10)

For information on goods contact:
U.S. Census Bureau:
Nick Orsini   301-763-6959
Maria Iseman  301-763-2311

For information on services contact:
U.S. Bureau of Economic Analysis:
Technical: Christopher Bach  202-606-9545
Media:     Ralph Stewart     202-606-2649


                U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                October 2007

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 $141.7 billion and imports
of $199.5 billion resulted in a goods and services deficit of $57.8 billion, $0.7
billion more than the $57.1 billion in September, revised.  October exports were $1.3
billion more than September exports of $140.4 billion.  October imports were $2.0
billion more than September imports of $197.5 billion.

In October, the goods deficit increased $0.9 billion from September to $66.8 billion,
and the services surplus increased $0.2 billion to $8.9 billion.  Exports of goods
increased $0.7 billion to $101.1 billion, and imports of goods increased $1.6 billion
to $167.8 billion.  Exports of services increased $0.5 billion to $40.6 billion, and
imports of services increased $0.3 billion to $31.7 billion.

In October, the goods and services deficit was down $0.3 billion from October 2006.
Exports were up $17.1 billion, or 13.7 percent, and imports were up $16.7 billion,
or 9.2 percent.

Goods

The September to October change in exports of goods reflected increases in capital
goods ($1.3 billion) and other goods ($0.7 billion).  Decreases occurred in foods,
feeds, and beverages ($0.5 billion); consumer goods ($0.4 billion); and industrial
supplies and materials ($0.2 billion).  Automotive vehicles, parts, and engines were
virtually unchanged.

The September to October change in imports of goods reflected increases in industrial
supplies and materials ($1.9 billion); consumer goods ($0.4 billion); and automotive
vehicles, parts, and engines ($0.1 billion).  Decreases occurred in capital goods ($0.5
billion) and foods, feeds, and beverages ($0.1 billion).  Other goods were virtually
unchanged.

The October 2006 to October 2007 change in exports of goods reflected increases in
capital goods ($3.7 billion); industrial supplies and materials ($3.5 billion); foods,
feeds, and beverages ($2.1 billion); automotive vehicles, parts, and engines ($1.6
billion); consumer goods ($1.2 billion); and other goods ($0.5 billion).

The October 2006 to October 2007 change in imports of goods reflected increases in
industrial supplies and materials ($7.9 billion); capital goods ($2.2 billion); consumer
goods ($1.9 billion); automotive vehicles, parts, and engines ($1.3 billion); foods, feeds,
and beverages ($0.5 billion); and other goods ($0.1 billion).

Services

Services exports increased $0.5 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,
travel, and other transportation, which includes freight and port services.  Changes in
other categories of services exports were small.

Services imports increased $0.3 billion from September to October.  The increase was mostly
accounted for by an increase in other private services.  Changes in other categories of
services imports were small.

From October 2006 to October 2007, services exports increased $4.2 billion.  The largest
increases were in travel ($1.4 billion) and other private services ($1.4 billion).

From October 2006 to October 2007, services imports increased $2.6 billion.  The largest
increases were in other private services ($1.2 billion) and travel ($0.6 billion).

Goods and Services Moving Average

For the three months ending in October, exports of goods and services averaged $140.5 billion,
while imports of goods and services averaged $197.8 billion, resulting in an average trade
deficit of $57.3 billion.  For the three months ending in September, the average trade deficit
was $57.7 billion, reflecting average exports of $139.2 billion and average imports of $197.0
billion.

Selected Not Seasonally Adjusted Goods Details

The October figures showed surpluses, in billions of dollars, with Hong Kong $1.3 ($1.4 for
September), Australia $0.9 ($1.0), Singapore $0.7 ($0.7), Egypt $0.5 ($0.4), and Argentina $0.3
($0.3).  Deficits were recorded, in billions of dollars, with China $25.9 ($23.8), Europe $13.7
($7.3), the European Union $11.9 ($6.4), OPEC $11.0 ($11.1), Japan $8.0 ($6.2), Mexico $7.5
($6.3), Canada $5.2 ($4.9), Taiwan $1.4 ($1.3), and Korea $0.8 ($0.9).

Advanced technology products (ATP) exports were $25.1 billion in October and imports were
$31.8 billion, resulting in a deficit of $6.7 billion.  October exports were $2.3 billion
more than the $22.9 billion in September, while imports were $3.8 billion more than the
$28.1 billion in September.

Revisions

Goods carry-over in October was $0.4 billion (0.3 percent) for exports and $1.5 billion
(0.8 percent) for imports.  For September, revised export carry-over was virtually unchanged
at $0.1 billion (0.1 percent).  For September, revised import carry-over was $0.2 billion
(0.1 percent), revised down from $0.9 billion (0.6 percent).

Services exports and imports for April through September 2007 reflect the incorporation of
more comprehensive and revised quarterly and monthly data.  For services exports, the largest
revisions over the entire period were in royalties and license fees and other private services.
For services imports, the largest revision over the entire period was in other private services.

Services exports for September were revised up $0.1 billion to $40.1 billion.  The revision was
accounted for by upward revisions in royalties and license fees and other private services, which
were partly offset by downward revisions in all other categories.  Services imports for September
were revised up $0.7 billion to $31.3 billion.  The revision was mostly accounted for by upward
revisions in other private services and travel.