Home > News Release: U.S. International Trade in Goods and Services
FOR IMMEDIATE RELEASE AT 8:30 A.M. EST, FRIDAY, DECEMBER 9, 2011
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                                 U.S. Census Bureau
                           U.S. Bureau of Economic Analysis
                                         NEWS
                  U.S. Department of Commerce * Washington, DC 20230

                    U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                     October 2011


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 $179.2 billion and imports of $222.6
billion resulted in a goods and services deficit of $43.5 billion, down from $44.2 billion in
September, revised.  October exports were $1.5 billion less than September exports of $180.6
billion.  October imports were $2.2 billion less than September imports of $224.8 billion.

In October, the goods deficit decreased $0.7 billion from September to $58.8 billion, and the
services surplus was virtually unchanged at $15.3 billion.  Exports of goods decreased $1.5
billion to $127.8 billion, and imports of goods decreased $2.2 billion to $186.6 billion.
Exports of services were virtually unchanged at $51.4 billion, and imports of services
increased $0.1 billion to $36.1 billion.

The goods and services deficit increased $4.0 billion from October 2010 to October 2011.  Exports
were up $19.7 billion, or 12.3 percent, and imports were up $23.7 billion, or 11.9 percent.

Goods (Census Basis)

The September to October decrease in exports of goods reflected decreases in industrial supplies
and materials ($1.3 billion); consumer goods ($0.6 billion); foods, feeds, and beverages ($0.1
billion); and automotive vehicles, parts, and engines ($0.1 billion). Increases occurred in
capital goods ($0.5 billion) and other goods ($0.2 billion).

The September to October decrease in imports of goods reflected decreases in industrial supplies
and materials ($3.6 billion); automotive vehicles, parts, and engines ($0.6 billion); and other
goods ($0.1 billion). Increases occurred in capital goods ($1.1 billion); consumer goods ($0.7
billion); and foods, feeds, and beverages ($0.2 billion).

The October 2010 to October 2011 increase in exports of goods reflected increases in industrial
supplies and materials ($8.5 billion); capital goods ($3.8 billion); automotive vehicles, parts,
and engines ($1.5 billion); consumer goods ($0.8 billion); and foods, feeds, and beverages ($0.1
billion).  A decrease occurred in other goods ($0.3 billion).

The October 2010 to October 2011 increase in imports of goods reflected increases in industrial
supplies and materials ($12.0 billion); capital goods ($4.4 billion); automotive vehicles, parts,
and engines ($2.2 billion); foods, feeds, and beverages ($1.7 billion); and consumer goods ($0.9
billion). A decrease occurred in other goods ($0.1 billion).

Services

Exports of services were virtually unchanged from September to October.  Increases in royalties
and license fees and other private services (which includes items such as business, professional,
and technical services, insurance services, and financial services) were mostly offset by
decreases in travel, other transportation (which includes freight and port services), and
passenger fares.  Changes in the other categories of services exports were small.

Imports of services increased $0.1 billion from September to October.  An increase in other
private services was partly offset by a decrease in passenger fares.  Changes in the other
categories of services imports were small.

The October 2010 to October 2011 increase in exports of services was $4.4 billion. The largest
increases were in royalties and license fees ($1.5 billion), travel ($1.1 billion), and other
private services ($1.0 billion).  Within other private services, the largest increase was in
business, professional, and technical services.

The October 2010 to October 2011 increase in imports of services was $2.0 billion. The largest
increases were in other private services ($1.0 billion), travel ($0.3 billion), and royalties
and license fees ($0.3 billion).  Within other private services, the largest increase was in
business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in October, exports of goods and services averaged $179.3 billion,
while imports of goods and services averaged $223.6 billion, resulting in an average trade
deficit of $44.3 billion.  For the three months ending in September, the average trade deficit
was $45.2 billion, reflecting average exports of $178.8 billion and average imports of $224.0
billion.

Selected Not Seasonally Adjusted Goods Details

The October figures show surpluses, in billions of dollars, with Hong Kong $3.0 ($4.3 for
September), Australia $2.1 ($1.4), Singapore $1.0 ($1.3), and Egypt $0.2 ($0.1).  Deficits were
recorded, in billions of dollars, with China $28.1 ($28.1), OPEC $8.3 ($10.4), European Union
$8.0 ($6.4), Japan $6.2 ($5.2), Mexico $5.3 ($5.0), Germany $4.3 ($4.3), Ireland $2.8 ($2.3),
Venezuela $2.3 ($2.0), Canada $2.2 ($3.5), Nigeria $1.9 ($1.9), Taiwan $1.7 ($1.5), and Korea
$1.4 ($1.5).

Advanced technology products exports were $25.4 billion in October and imports were $35.9
billion, resulting in a deficit of $10.4 billion.  October exports were $1.2 billion more than
the $24.2 billion in September, while October imports were $3.3 billion more than the $32.5
billion in September.

Revisions

Census Basis (not seasonally adjusted)

For September, exports of goods were virtually unrevised and imports of goods were revised up
$0.6 billion. Goods carry-over in October was $0.1 billion (0.0 percent) for exports and $1.6
billion (0.8 percent) for imports.  For September, revised export carry-over was virtually zero.
For September, revised import carry-over was $0.3 billion (0.2 percent).

Balance of Payments Basis (seasonally adjusted)

For April 2011 through September 2011, exports and imports of goods and services were revised
to incorporate more comprehensive and updated quarterly and monthly data.

For September, exports of goods were virtually unrevised, and imports of goods were revised up
$0.6 billion.  Exports of services were revised up $0.3 billion; upward revisions in royalties
and license fees and travel were partly offset by a downward revision in other private services.
Imports of services were revised up $0.7 billion, reflecting upward revisions in other private
services and travel.

NOTICE

Upcoming Changes to the Real (chain-weighted dollar) Series

Effective with the release of the January 2012 statistics on March 9, 2012, the U.S. Census
Bureau (Census) will begin seasonally adjusting selected export and import prices that previously
were not seasonally adjusted.  These prices are used in calculating the chain-weighted dollar
series (Exhibits 10 and 11).  Chain-weighted dollar statistics for 2010 and 2011 will be revised
to reflect this new procedure.

This change will improve the overall quality of the chain-weighted dollar series by removing
identified seasonal patterns.  This change also improves consistency between the Census
chain-weighted dollar data and the chain-weighted dollar data published by the Bureau of Economic
Analysis in the National Income and Product Accounts.

If you have any questions or need additional information, please contact the Special Projects
Branch of the U.S. Census Bureau's Foreign Trade Division on (301) 763-3251.