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May 9, 08

NEWS / U.S. International Trade in Goods and Services


MARCH 2008

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 $148.5 billion and imports
of $206.7 billion resulted in a goods and services deficit of $58.2 billion, down from
$61.7 billion in February, revised. March exports were $2.6 billion less than February
exports of $151.1 billion. March imports were $6.1 billion less than February imports
of $212.8 billion.

In March, the goods deficit decreased $3.5 billion from February to $68.6 billion, and
the services surplus was virtually unchanged at $10.4 billion. Exports of goods decreased
$2.5 billion to $104.7 billion, and imports of goods decreased $6.0 billion to $173.3
billion. Exports of services were virtually unchanged at $43.8 billion, and imports of
services decreased $0.1 billion to $33.4 billion.

In March, the goods and services deficit decreased $4.8 billion from March 2007. Exports
were up $20.0 billion, or 15.5 percent, and imports were up $15.1 billion, or 7.9 percent.

Goods

The February to March change in exports of goods reflected decreases in capital goods
($1.2 billion); automotive vehicles, parts, and engines ($1.0 billion); consumer goods
($0.7 billion); other goods ($0.2 billion); and industrial supplies and materials
($0.1 billion). An increase occurred in foods, feeds, and beverages ($0.3 billion).

The February to March change in imports of goods reflected decreases in automotive
vehicles, parts, and engines ($2.1 billion); industrial supplies and materials
($2.0 billion); consumer goods ($1.1 billion); capital goods ($0.8 billion); and foods,
feeds, and beverages ($0.1 billion). An increase occurred in other goods ($0.2 billion).

The March 2007 to March 2008 change in exports of goods reflected increases in industrial
supplies and materials ($6.9 billion); foods, feeds, and beverages ($3.5 billion);
capital goods ($2.6 billion); and consumer goods ($0.7 billion). Decreases occurred in
automotive vehicles, parts, and engines ($0.3 billion) and other goods ($0.3 billion).

The March 2007 to March 2008 change in imports of goods reflected increases in industrial
supplies and materials ($11.9 billion); capital goods ($1.5 billion); other goods
($0.5 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in
automotive vehicles, parts, and engines ($1.8 billion) and consumer goods ($0.9 billion).

Services

Services exports were virtually unchanged from February to March. A decrease in
transfers under U.S. military sales contracts (which includes support services and
related equipment) was partly offset by increases in other private services (which
includes items such as business, professional, and technical services, insurance services,
and financial services) and royalties and license fees. Changes in other categories of
services exports were small and nearly offsetting.

Services imports decreased $0.1 billion from February to March. The decrease was more
than accounted for by a decrease in other transportation (which includes freight and port
services). An increase in other private services was partly offsetting. Changes in
other categories of services imports were small.

From March 2007 to March 2008, services exports increased $6.0 billion. The largest
increases were in other private services ($2.5 billion), travel ($1.7 billion), royalties
and license fees ($0.9 billion), and other transportation ($0.7 billion). Within other
private services, increases were largest in business, professional, and technical services
and in financial services.

From March 2007 to March 2008, services imports increased $3.6 billion. The largest
increases were in other private services ($2.0 billion), travel ($0.4 billion), and
passenger fares ($0.4 billion). Within other private services, increases were largest
in insurance services and in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in March, exports of goods and services averaged $149.3
billion, while imports of goods and services averaged $209.0 billion, resulting in an
average trade deficit of $59.6 billion. For the three months ending in February, the
average trade deficit was $59.5 billion, reflecting average exports of $148.4 billion
and average imports of $208.0 billion.

Selected Not Seasonally Adjusted Goods Details

The March figures showed surpluses, in billions of dollars, with Australia $1.5 ($1.2
for February), Singapore $1.5 ($1.1), Hong Kong $1.2 ($1.2), and Egypt $0.4 ($0.4).
Deficits were recorded, in billions of dollars, with China $16.1 ($18.4), OPEC $14.1
($13.2), Japan $7.5 ($6.9), the European Union $7.5 ($6.9), Canada $6.5 ($6.5), Mexico
$6.0 ($5.5), Nigeria $3.3 ($2.9), Venezuela $2.8 ($2.6), Korea $0.8 ($1.1), and Taiwan
$0.3 ($0.7).

Advanced technology products (ATP) exports were $24.7 billion in March and imports were
$27.9 billion, resulting in a deficit of $3.3 billion. March exports were $2.4 billion
more than the $22.3 billion in February, while imports were $2.3 billion more than the
$25.6 billion in February.

Revisions

Goods carry-over in March was $0.4 billion (0.3 percent) for exports and $0.8 billion
(0.5 percent) for imports. For February, revised export carry-over was $0.1 billion
(0.1 percent), revised down from $0.4 billion (0.4 percent). For February, revised
import carry-over was $0.3 billion (0.2 percent), revised down from $1.7 billion (1.0 percent).

Services exports for February were revised down $0.2 billion to $43.8 billion. The revision
was mostly accounted for by a downward revision in travel. Services imports for February
were virtually unchanged at $33.4 billion.

Last updated: Friday, May 9, 2008

 




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