News Release
U.S. International Trade in Goods and Services: July 2007
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U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce Washington, D.C. 20230 CB07-125 BEA07-40 FT-900 (07-07) For information on goods contact: U.S. Census Bureau: Nick Orsini (301) 763-6959 Vanessa Ware (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 July 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 July exports of $137.7 billion and imports of $196.9 billion resulted in a goods and services deficit of $59.2 billion, $0.2 billion less than the $59.4 billion in June, revised. July exports were $3.6 billion more than June exports of $134.1 billion. July imports were $3.4 billion more than June imports of $193.5 billion. In July, the goods deficit decreased $0.3 billion from June to $68.1 billion, and the services surplus decreased $0.1 billion to $8.9 billion. Exports of goods increased $3.5 billion to $98.4 billion, and imports of goods increased $3.2 billion to $166.6 billion. Exports of services increased $0.1 billion to $39.2 billion, and imports of services increased $0.2 billion to $30.4 billion. In July, the goods and services deficit was down $8.3 billion from July 2006. Exports were up $17.8 billion, or 14.8 percent, and imports were up $9.5 billion, or 5.1 percent. Goods The June to July change in exports of goods reflected increases in capital goods ($1.9 billion); automotive vehicles, parts, and engines ($1.4 billion); consumer goods ($0.5 billion); and foods, feeds, and beverages ($0.3 billion). A decrease occurred in industrial supplies and materials ($0.6 billion). Other goods were virtually unchanged. The June to July change in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.1 billion); industrial supplies and materials ($1.0 billion); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). A decrease occurred in capital goods ($0.1 billion). The July 2006 to July 2007 change in exports of goods reflected increases in capital goods ($4.7 billion); industrial supplies and materials ($3.5 billion); automotive vehicles, parts, and engines ($2.0 billion); consumer goods ($1.4 billion); foods, feeds, and beverages ($1.3 billion); and other goods ($0.6 billion). The July 2006 to July 2007 change in imports of goods reflected increases in consumer goods ($2.8 billion); capital goods ($1.9 billion); automotive vehicles, parts, and engines ($1.5 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.4 billion). Industrial supplies and materials were virtually unchanged. Services Services exports increased $0.1 billion from June to July. The increase was mostly accounted for by increases in travel and other transportation (which includes freight and port services), which were partly offset by a decrease 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 June to July. The increase was more than accounted for by increases in other transportation and other private services. Changes in other categories of services imports were small. From July 2006 to July 2007, services exports increased $4.4 billion. The largest increases were in other private services ($2.3 billion), travel ($0.9 billion), and other transportation ($0.6 billion). From July 2006 to July 2007, services imports increased $1.7 billion. The largest increases were in other private services ($1.2 billion), travel ($0.2 billion), and other transportation ($0.2 billion). Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $134.7 billion, while imports of goods and services averaged $194.2 billion, resulting in an average trade deficit of $59.4 billion. For the three months ending in June, the average trade deficit was $59.2 billion, reflecting average exports of $131.9 billion and average imports of $191.1 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Hong Kong $0.9 ($1.2 for June), Australia $0.7 ($0.9), Singapore $0.5 ($1.0), Argentina $0.2 ($0.2), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $23.8 ($21.2), Europe $14.8 ($9.6), the European Union $13.0 ($9.2), OPEC $10.9 ($9.9), Japan $8.0 ($6.3), Canada $5.7 ($5.9), Mexico $5.6 ($6.4), Korea $1.4 ($0.9), Taiwan $1.0 ($0.7), and Brazil $0.2 ($0.4). Advanced technology products (ATP) exports were $22.2 billion in July and imports were $27.1 billion, resulting in a deficit of $4.9 billion. July exports were $2.1 billion less than the $24.2 billion in June, while imports were $0.4 billion less than the $27.5 billion in June. Revisions Goods carry-over in July was $0.3 billion (0.3 percent) for exports and $2.0 billion (1.2 percent) for imports. For June, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.4 billion (0.4 percent). For June, revised import carry-over was $0.4 billion (0.2 percent), revised down from $1.1 billion (0.7 percent). Services exports and imports for January through June 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 other private services. For services imports, the largest revisions over the entire period were in other transportation, passenger fares, and travel. Services exports for June were revised down $0.2 billion to $39.1 billion. The revision was more than accounted for by a downward revision in other private services. Services imports for June were revised up $0.2 billion to $30.2 billion. The revision was more than accounted for by upward revisions in travel and other transportation, which were partly offset by downward revisions in passenger fares and other private services.