International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Wednesday, January 10, 2018

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES November 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $1.7 billion to $70.9 billion and an increase in the services surplus of $0.1 billion to $20.4 billion.

Year-to-date, the goods and services deficit increased $53.4 billion, or 11.6 percent, from the same period in 2016. Exports increased $112.7 billion or 5.6 percent. Imports increased $166.1 billion or 6.7 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit increased $2.1 billion to $48.1 billion for the three months ending in November.
* Average exports of goods and services increased $2.2 billion to $197.3 billion in November.
* Average imports of goods and services increased $4.2 billion to $245.4 billion in November.

Year-over-year, the average goods and services deficit increased $5.5 billion from the three months ending in November 2016.
* Average exports of goods and services increased $11.1 billion from November 2016.
* Average imports of goods and services increased $16.6 billion from November 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $4.4 billion to $134.6 billion in November.
Exports of goods on a Census basis increased $4.3 billion.
* Capital goods increased $2.5 billion.
o Civilian aircraft increased $1.2 billion.
* Automotive vehicles, parts, and engines increased $1.0 billion.
o Passenger cars increased $0.6 billion.
* Consumer goods increased $0.7 billion.
Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.1 billion to $65.7 billion in November.
* Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1
billion.
* Financial services increased $0.1 billion.
* Maintenance and repair services decreased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $6.0 billion to $205.5 billion in November.
Imports of goods on a Census basis increased $6.0 billion.
* Consumer goods increased $2.4 billion.
o Cell phones and other household goods increased $1.1 billion.
* Industrial supplies and materials increased $2.2 billion.
o Crude oil increased $1.1 billion.
* Capital goods increased $1.6 billion.
o Semiconductors increased $0.8 billion.
Net balance of payments adjustments increased less than $0.1 billion.

Imports of services decreased less than $0.1 billion to $45.3 billion in November.
* Transport decreased $0.2 billion.
* Travel (for all purposes including education) increased $0.1 billion.
* Charges for the use of intellectual property increased $0.1 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit increased $1.1 billion to $66.7 billion in November.
* Real exports of goods increased $3.1 billion to $128.6 billion.
* Real imports of goods increased $4.2 billion to $195.3 billion.

Revisions

Revisions to October exports
* Exports of goods were revised down $0.1 billion.
* Exports of services were revised up less than $0.1 billion.
Revisions to October imports
* Imports of goods were revised up less than $0.1 billion.
* Imports of services were revised up less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The November figures show surpluses, in billions of dollars, with Hong Kong ($2.8), South and Central America ($2.6), Singapore ($1.0), United Kingdom ($0.4), and Brazil ($0.3). Deficits were recorded, in billions of dollars, with China ($33.5), European Union ($13.5), Mexico ($5.8), Japan ($5.8), Germany ($5.3), Italy ($2.8), India ($2.4), South Korea ($1.7), OPEC ($1.3), France ($1.3), Canada ($1.1), Taiwan ($0.9), and Saudi Arabia ($0.2).

* The deficit with China increased $1.5 billion to $33.5 billion in November. Exports increased $0.2 billion to $10.8 billion and imports increased $1.8 billion to $44.2 billion.
* The deficit with the European Union increased $1.5 billion to $13.5 billion in November. Exports decreased $1.0 billion to $24.0 billion and imports increased $0.5 billion to $37.5 billion.
* The deficit with South Korea decreased $1.0 billion to $1.7 billion in November. Exports increased $0.3 billion to $4.0 billion and imports decreased $0.7 billion to $5.7 billion.

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