International Financial Law Prof Blog

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

Friday, February 9, 2018

U.S. Int'l Trade in Good & Services December 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce,
announced today that the goods and services deficit was $53.1 billion in December, up $2.7 billion
from $50.4 billion in November, revised. December exports were $203.4 billion, $3.5 billion more
than November exports. December imports were $256.5 billion, $6.2 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit
of $2.6 billion to $73.3 billion and a decrease in the services surplus of $0.1 billion to $20.2
billion.

For 2017, the goods and services deficit increased $61.2 billion, or 12.1 percent, from 2016. Exports
increased $121.2 billion or 5.5 percent. Imports increased $182.5 billion or 6.7 percent.

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

The average goods and services deficit increased $2.8 billion to $50.8 billion for the three months
ending in December.
     * Average exports of goods and services increased $2.6 billion to $199.5 billion in December.
     * Average imports of goods and services increased $5.4 billion to $250.3 billion in December.

Year-over-year, the average goods and services deficit increased $6.1 billion from the three months
ending in December 2016.
     * Average exports of goods and services increased $12.8 billion from December 2016.
     * Average imports of goods and services increased $19.0 billion from December 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $3.4 billion to $137.5 billion in December.
   Exports of goods on a Census basis increased $3.4 billion.
     * Industrial supplies and materials increased $1.5 billion.
             o Organic chemicals increased $0.2 billion.
             o Fuel oil increased $0.2 billion.
     * Capital goods increased $1.2 billion.
             o Civilian aircraft increased $0.8 billion.
             o Other industrial machines increased $0.7 billion.
   Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.1 billion to $65.9 billion in December.
     * Travel (for all purposes including education) increased $0.1 billion.
     * Maintenance and repair services increased $0.1 billion.
     * Transport decreased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $6.0 billion to $210.8 billion in December.
   Imports of goods on a Census basis increased $5.9 billion.
     * Consumer goods increased $3.2 billion.
             o Pharmaceutical preparations increased $1.8 billion.
             o Cell phones and other household goods increased $1.7 billion.
     * Automotive vehicles, parts, and engines increased $1.1 billion.
             o Passenger cars increased $1.1 billion.
     * Capital goods increased $0.8 billion.
   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.3 billion to $45.7 billion in December.
     * Travel (for all purposes including education) increased $0.2 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 $2.0 billion to $68.4 billion in December.
     * Real exports of goods increased $3.3 billion to $131.5 billion.
     * Real imports of goods increased $5.3 billion to $199.9 billion.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods
data were revised for January through November so that the totals of the seasonally adjusted months
equal the annual totals.

Revisions to November exports
     * Exports of goods were revised down $0.5 billion.
     * Exports of services were revised up $0.1 billion.
Revisions to November imports
     * Imports of goods were revised down $0.6 billion.
     * Imports of services were revised up $0.1 billion.

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

The December figures show surpluses, in billions of dollars, with South and Central America ($3.7),
Hong Kong ($2.5), Brazil ($1.1), Singapore ($0.9), and United Kingdom ($0.3). Deficits were recorded,
in billions of dollars, with China ($34.0), European Union ($17.2), Mexico ($6.1), Germany ($5.7),
Japan ($5.5), Italy ($3.7), South Korea ($2.1), India ($2.1), France ($2.1), Taiwan ($1.6), Canada
($1.4), Saudi Arabia ($0.6), and OPEC ($0.5).

     * The deficit with the European Union increased $3.8 billion to $17.2 billion in December.
       Exports increased $1.2 billion to $25.1 billion and imports increased $4.9 billion to $42.3
       billion.
     * The deficit with China increased $0.6 billion to $34.0 billion in December. Exports increased
       $1.1 billion to $11.9 billion and imports increased $1.7 billion to $45.9 billion.

Annual Summary for 2017

Goods and Services (Exhibit 1)

For 2017, the goods and services deficit was $566.0 billion, up $61.2 billion from $504.8 billion
in 2016. Exports were $2,329.3 billion in 2017, up $121.2 billion from 2016. Imports were $2,895.3
billion in 2017, up $182.5 billion from 2016.

The 2017 increase in the goods and services deficit reflected an increase in the goods deficit of
$57.5 billion or 7.6 percent to $810.0 billion and a decrease in the services surplus of $3.7 billion
or 1.5 percent to $244.0 billion.

As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in
2017, up from 2.7 percent in 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $95.7 billion to $1,551.4 billion in 2017.
   Exports of goods on a Census basis increased $95.8 billion.
     * Industrial supplies and materials increased $66.4 billion.
             o Crude oil increased $12.4 billion.
             o Other petroleum products increased $8.7 billion.
             o Fuel oil increased $8.6 billion.
     * Capital goods increased $13.2 billion.
             o Other industrial machines increased $6.6 billion.
             o Civilian aircraft engines increased $4.4 billion.
   Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services increased $25.5 billion to $777.9 billion in 2017.
     * Other business services, which includes research and development services; professional
       and management services; and technical, trade-related, and other services, increased $13.3
       billion.
     * Financial services increased $6.0 billion.
     * Telecommunications, computer, and information services increased $2.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $153.2 billion to $2,361.5 billion in 2017.
   Imports of goods on a Census basis increased $155.1 billion.
     * Industrial supplies and materials increased $64.3 billion.
             o Crude oil increased $31.0 billion.
     * Capital goods increased $50.7 billion.
             o Computers increased $8.1 billion.
             o Other industrial machines increased $7.4 billion.
     * Consumer goods increased $18.6 billion.
             o Cell phones and other household goods increased $9.5 billion.
   Net balance of payments adjustments decreased $1.9 billion.

Imports of services increased $29.2 billion to $533.9 billion in 2017.
     * Travel (for all purposes including education) increased $11.7 billion.
     * Charges for the use of intellectual property increased $4.9 billion.
     * Transport increased $4.0 billion.

Goods by Selected Countries and Areas – Census Basis (Exhibits 14 and 14a)

The 2017 figures show surpluses, in billions of dollars, with South and Central America ($34.3),
Hong Kong ($32.5), Netherlands ($24.5), Belgium ($14.8), and Australia ($14.6). Deficits were recorded,
in billions of dollars, with China ($375.2), European Union ($151.4), Mexico ($71.1), Japan ($68.8),
Germany ($64.3), Ireland ($38.1), Italy ($31.6), Malaysia ($24.6), India ($22.9), South Korea ($22.9),
Thailand ($20.4), Canada ($17.6), Taiwan ($16.7), France ($15.3), Switzerland ($14.3), Indonesia
($13.3), and OPEC ($13.0).

    * The deficit with China increased $28.2 billion to $375.2 billion in 2017. Exports increased
      $14.8 billion to $130.4 billion and imports increased $43.0 billion to $505.6 billion.
    * The deficit with Mexico increased $6.7 billion to $71.1 billion in 2017. Exports increased
      $13.3 billion to $243.0 billion and imports increased $20.0 billion to $314.0  billion.

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