International Financial Law Prof Blog

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

Tuesday, May 8, 2018

U.S. International Trade in Goods and Services March 2018

 

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.0 billion in March, down $8.8 billion from $57.7 billion in
February, revised.

Goods and Services Trade Deficit

Exports, Imports, and Balance (exhibit 1)

March exports were $208.5 billion, $4.2 billion more than February exports. March imports were $257.5 billion, $4.6 billion less than February imports.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $7.5 billion to $69.5 billion and an increase in the services surplus of $1.3 billion to
$20.5 billion.

Year-to-date, the goods and services deficit increased $25.5 billion, or 18.5 percent, from the same period in 2017. Exports increased $39.2 billion or 6.8 percent. Imports increased $64.7
billion or 9.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.7 billion to $54.5 billion for the three months ending in March.
     * Average exports increased $1.6 billion to $204.6 billion in March.
     * Average imports decreased less than $0.1 billion to $259.1 billion in March.

Year-over-year, the average goods and services deficit increased $8.5 billion from the three months ending in March 2017.
     * Average exports increased $13.1 billion from March 2017.
     * Average imports increased $21.6 billion from March 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $140.9 billion in March. Exports of goods on a Census basis increased $3.9 billion.
     * Capital goods increased $1.9 billion.
          o Civilian aircraft increased $1.9 billion.
     * Foods, feeds, and beverages increased $1.0 billion.
          o Soybeans increased $0.5 billion.
          o Corn increased $0.3 billion.
     * Industrial supplies and materials increased $0.9 billion.
          o Crude oil increased $0.4 billion.
          o Other petroleum products increased $0.3 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.4 billion to $67.6 billion in March.
     * Maintenance and repair services increased $0.1 billion.
     * Travel (for all purposes including education) increased $0.1 billion.
     * Transport increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $3.7 billion to $210.4 billion in March. Imports of goods on a Census basis decreased $3.6 billion.
     * Capital goods decreased $1.5 billion.
          o Computer accessories decreased $0.5 billion.
          o Telecommunications equipment decreased $0.5 billion.
          o Semiconductors decreased $0.5 billion.
     * Consumer goods decreased $0.9 billion.
          o Toys, games, and sporting goods decreased $0.7 billion.
          o Televisions and video equipment decreased $0.7 billion.
     * Industrial supplies and materials decreased $0.7 billlion.
          o Crude oil decreased $0.5 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Imports of services decreased $0.9 billion to $47.1 billion in March.

     * Charges for the use of intellectual property decreased $0.9 billion. Charges for February included payments for the rights to broadcast the 2018 Winter Olympic Games.
     * Transport decreased $0.1 billion.

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

The real goods deficit decreased $6.9 billion to $62.1 billion in March.
     * Real exports of goods increased $3.7 billion to $133.2 billion.
     * Real imports of goods decreased $3.1 billion to $195.3 billion.

Revisions

Revisions to February exports
     * Exports of goods were revised down less than $0.1 billion.
     * Exports of services were revised down less than $0.1 billion.

Revisions to February imports
     * Imports of goods were revised down $0.1 billion.
     * Imports of services were revised up $0.2 billion.

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

The March figures show surpluses, in billions of dollars, with Hong Kong ($3.3), South and Central America ($3.1), United Kingdom ($1.2), Brazil ($0.8), and Singapore ($0.3). Deficits
were recorded, in billions of dollars, with China ($35.4), European Union ($12.4), Mexico ($7.0), Japan ($5.9), Germany ($5.0), Italy ($2.3), France ($1.5), OPEC ($1.4), India ($1.4),
Taiwan ($1.3), South Korea ($1.2), Saudi Arabia ($0.3), and Canada ($0.2).

     * The deficit with Germany decreased $1.6 billion to $5.0 billion in March. Exports increased $0.4 billion to $5.1 billion and imports decreased $1.2 billion to $10.1 billion.
     * The deficit with members of OPEC decreased $0.8 billion to $1.4 billion in March. Exports increased $0.4 billion to $4.9 billion and imports decreased $0.4 billion to $6.3 billion.
     * The deficit with China increased $0.7 billion to $35.4 billion in March. Exports increased $1.6 billion to $12.4 billion and imports increased $2.3 billion to $47.7 billion.

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All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted
statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the
explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or
www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. The full schedule is available in the Census Bureau’s Economic Briefing Room at
www.census.gov/economic-indicators/.

 

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