International Financial Law Prof Blog

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

Tuesday, May 14, 2019

BEA News: U.S. International Trade in Goods and Services, March 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.0 billion in March, up $0.7 billion from $49.3 billion in February, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $50.0 Billion +1.5%°
Exports: $212.0 Billion +1.0%°
Imports: $262.0 Billion +1.1%°

Next release: June 6, 2019

(°) Statistical significance is not applicable or not measurable.
Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, May 9, 2019

Goods and Services Trade Deficit, March 2019

Exports, Imports, and Balance (exhibit 1)

March exports were $212.0 billion, $2.1 billion more than February exports. March imports were $262.0 billion, $2.8 billion more than February imports.

The March increase in the goods and services deficit reflected an increase in the goods deficit of $0.5 billion to $72.4 billion and a decrease in the services surplus of $0.2 billion to $22.4 billion.

Year-to-date, the goods and services deficit decreased $5.8 billion, or 3.7 percent, from the same period in 2018. Exports increased $14.0 billion or 2.3 percent. Imports increased $8.2 billion or 1.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $3.3 billion to $50.1 billion for the three months ending in March.

  • Average exports increased $2.2 billion to $209.7 billion in March.
  • Average imports decreased $1.1 billion to $259.9 billion in March.

Year-over-year, the average goods and services deficit decreased $1.9 billion from the three months ending in March 2018.

  • Average exports increased $4.7 billion from March 2018.
  • Average imports increased $2.7 billion from March 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.0 billion to $141.7 billion in March.

  Exports of goods on a Census basis increased $2.1 billion.

  • Industrial supplies and materials increased $1.7 billion.
    • Natural gas liquids increased $0.4 billion.
    • Fuel oil increased $0.3 billion.
    • Metallurgical grade coal increased $0.3 billion.
    • Other petroleum products increased $0.3 billion.
  • Foods, feeds, and beverages increased $0.8 billion.
    • Soybeans increased $0.5 billion.
  • Capital goods decreased $0.5 billion.
    • Civilian aircraft decreased $0.7 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased less than $0.1 billion to $70.3 billion in March.

  • Maintenance and repair services increased $0.1 billion.
  • Financial services increased $0.1 billion.
  • Transport decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.6 billion to $214.1 billion in March.

  Imports of goods on a Census basis increased $2.6 billion.

  • Industrial supplies and materials increased $2.4 billion.
    • Crude oil increased $1.4 billion.
    • Organic chemicals increased $0.5 billion.
    • Other petroleum products increased $0.4 billion.
  • Foods, feeds, and beverages increased $1.0 billion.
    • Other foods increased $0.5 billion.
    • Fish and shellfish increased $0.2 billion.
  • Consumer goods decreased $0.7 billion.
    • Cell phones and other household goods decreased $1.1 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.2 billion to $47.8 billion in March.

  • Travel (for all purposes including education) increased $0.1 billion.
  • Maintenance and repair services increased $0.1 billion.
  • Insurance services decreased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.5 billion to $82.1 billion in March.

  • Real exports of goods increased $1.0 billion to $151.8 billion.
  • Real imports of goods increased $1.5 billion to $233.8 billion.

Revisions

Revisions to February exports

  • Exports of goods were revised up $0.1 billion.
  • Exports of services were revised up $0.1 billion.

Revisions to February imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised up $0.1 billion.

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

The March figures show surpluses, in billions of dollars, with South and Central America ($4.2), Hong Kong ($2.4), Brazil ($0.9), OPEC ($0.7), Saudi Arabia ($0.3), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($15.8), Mexico ($8.6), Japan ($6.1), Germany ($5.7), Italy ($2.8), Canada ($2.1), Taiwan ($2.0), South Korea ($1.8), India ($1.8), France ($1.7), and United Kingdom ($0.2).

  • The deficit with the European Union increased $3.4 billion to $15.8 billion in March. Exports decreased $1.4 billion to $27.8 billion and imports increased $2.0 billion to $43.6 billion.
  • The balance with Canada shifted from a surplus of $0.5 billion to a deficit of $2.1 billion in March. Exports decreased $0.1 billion to $25.3 billion and imports increased $2.6 billion to $27.5 billion.
  • The deficit with China decreased $1.9 billion to $28.3 billion in March. Exports increased $1.4 billion to $10.5 billion and imports decreased $0.5 billion to $38.8 billion.

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