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U.S. International Trade in Goods and Services, March 2017

Summary:
U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES March 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 .7 billion in March, down %excerpt%.1 billion from .8 billion in February, revised. March exports were 1.0 billion, .7 billion less than February exports. March imports were 4.7 billion, .7 billion less than February imports. The March decrease in the goods and services deficit reflected an increase in the goods deficit of %excerpt%.4 billion to .5 billion and an increase in the services surplus of %excerpt%.4 billion to .8 billion. Year-to-date, the goods and services deficit increased .4 billion, or 7.5 percent, from the same period in 2016. Exports increased .0 billion or 7.1 percent. Imports increased .5 billion or 7.1 percent. Goods and Services Three-Month Moving Averages (Exhibit 2) The average goods and services deficit decreased %excerpt%.2 billion to .2 billion for the three months ending in March. * Average exports of goods and services decreased less than %excerpt%.1 billion to 2.

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				     U.S. Census Bureau
			      U.S. Bureau of Economic Analysis
					    NEWS
		     U.S. Department of Commerce * Washington, DC 20230
		       U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

                                         March 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 $43.7 billion in March, down
$0.1 billion from $43.8 billion in February, revised. March exports were $191.0 billion, $1.7
billion less than February exports. March imports were $234.7 billion, $1.7 billion less than
February imports.

The March decrease in the goods and services deficit reflected an increase in the goods deficit
of $0.4 billion to $65.5 billion and an increase in the services surplus of $0.4 billion to $21.8
billion.

Year-to-date, the goods and services deficit increased $9.4 billion, or 7.5 percent, from the
same period in 2016. Exports increased $38.0 billion or 7.1 percent. Imports increased $47.5
billion or 7.1 percent.

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

The average goods and services deficit decreased $0.2 billion to $45.2 billion for the three
months ending in March.
     * Average exports of goods and services decreased less than $0.1 billion to $192.1 billion
       in March.
     * Average imports of goods and services decreased $0.2 billion to $237.3 billion in March.

Year-over-year, the average goods and services deficit increased $3.1 billion from the three
months ending in March 2016.
     * Average exports of goods and services increased $12.7 billion from March 2016.
     * Average imports of goods and services increased $15.8 billion from March 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $2.1 billion to $126.3 billion in March.
    Exports of goods on a Census basis decreased $1.8 billion.
         * Industrial supplies and materials decreased $1.8 billion.
             o Fuel oil decreased $0.6 billion.
             o Other petroleum products decreased $0.6 billion.
         * Automotive vehicles, parts, and engines decreased $0.9 billion.
             o Passenger cars decreased $0.8 billion.
         * Capital goods increased $0.7 billion.
             o Civilian aircraft engines increased $0.4 billion.
             o Telecommunications equipment increased $0.4 billion.
    Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.4 billion to $64.7 billion in March.
         * Financial services increased $0.1 billion.
         * Maintenance and repair services increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $1.7 billion to $191.8 billion in March.
    Imports of goods on a Census basis decreased $1.7 billion.
         * Capital goods decreased $0.9 billion.
             o Civilian aircraft decreased $0.3 billion.
             o Computers decreased $0.2 billion.
         * Industrial supplies and materials decreased $0.7 billion.
             o Crude oil decreased $0.6 billion.
             o Other petroleum products decreased $0.4 billion.
         * Automotive vehicles, parts, and engines increased $1.1 billion.
             o Passenger cars increased $1.1 billion.
    Net balance of payments adjustments increased less than $0.1 billion.

Imports of services decreased less than $0.1 billion to $42.9 billion in March.
         * Transport, which includes freight and port services and passenger fares, decreased
	   $0.1 billion.

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

The real goods deficit increased less than $0.1 billion to $60.0 billion in March.
     * Real exports of goods decreased $1.9 billion to $122.4 billion.
     * Real imports of goods decreased $1.8 billion to $182.4 billion.

Revisions

Revisions to February exports
     * Exports of goods were revised downward $0.1 billion.
     * Exports of services were revised downward $0.1 billion.

Revisions to February imports
     * Imports of goods were revised upward $0.1 billion.
     * Imports of services were revised downward $0.1 billion.

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

The March figures show surpluses, in billions of dollars, with Hong Kong ($2.9), South and
Central America ($2.6), Singapore ($0.5), United Kingdom ($0.5), and Brazil ($0.2). Deficits were
recorded, in billions of dollars, with China ($31.4), European Union ($10.0), Mexico ($6.5),
Japan ($6.5), Germany ($5.0), South Korea ($2.5), Italy ($2.1), Canada ($1.9), India ($1.7), OPEC
($1.6), Taiwan ($1.1), Saudi Arabia ($0.8), and France ($0.1).

     * The deficit with Japan increased $1.6 billion to $6.5 billion in March. Exports decreased
       $0.2 billion to $5.3 billion and imports increased $1.4 billion to $11.8 billion.
     * The deficit with South Korea increased $0.6 billion to $2.5 billion in March. Exports
       increased $0.1 billion to $3.9 billion and imports increased $0.8 billion to $6.5 billion.
     * The deficit with France decreased $1.2 billion to $0.1 billion in March. Exports increased
       $0.6 billion to $3.3 billion and imports decreased $0.6 billion to $3.5 billion.

NOTICE

Upcoming Updates to Goods and Services

On June 2, 2017, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) will
release “U.S. International Trade in Goods and Services: April 2017” (FT-900) and “U.S.
International Trade in Goods and Services: Annual Revision for 2016.” With these releases,
statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, and
on trade in services will be revised beginning with 2014. The revised statistics for goods on a
BOP basis and for services will also be included in the “U.S. International Transactions: First
Quarter 2017 and Annual Update” report and in the international transactions interactive
database, both to be released by BEA on June 20, 2017.

Goods

Revised statistics on trade in goods will reflect 1) corrections and adjustments to previously
published not seasonally adjusted statistics for goods on a Census basis, 2) reclassifications
of several end-use commodities, 3) revised seasonal and trading-day adjustments, and 4) newly
available and revised source data on BOP adjustments, which are adjustments that BEA applies to
goods on a Census basis to convert them to a BOP basis. BOP adjustments are presented as net
adjustments in the FT-900.

Services

Revised statistics on trade in services will reflect 1) newly available and revised source data,
primarily from BEA’s surveys of international services transactions, 2) revised seasonal
adjustments, and 3) revised temporal distributions of quarterly source data to monthly statistics
(see the information section on page A-4 of the FT-900).

If you have questions about the upcoming update, please contact BEA’s Balance of Payments Division
at [email protected].

Updates to the Real (Chained-Dollar) Series

With the release of the FT-900 on June 2, 2017, the Census Bureau will revise export and import
prices of telecommunications equipment beginning with 2002 to incorporate updated prices from
the Federal Reserve Board’s Communications Equipment Price Indexes. This change will affect the
categories Total Census Basis, Capital Goods, and Other Goods in Exhibit 10 of the FT-900 and in
Exhibits 9 and 9a of the FT-900 Annual Revision and the categories Total Census Basis and
Non-Petroleum in Exhibit 11 of the FT-900 and in Exhibit 10 of the FT-900 Annual Revision. The
historical chained-dollar series, which begin in 1994, will also be revised as a result of the
recalculated statistics for the base year (2009).

If you have questions or need additional information, please see the Guide to Foreign Trade
Statistics or contact the Census Bureau’s Economic Indicators Division on (800) 549-0595, option
4, or at [email protected].

Change to OPEC

With the release of the FT-900 on June 2, 2017, statistics for 2017 for the area grouping “OPEC”
in Exhibits 20, 20a, and 20b of the FT-900 will exclude Indonesia, which suspended its membership
on November 30, 2016. This change has already been implemented for Exhibits 14, 17a, and 19 of
the FT-900 and for Exhibit 4 of the FT-900 Supplement with the March 7, 2017 release of the FT-900.

NOTE: 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, revision procedures, and scheduled release dates
through December 2017, see the information section on page A-1 of this release. The next release
is June 2, 2017.

NOTE: For definitions of goods on a balance of payments basis, goods on a Census basis, and net
balance of payments adjustments, see the information section on page A-1 of this release.

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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