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U.S. International Trade in Goods and Services, April 2018

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .2 billion in April, down .0 billion from .2 billion in March, revised. Exports, Imports, and Balance (exhibit 1) April exports were 1.2 billion, %excerpt%.6 billion more than March exports. April imports were 7.4 billion, %excerpt%.4 billion less than March imports. The April decrease in the goods and services deficit reflected a decrease in the goods deficit of .0 billion to .3 billion and a decrease in the services surplus of less than %excerpt%.1 billion to .1 billion. Year-to-date, the goods and services deficit increased .8 billion, or 11.5 percent, from the same period in 2017. Exports increased .0 billion or 8.1 percent.

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $46.2 billion in April, down $1.0 billion from $47.2 billion in March,
revised.
U.S. International Trade in Goods and Services, April 2018
Exports, Imports, and Balance (exhibit 1)

April exports were $211.2 billion, $0.6 billion more than March exports. April imports were
$257.4 billion, $0.4 billion less than March imports.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit
of $1.0 billion to $68.3 billion and a decrease in the services surplus of less than $0.1 billion
to $22.1 billion.

Year-to-date, the goods and services deficit increased $20.8 billion, or 11.5 percent, from the
same period in 2017. Exports increased $62.0 billion or 8.1 percent. Imports increased $82.8 billion
or 8.7 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $2.2 billion to $49.6 billion for the three
months ending in April.
     * Average exports increased $2.9 billion to $209.3 billion in April.
     * Average imports increased $0.7 billion to $259.0 billion in April.

Year-over-year, the average goods and services deficit increased $4.9 billion from the three
months ending in April 2017.
     * Average exports increased $17.0 billion from April 2017.
     * Average imports increased $21.9 billion from April 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $0.3 billion to $141.2 billion in April.
  Exports of goods on a Census basis increased $0.3 billion.
     * Industrial supplies and materials increased $1.3 billion.
          o Fuel oil increased $0.5 billion.
          o Other petroleum products increased $0.2 billion.
     * Foods, feeds, and beverages increased $0.7 billion.
          o Soybeans increased $0.3 billion.
          o Corn increased $0.3 billion.
     * Capital goods decreased $1.4 billion.
          o Civilian aircraft decreased $2.8 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.3 billion to $70.0 billion in April.
     * 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.
     * Charges for the use of intellectual property increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $0.7 billion to $209.5 billion in April.
  Imports of goods on a Census basis decreased $0.9 billion.
     * Consumer goods decreased $2.8 billion.
          o Cell phones and other household goods decreased $2.2 billion.
     * Automotive vehicles, parts, and engines decreased $0.9 billion.
          o Passenger cars decreased $1.0 billion.
     * Other goods increased $1.3 billion.
     * Industrial supplies and materials increased $1.2 billion.
          o Crude oil increased $1.0 billion.

  Net balance of payments adjustments increased $0.2 billion.

Imports of services increased $0.3 billion to $47.9 billion in April.
     * Transport increased $0.1 billion.
     * Other business services increased $0.1 billion.
     * Charges for the use of intellectual property increased $0.1 billion.

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

The real goods deficit decreased $0.7 billion to $77.5 billion in April.
     * Real exports of goods decreased $0.2 billion to $150.6 billion.
     * Real imports of goods decreased $0.9 billion to $228.1 billion.

Revisions

Exports and imports of goods and services for all months through March 2018 shown in this release
reflect the incorporation of annual revisions to the goods and services series. See the “Notice”
in this release for a description of the revisions.

Revisions to March exports
     * Exports of goods were revised up $0.1 billion.
     * Exports of services were revised up $2.1 billion.

Revisions to March imports
     * Imports of goods were revised down $0.1 billion.
     * Imports of services were revised up $0.5 billion.

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

The April figures show surpluses, in billions of dollars, with South and Central America ($4.1),
Hong Kong ($2.2), United Kingdom ($0.9), Singapore ($0.7), and Brazil ($0.6). Deficits were
recorded, in billions of dollars, with China ($30.8), European Union ($13.2), Mexico ($6.0),
Japan ($5.9), Germany ($5.6), OPEC ($3.3), Italy ($2.4), India ($2.0), Canada ($1.7), France ($1.6),
South Korea ($1.3), Taiwan ($1.1), and Saudi Arabia ($0.9).

     * The deficit with China decreased $3.4 billion to $30.8 billion in April. Exports decreased
       $1.4 billion to $11.1 billion and imports decreased $4.7 billion to $41.9 billion.
     * The surplus with South and Central America increased $1.0 billion to $4.1 billion in April.
       Exports increased $0.7 billion to $14.0 billion and imports decreased $0.3 billion to
       $9.9 billion.
     * The deficit with members of OPEC increased $2.1 billion to $3.3 billion in April. Exports
       decreased $0.3 billion to $4.6 billion and imports increased $1.8 billion to $7.9 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis
(exhibit 20)

The first quarter figures show surpluses, in billions of dollars, with South and Central America
($21.0), Hong Kong ($10.0), Brazil ($7.9), United Kingdom ($5.7), Singapore ($4.5), Canada ($4.2),
Saudi Arabia ($0.9), and OPEC ($0.6). Deficits were recorded, in billions of dollars, with China
($93.4), European Union ($30.4), Germany ($18.7), Mexico ($18.1), Japan ($15.1), Italy ($9.1),
India ($5.9), France ($4.1), Taiwan ($3.9), and South Korea ($0.1).

     * The deficit with China increased $4.7 billion to $93.4 billion in the first quarter. Exports
       increased $0.7 billion to $49.0 billion and imports increased $5.3 billion to $142.4 billion.
     * The deficit with Germany increased $1.7 billion to $18.7 billion in the first quarter. Exports
       increased $1.0 billion to $23.5 billion and imports increased $2.6 billion to $42.2 billion.
     * The surplus with Canada increased $3.7 billion to $4.2 billion in the first quarter. Exports
       increased $3.8 billion to $91.8 billion and imports increased $0.1 billion to $87.6 billion.

					  *    *    *

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/ or on BEA's
Web site at www.bea.gov/newsreleases/news_release_schedule.htm.

					  *    *    *

			       Next release: July 6, 2018, at 8:30 A.M. EDT
		       U.S. International Trade in Goods and Services: May 2018

					  *    *    *

					    Notice

Updates to Goods and Services

In this release and in the accompanying "U.S. International Trade in Goods and Services: Annual
Revision" release (FT-900 Annual Revision), the U.S. Census Bureau and the U.S. Bureau of
Economic Analysis (BEA) are publishing revised statistics on trade in goods and services. With
these releases, statistics on trade in goods on a Census basis are revised beginning with 2015,
and statistics on trade in goods on a balance of payments (BOP) basis and on trade in
services are revised beginning with 2010.

BOP adjustments to Census-basis goods exports are revised beginning with statistics for 2010 to
reflect the discontinuation of BOP adjustments for estimating exports through the Foreign Military
Sales program. These adjustments have been discontinued because the Census-basis goods data now
provide more complete coverage of these exports. Other revisions to BOP adjustments reflect newly
available and revised source data and recalculated seasonal and trading-day adjustments beginning
with 2015. For more information on BOP adjustments, see the "Goods (balance of payments basis)"
section in the explanatory notes.

Services exports are revised beginning with statistics for 2010 to reflect a new method for
estimating goods and services transferred through military grant programs. Beginning with statistics
for 2013, services exports and imports are also revised to reflect 1) newly available and revised
source data, primarily from BEA's surveys of international services transactions, 2) recalculated
seasonal adjustments, and 3) revised temporal distributions of quarterly source data to monthly
statistics (see the "Services" section in the explanatory notes for more information).

Statistics on trade in goods on a Census basis are revised beginning with statistics for 2015 to
reflect 1) corrections and adjustments to previously published not seasonally adjusted statistics,
2) reclassifications of several end-use commodities, and 3) recalculated seasonal and trading-day
adjustments.

On an annual basis for 2010-2017, the goods and services deficit was revised less than 1 percent
for all years except for 2017 when it was revised down 3 percent. The goods deficit was revised
down for most years but revised up for 2011 and 2015. The services surplus was revised down for
2010-2014 and up for 2015-2017.

The revised statistics for goods on a BOP basis and for services will also be included in the "U.S.
International Transactions: First Quarter 2018 and Annual Update" report and in the international
transactions interactive database, both to be released by BEA on June 20, 2018. A preview of
BEA's 2018 annual update of the international transactions accounts was published in the May
2018 Survey of Current Business, BEA's monthly online journal. If you have questions, please
contact BEA, Balance of Payments Division, at [email protected].

Change to the Real (Chained-Dollar) Series

With this release and the release of the accompanying FT-900 Annual Revision-and consistent with
the release of the upcoming comprehensive update of the national income and
product accounts-the reference year for the chained-dollar series has been updated to 2012 from
2009 to reference the time series on prices from a more recent year. The historical chained-dollar
series, which begin in 1994, have also been revised to reflect the new reference year. See the
"Adjustments for price change" section in the explanatory notes for more information.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on
(800) 549-0595, option 4, or at [email protected].
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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