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

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .5 billion in October, up %excerpt%.9 billion from .6 billion in September, revised. U.S. International Trade in Goods and Services Deficit Deficit: .5 Billion +1.7%° Exports: 1.0 Billion -0.1%° Imports: 6.5 Billion +0.2%° Next release: January 8, 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, December 6, 2018. Exports, Imports, and Balance (exhibit 1) October exports were 1.0 billion, %excerpt%.3 billion less than September

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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 $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $55.5 Billion +1.7%°
Exports: $211.0 Billion -0.1%°
Imports: $266.5 Billion +0.2%°

Next release: January 8, 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, December 6, 2018.

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

Exports, Imports, and Balance (exhibit 1)

October exports were $211.0 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $78.1 billion and a decrease in the services surplus of $0.1 billion to $22.6 billion.

Year-to-date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.7 billion to $54.6 billion for the three months ending in October.

  • Average exports increased $0.4 billion to $210.2 billion in October.
  • Average imports increased $2.1 billion to $264.8 billion in October.

Year-over-year, the average goods and services deficit increased $9.4 billion from the three months ending in October 2017.

  • Average exports increased $12.7 billion from October 2017.
  • Average imports increased $22.1 billion from October 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $0.4 billion to $141.5 billion in October.

  Exports of goods on a Census basis decreased $0.4 billion.

  • Foods, feeds, and beverages decreased $0.7 billion.
    • Soybeans decreased $0.8 billion.
  • Capital goods decreased $0.5 billion.
    • Civilian aircraft engines decreased $0.3 billion.
    • Civilian aircraft decreased $0.3 billion.
  • Other goods increased $0.5 billion.
  • Industrial supplies and materials increased $0.3 billion.

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

Exports of services increased $0.1 billion to $69.6 billion in October.

  • Financial services increased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
  • Transport decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.5 billion to $219.6 billion in October.

  Imports of goods on a Census basis increased $0.3 billion.

  • Consumer goods increased $2.0 billion.
    • Pharmaceutical preparations increased $1.5 billion.
  • Other goods increased $0.8 billion.
  • Automotive vehicles, parts, and engines increased $0.7 billion.
  • Capital goods decreased $3.2 billion.
    • Telecommunications equipment decreased $1.0 billion.
    • Computer accessories decreased $0.8 billion.
    • Computers decreased $0.7 billion.

  Net balance of payments adjustments increased $0.2 billion.

Imports of services increased $0.2 billion to $46.9 billion in October.

  • Travel (for all purposes including education) increased $0.2 billion.

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

The real goods deficit increased $0.6 billion to $87.9 billion in October.

  • Real exports of goods decreased $1.2 billion to $149.6 billion.
  • Real imports of goods decreased $0.5 billion to $237.5 billion.

Revisions

Exports and imports of goods and services were revised for April through September 2018 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to September exports

  • Exports of goods were revised up less than $0.1 billion.
  • Exports of services were revised down $1.2 billion.

Revisions to September imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.7 billion.

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

The October figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.4), Brazil ($0.7), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($38.2), European Union ($15.1), Mexico ($6.4), Germany ($5.8), Japan ($5.5), Italy ($2.7), OPEC ($2.3), Canada ($2.0), India ($2.0), Saudi Arabia ($1.8), South Korea ($1.8), Taiwan ($1.2), France ($1.1), and United Kingdom (less than $0.1).

  • The deficit with the European Union increased $0.9 billion to $15.1 billion in October. Exports decreased $0.9 billion to $26.3 billion and imports decreased less than $0.1 billion to $41.3 billion.
  • The deficit with China increased $0.7 billion to $38.2 billion in October. Exports decreased $2.6 billion to $7.6 billion and imports decreased $1.9 billion to $45.7 billion.
  • The deficit with Mexico decreased $1.2 billion to $6.4 billion in October. Exports decreased $0.1 billion to $22.4 billion and imports decreased $1.3 billion to $28.8 billion.

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

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, third-quarter figures are now available.

The third-quarter figures show surpluses, in billions of dollars, with South and Central America ($20.6), Hong Kong ($7.7), Brazil ($7.1), Singapore ($4.2), and United Kingdom ($3.7). Deficits were recorded, in billions of dollars, with China ($95.9), European Union ($30.2), Mexico ($21.6), Germany ($16.3), Japan ($13.4), Italy ($8.8), India ($5.7), France ($3.8), Canada ($2.7), South Korea ($2.2), Taiwan ($2.0), Saudi Arabia ($2.0), and OPEC ($0.9).

  • The deficit with China increased $10.3 billion to $95.9 billion in the third quarter. Exports decreased $3.1 billion to $46.0 billion and imports increased $7.2 billion to $141.9 billion.
  • The deficit with the European Union increased $6.3 billion to $30.2 billion in the third quarter. Exports decreased $2.0 billion to $143.2 billion and imports increased $4.2 billion to $173.4 billion.
  • The deficit with Japan decreased $1.9 billion to $13.4 billion in the third quarter. Exports increased $0.5 billion to $30.4 billion and imports decreased $1.5 billion to $43.7 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/data/intl-trade-investment/international-trade-goods-and-services. 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/news/schedule.

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Next release: January 8, 2019, at 8:30 A.M. EST

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

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U.S. International Trade in Goods and Services Release Dates in 2019

Statistical Month Date
November 2018 January 8
December 2018 February 5
January 2019 March 7
February 2019 April 3
March 2019 May 7
April 2019 June 6
May 2019 July 3
June 2019 August 2
July 2019 September 4
August 2019 October 4
September 2019 November 5
October 2019 December 5
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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