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 2011
Goods and Services
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department
of Commerce, announced today that total March exports of $172.7 billion and imports of
$220.8 billion resulted in a goods and services deficit of $48.2 billion, up from $45.4
billion in February, revised. March exports were $7.7 billion more than February exports
of $165.0 billion. March imports were $10.4 billion more than February imports of
$210.4 billion.
In March, the goods deficit increased $3.0 billion from February to $62.1 billion, and
the services surplus increased $0.3 billion to $13.9 billion. Exports of goods increased
$7.1 billion to $124.9 billion, and imports of goods increased $10.1 billion to $187.0
billion. Exports of services increased $0.5 billion to $47.7 billion, and imports of
services increased $0.3 billion to $33.8 billion.
The goods and services deficit increased $8.7 billion from March 2010 to March 2011.
Exports were up $22.4 billion, or 14.9 percent, and imports were up $31.1 billion, or
16.4 percent.
Goods (Census basis)
The February to March increase in exports of goods reflected increases in industrial
supplies and materials ($2.5 billion); automotive vehicles, parts, and engines ($1.6
billion); capital goods ($1.0 billion); other goods ($0.8 billion); consumer goods ($0.7
billion); and foods, feeds, and beverages ($0.6 billion).
The February to March increase in imports of goods reflected increases in industrial
supplies and materials ($7.7 billion); automotive vehicles, parts, and engines ($2.1
billion); capital goods ($1.6 billion); and other goods ($0.6 billion). A decrease occurred
in consumer goods ($2.0 billion). Foods, feeds, and beverages were virtually unchanged.
The March 2010 to March 2011 increase in exports of goods reflected increases in industrial
supplies and materials ($9.9 billion); capital goods ($4.0 billion); foods, feeds, and
beverages ($2.4 billion); automotive vehicles, parts, and engines ($2.4 billion); and
consumer goods ($0.7 billion). A decrease occurred in other goods ($0.5 billion).
The March 2010 to March 2011 increase in imports of goods reflected increases in industrial
supplies and materials ($13.8 billion); capital goods ($6.8 billion); automotive vehicles,
parts, and engines ($4.0 billion); consumer goods ($3.0 billion); foods, feeds, and
beverages ($1.2 billion); and other goods ($0.3 billion).
Services
Services exports increased $0.5 billion from February to March. The increase was more
than accounted for by increases in other private services (which includes items such as
business, professional, and technical services, insurance services, and financial services),
other transportation (which includes freight and port services), passenger fares, and
transfers under U.S. military agency sales contracts. A decrease in royalties and license
fees was partly offsetting. Changes in the other categories of services exports were small.
Services imports increased $0.3 billion from February to March. The increase was mostly
accounted for by increases in other transportation and other private services. Changes in
the other categories of services imports were small.
The March 2010 to March 2011 increase in exports of services was $2.7 billion. The largest
increases were in other private services ($1.8 billion), travel ($0.4 billion), and passenger
fares ($0.3 billion). Within other private services, the largest increases were in financial
services and business, professional, and technical services.
The March 2010 to March 2011 increase in imports of services was $1.6 billion. The largest
increases were in other private services ($1.0 billion) and other transportation ($0.3
billion). Within other private services, the largest increases were in insurance services
and business, professional, and technical services.
Goods and Services Moving Average
For the three months ending in March, exports of goods and services averaged $168.4 billion,
while imports of goods and services averaged $215.3 billion, resulting in an average trade
deficit of $46.9 billion. For the three months ending in February, the average trade
deficit was $44.2 billion, reflecting average exports of $165.3 billion and average imports
of $209.5 billion.
Selected Not Seasonally Adjusted Goods Details
The March figures show surpluses, in billions of dollars, with Hong Kong $2.7 ($2.5 for
February), Australia $1.1 ($1.4), Singapore $0.9 ($0.8), and Egypt $0.4 ($0.5). Deficits
were recorded, in billions of dollars, with China $18.1 ($18.8), OPEC $10.8 ($9.4), European
Union $9.0 ($6.9), Mexico $6.2 ($5.3), Japan $6.1 ($5.2), Germany $4.6 ($3.3), Venezuela
$3.0 ($2.1), Canada $2.8 ($3.0), Ireland $2.6 ($2.6), Nigeria $2.5 ($2.5), Korea $0.6
($0.8), and Taiwan $0.6 ($0.9).
Advanced technology products exports were $25.3 billion in March and imports were $32.2
billion, resulting in a deficit of $6.9 billion. March exports were $4.3 billion more
than the $21.0 billion in February, while March imports were $5.3 billion more than the
$26.9 billion in February.
Revisions (Goods on a Census basis, not seasonally adjusted)
For February, goods exports were revised down $0.2 billion and imports were revised down
$0.3 billion. Goods carry-over in March was virtually zero for exports and $0.9 billion
(0.5 percent) for imports. For February, revised export carry-over was virtually unchanged
at $0.1 billion (0.1 percent). For February, revised import carry-over was $0.3 billion
(0.2 percent), revised down from $1.4 billion (0.9 percent).
Services exports for February were virtually unrevised at $47.2 billion. Services imports
were virtually unrevised at $33.5 billion.