FOR IMMEDIATE RELEASE 8:30 A.M. EST WEDNESDAY, DECEMBER 4, 2013 CB 13-205 BEA 13-55 FT-900 (13-10) 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 October 2013 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 October exports of $192.7 billion and imports of $233.3 billion resulted in a goods and services deficit of $40.6 billion, down from $43.0 billion in September, revised. October exports were $3.4 billion more than September exports of $189.3 billion. October imports were $1.0 billion more than September imports of $232.3 billion. In October, the goods deficit decreased $2.2 billion from September to $60.2 billion, and the services surplus increased $0.1 billion from September to $19.6 billion. Exports of goods increased $3.0 billion to $135.3 billion, and imports of goods increased $0.8 billion to $195.5 billion. Exports of services increased $0.4 billion to $57.4 billion, and imports of services increased $0.3 billion to $37.8 billion. The goods and services deficit decreased $2.0 billion from October 2012 to October 2013. Exports were up $10.0 billion, or 5.5 percent, and imports were up $8.0 billion, or 3.6 percent. Goods (Census Basis) The September to October increase in exports of goods reflected increases in industrial supplies and materials ($1.5 billion); consumer goods ($1.0 billion); foods, feeds, and beverages ($0.6 billion); capital goods ($0.3 billion); and other goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.2 billion). The September to October increase in imports of goods reflected increases in industrial supplies and materials ($0.8 billion); consumer goods ($0.5 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.0 billion) and capital goods ($0.3 billion). The October 2012 to October 2013 increase in exports of goods reflected increases in industrial supplies and materials ($3.2 billion); capital goods ($1.5 billion); automotive vehicles, parts, and engines ($1.1 billion); consumer goods ($1.0 billion); and foods, feeds, and beverages ($1.0 billion). Other goods were virtually unchanged. The October 2012 to October 2013 increase in imports of goods reflected increases in consumer goods ($4.4 billion); automotive vehicles, parts, and engines ($1.6 billion); capital goods ($1.4 billion); foods, feeds, and beverages ($0.9 billion); and other goods ($0.6 billion). A decrease occurred in industrial supplies and materials ($1.6 billion). Services Exports of services increased $0.4 billion from September to October. The increase was mostly accounted for by increases in other private services ($0.2 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, in travel ($0.1 billion), and in passenger fares ($0.1 billion). Changes in the other categories of services exports were relatively small and nearly offsetting. Imports of services increased $0.3 billion from September to October. The increase was mostly accounted for by increases in passenger fares ($0.1 billion) and in travel ($0.1 billion). Changes in the other categories of services imports were relatively small. The October 2012 to October 2013 increase in exports of services was $2.7 billion or 5.0 percent. The largest increases were in travel ($1.2 billion), in royalties and license fees ($0.6 billion), and in other private services ($0.6 billion). Within other private services, the largest increase was in business, professional, and technical services. The October 2012 to October 2013 increase in imports of services was $0.9 billion or 2.3 percent. The largest increases were in other transportation ($0.4 billion), which includes freight and port services, in royalties and license fees ($0.3 billion), and in passenger fares ($0.3 billion). The largest decrease was in direct defense expenditures ($0.2 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $190.5 billion, while imports of goods and services averaged $231.4 billion, resulting in an average trade deficit of $40.9 billion. For the three months ending in September, the average trade deficit was $40.2 billion, reflecting average exports of $189.5 billion and average imports of $229.8 billion. Selected Not Seasonally Adjusted Goods Details The October figures show surpluses, in billions of dollars, with Hong Kong $2.8 ($3.2 for September), Brazil $1.7 ($1.0), Australia $1.4 ($1.5), and Singapore $1.2 ($1.3). Deficits were recorded, in billions of dollars, with China $28.9 ($30.5), European Union $14.3 ($8.0), Germany $6.9 ($6.1), Japan $6.4 ($5.5), OPEC $5.6 ($5.9), Mexico $4.1 ($5.3), Ireland $3.2 ($1.8), Saudi Arabia $3.1 ($3.2), Canada $3.0 ($3.2), India $2.0 ($1.7), Venezuela $1.9 ($1.3), and Korea $1.7 ($2.1). Advanced technology products exports were $27.7 billion in October and imports were $37.5 billion, resulting in a deficit of $9.8 billion. October exports were $1.1 billion more than the $26.6 billion in September, while October imports were $2.8 billion more than the $34.7 billion in September. Revisions Census Basis (not seasonally adjusted) For September, exports of goods were virtually unrevised and imports of goods were revised up $1.3 billion. Goods carry-over in October was $0.1 billion (0.1 percent) for exports and $2.5 billion (1.2 percent) for imports. For September, revised export carry-over was $0.1 billion (0.1 percent) and revised import carry-over was virtually zero. Balance of Payments Basis (seasonally adjusted) For April 2013 through September 2013, exports and imports of goods and services were revised to incorporate more comprehensive and updated quarterly and monthly data. For September, exports of goods were revised up $0.2 billion and imports of goods were revised up $1.3 billion. For September, exports of services were revised up $0.2 billion, mostly reflecting upward revisions in travel and in other private services that were partly offset by a downward revision in other transportation. For September, imports of services were revised up $0.3 billion, reflecting an upward revision in other private services that was partly offset by downward revisions in royalties and license fees, in travel, and in passenger fares. NOTICE Preliminary Profile of U.S. Exporting Companies Along with this release, the U.S. Census Bureau has published the "Preliminary Profile of U.S. Exporting Companies, 2012." This profile features national level aggregate data on U.S. exports by company type and size and is available at (www.census.gov/foreign-trade/Press-Release/edb/2012/). All data in this profile will be revised with the release of "U.S. Profile of Importing and Exporting Companies, 2011-2012" on April 3, 2014. If you have questions or need additional information, please contact the Special Projects Branch of the U.S. Census Bureau's Foreign Trade Division on (301) 763-3629 or at (ftd.profile.list@census.gov). Seasonally Adjusted Countries and Areas With the release of January 2014 statistics on March 7, 2014, the "U.S. International Trade in Goods and Services" report (FT-900) will include a new exhibit containing monthly and quarterly seasonally adjusted trade in goods on a Census basis for selected major trading partner countries and areas. With the release of April 2014 statistics on June 4, 2014, the FT-900 will include an additional new exhibit that presents quarterly seasonally adjusted trade in goods and services on a balance of payments basis for the same countries and areas. If you have questions or need additional information, please contact the Data Dissemination Branch of the U.S. Census Bureau's Foreign Trade Division on (301) 763-2311 or at (ftd.data.dissemination@census.gov).