U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EST WEDNESDAY, DECEMBER 12, 2007 CB07-174 BEA07-55 FT-900 (07-10) For information on goods contact: U.S. Census Bureau: Nick Orsini 301-763-6959 Maria Iseman 301-763-2311 For information on services contact: U.S. Bureau of Economic Analysis: Technical: Christopher Bach 202-606-9545 Media: Ralph Stewart 202-606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES October 2007 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 $141.7 billion and imports of $199.5 billion resulted in a goods and services deficit of $57.8 billion, $0.7 billion more than the $57.1 billion in September, revised. October exports were $1.3 billion more than September exports of $140.4 billion. October imports were $2.0 billion more than September imports of $197.5 billion. In October, the goods deficit increased $0.9 billion from September to $66.8 billion, and the services surplus increased $0.2 billion to $8.9 billion. Exports of goods increased $0.7 billion to $101.1 billion, and imports of goods increased $1.6 billion to $167.8 billion. Exports of services increased $0.5 billion to $40.6 billion, and imports of services increased $0.3 billion to $31.7 billion. In October, the goods and services deficit was down $0.3 billion from October 2006. Exports were up $17.1 billion, or 13.7 percent, and imports were up $16.7 billion, or 9.2 percent. Goods The September to October change in exports of goods reflected increases in capital goods ($1.3 billion) and other goods ($0.7 billion). Decreases occurred in foods, feeds, and beverages ($0.5 billion); consumer goods ($0.4 billion); and industrial supplies and materials ($0.2 billion). Automotive vehicles, parts, and engines were virtually unchanged. The September to October change in imports of goods reflected increases in industrial supplies and materials ($1.9 billion); consumer goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.1 billion). Decreases occurred in capital goods ($0.5 billion) and foods, feeds, and beverages ($0.1 billion). Other goods were virtually unchanged. The October 2006 to October 2007 change in exports of goods reflected increases in capital goods ($3.7 billion); industrial supplies and materials ($3.5 billion); foods, feeds, and beverages ($2.1 billion); automotive vehicles, parts, and engines ($1.6 billion); consumer goods ($1.2 billion); and other goods ($0.5 billion). The October 2006 to October 2007 change in imports of goods reflected increases in industrial supplies and materials ($7.9 billion); capital goods ($2.2 billion); consumer goods ($1.9 billion); automotive vehicles, parts, and engines ($1.3 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.1 billion). Services Services exports increased $0.5 billion from September to October. The increase was mostly accounted for by increases in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, travel, and other transportation, which includes freight and port services. Changes in other categories of services exports were small. Services imports increased $0.3 billion from September to October. The increase was mostly accounted for by an increase in other private services. Changes in other categories of services imports were small. From October 2006 to October 2007, services exports increased $4.2 billion. The largest increases were in travel ($1.4 billion) and other private services ($1.4 billion). From October 2006 to October 2007, services imports increased $2.6 billion. The largest increases were in other private services ($1.2 billion) and travel ($0.6 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $140.5 billion, while imports of goods and services averaged $197.8 billion, resulting in an average trade deficit of $57.3 billion. For the three months ending in September, the average trade deficit was $57.7 billion, reflecting average exports of $139.2 billion and average imports of $197.0 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Hong Kong $1.3 ($1.4 for September), Australia $0.9 ($1.0), Singapore $0.7 ($0.7), Egypt $0.5 ($0.4), and Argentina $0.3 ($0.3). Deficits were recorded, in billions of dollars, with China $25.9 ($23.8), Europe $13.7 ($7.3), the European Union $11.9 ($6.4), OPEC $11.0 ($11.1), Japan $8.0 ($6.2), Mexico $7.5 ($6.3), Canada $5.2 ($4.9), Taiwan $1.4 ($1.3), and Korea $0.8 ($0.9). Advanced technology products (ATP) exports were $25.1 billion in October and imports were $31.8 billion, resulting in a deficit of $6.7 billion. October exports were $2.3 billion more than the $22.9 billion in September, while imports were $3.8 billion more than the $28.1 billion in September. Revisions Goods carry-over in October was $0.4 billion (0.3 percent) for exports and $1.5 billion (0.8 percent) for imports. For September, revised export carry-over was virtually unchanged at $0.1 billion (0.1 percent). For September, revised import carry-over was $0.2 billion (0.1 percent), revised down from $0.9 billion (0.6 percent). Services exports and imports for April through September 2007 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revisions over the entire period were in royalties and license fees and other private services. For services imports, the largest revision over the entire period was in other private services. Services exports for September were revised up $0.1 billion to $40.1 billion. The revision was accounted for by upward revisions in royalties and license fees and other private services, which were partly offset by downward revisions in all other categories. Services imports for September were revised up $0.7 billion to $31.3 billion. The revision was mostly accounted for by upward revisions in other private services and travel.