FOR IMMEDIATE RELEASE AT 8:30 A.M. EST THURSDAY, DECEMBER 11, 2008     CB08-178
                                                                       BEA08-53
                                                                       FT-900 (08-10)
                              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 2008

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 $151.7 billion and imports
of $208.9 billion resulted in a goods and services deficit of $57.2 billion, up from
$56.6 billion in September, revised.  October exports were $3.4 billion less than
September exports of $155.1 billion.  October imports were $2.7 billion less than
September imports of $211.6 billion.

In October, the goods deficit increased $0.3 billion from September to $69.8 billion,
and the services surplus decreased $0.4 billion to $12.6 billion.  Exports of goods
decreased $3.0 billion to $104.8 billion, and imports of goods decreased $2.7 billion
to $174.6 billion.  Exports of services decreased $0.3 billion to $46.9 billion, and
imports of services were virtually unchanged at $34.3 billion.

In October 2008, the goods and services deficit increased $0.9 billion from October 2007.
Exports were up $7.6 billion, or 5.3 percent, and imports were up $8.5 billion, or 4.2
percent.

Goods

The September to October change in exports of goods reflected decreases in industrial
supplies and materials ($1.4 billion); foods, feeds, and beverages ($0.8 billion);
automotive vehicles, parts, and engines ($0.2 billion); consumer goods ($0.2 billion);
capital goods ($0.1 billion); and other goods ($0.1 billion).

The September to October change in imports of goods reflected decreases in capital goods
($1.4 billion); automotive vehicles, parts, and engines ($0.9 billion); other goods
($0.2 billion); and industrial supplies and materials ($0.1 billion).  Increases occurred
in consumer goods ($0.5 billion) and foods, feeds, and beverages ($0.1 billion).

The October 2007 to October 2008 change in exports of goods reflected increases in industrial
supplies and materials ($4.0 billion); consumer goods ($0.8 billion); foods, feeds, and
beverages ($0.5 billion); and other goods ($0.1 billion).  Decreases occurred in capital goods
($1.0 billion) and automotive vehicles, parts, and engines ($0.4 billion).

The October 2007 to October 2008 change in imports of goods reflected increases in industrial
supplies and materials ($10.0 billion); foods, feeds, and beverages ($0.8 billion); consumer
goods ($0.7 billion); and other goods ($0.2 billion). Decreases occurred in automotive
vehicles, parts, and engines ($4.6 billion) and capital goods ($0.4 billion).

Services

Services exports decreased $0.3 billion from September to October.  The decrease was more
than accounted for by decreases in travel, other transportation (which includes freight
and port services), and other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services).  An
increase in transfers under U.S. military sales contracts was partly offsetting.  Changes
in other categories of services exports were small.

Services imports were virtually unchanged from September to October.  Increases in other
private services and passenger fares were largely offset by a decrease in other transportation.
Changes in other categories of services imports were small.

From October 2007 to October 2008, services exports increased $3.2 billion.  The largest
increases were in other private services ($1.1 billion), travel ($0.6 billion), and royalties
and license fees ($0.6 billion).  Within other private services, the largest increase was in
business, professional, and technical services.

From October 2007 to October 2008, services imports increased $2.0 billion.  The largest
increases were in other private services ($0.8 billion), other transportation ($0.4 billion),
royalties and license fees ($0.3 billion), and passenger fares ($0.3 billion).  Within other
private services, the largest increase was in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in October, exports of goods and services averaged $157.5 billion,
while imports of goods and services averaged $215.0 billion, resulting in an average trade
deficit of $57.5 billion.  For the three months ending in September, the average trade deficit
was $58.8 billion, reflecting average exports of $163.0 billion and average imports of $221.9
billion.

Selected Not Seasonally Adjusted Goods Details

The October figures showed surpluses, in billions of dollars, with Australia $1.1 ($0.8 for
September), Hong Kong $1.1 ($1.7), Singapore $1.0 ($0.9), and Egypt $0.2 ($0.2).  Deficits
were recorded, in billions of dollars, with China $28.0 ($27.8), OPEC $14.0 ($13.4), the
European Union $9.6 ($8.3), Japan $6.0 ($5.6), Canada $6.0 ($7.6), Mexico $4.8 ($4.9),
Venezuela $2.7 ($3.5), Nigeria $2.6 ($2.2), Korea $1.6 ($1.0), and Taiwan $1.5 ($1.4).

Advanced technology products (ATP) exports were $22.1 billion in October and imports were
$29.9 billion, resulting in a deficit of $7.9 billion.  October exports were $0.5 billion
more than the $21.6 billion in September, while imports were $0.6 billion more than the
$29.3 billion in September.

Revisions

Goods carry-over in October was $0.2 billion (0.2 percent) for exports and $1.8 billion
(1.0 percent) for imports.  For September, revised export carry-over was $0.3 billion
(0.3 percent), revised down from $0.9 billion (0.8 percent).  For September, revised import
carry-over was $0.4 billion (0.2 percent), revised down from $2.1 billion (1.1 percent).

Services exports and imports for April through September 2008 reflect the incorporation of
more comprehensive and revised quarterly and monthly data.  For services exports, the
largest revisions over the entire period were in other private services and royalties and
license fees.  For services imports, the largest revisions over the entire period were in
other private services and travel.

Services exports for September were virtually unrevised at $47.3 billion.  Downward revisions
in travel, passenger fares, and other transportation were mostly offset by upward revisions
in other private services and royalties and license fees.  Services imports for September
were revised up $0.1 billion to $34.3 billion.  The revision was more than accounted for by
an upward revision in other private services.  A downward revision in travel was partly
offsetting.