International Trade – November 2008

International Trade At a Glance

• Exports: $142.8 billion
• Monthly Change: Down $8.7 billion
• Imports: $183.2 billion
• Monthly Change: Down $25 billion
• Trade Deficit: $40.4 billion
• Monthly Change: Down $16.7 billion

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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
November 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 November exports of $142.8
billion and imports of $183.2 billion resulted in a goods and
services deficit of $40.4 billion, down from $56.7 billion in
October, revised. November exports were $8.7 billion less
than October exports of $151.5 billion. November imports
were $25.0 billion less than October imports of $208.2
billion.

In November, the goods deficit decreased $16.6 billion
from October to $52.4 billion, and the services surplus
decreased $0.4 billion to $12.0 billion. Exports of goods
decreased $7.6 billion to $97.2 billion, and imports of goods
decreased $24.2 billion to $149.7 billion. Exports of
services decreased $1.2 billion to $45.6 billion, and imports
of services decreased $0.8 billion to $33.6 billion.

In November 2008, the goods and services deficit
decreased $19.4 billion from November 2007. Exports were
down $2.4 billion, or 1.7 percent, and imports were down
$21.8 billion, or 10.6 percent.

Goods

The October to November change in exports of goods
reflected decreases in industrial supplies and materials ($4.2
billion); capital goods ($1.5 billion); automotive vehicles,
parts, and engines ($1.1 billion); foods, feeds, and beverages
($0.5 billion); and consumer goods ($0.2 billion). An
increase occurred in other goods ($0.2 billion).

The October to November change in imports of goods
reflected decreases in industrial supplies and materials
($16.5 billion); consumer goods ($3.8 billion); capital goods
($2.2 billion); automotive vehicles, parts, and engines ($1.2
billion); and foods, feeds, and beverages ($0.4 billion).
Other goods were virtually unchanged.
The November 2007 to November 2008 change in exports
of goods reflected decreases in capital goods ($2.3 billion);
automotive vehicles, parts, and engines ($1.8 billion);
industrial supplies and materials ($0.7 billion); and foods,
feeds, and beverages ($0.3 billion). Increases occurred in
consumer goods ($0.7 billion) and other goods ($0.1 billion).

The November 2007 to November 2008 change in imports
of goods reflected decreases in industrial supplies and
materials ($11.0 billion); automotive vehicles, parts, and
engines ($5.7 billion); consumer goods ($3.8 billion); capital
goods ($2.7 billion); and other goods ($0.1 billion). An
increase occurred in foods, feeds, and beverages ($0.2 billion).

Services

Services exports decreased $1.2 billion from October to
November. Most categories of services exports decreased.
The largest decreases were 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).

Services imports decreased $0.8 billion from October to
November. All categories of services imports decreased. The
largest decreases were in other transportation, travel, and
other private services.

The November 2007 to November 2008 increase in
exports of services was $1.3 billion. The largest increases
were in royalties and license fees ($0.6 billion) and other
private services ($0.5 billion). Within other private services,
the largest increase was in business, professional, and technical
services, which was partly offset by a decrease in financial
services.

The November 2007 to November 2008 increase in
imports of services was $1.2 billion. The largest increases
were in other private services ($0.7 billion), royalties and
license fees ($0.3 billion), and passenger fares ($0.2 billion).
Within other private services, the largest increase was in
business, professional, and technical services, which was
partly offset by a decrease in financial services.

Goods and Services Moving Average

For the three months ending in November, exports of
goods and services averaged $149.8 billion, while imports of
goods and services averaged $201.0 billion, resulting in an
average trade deficit of $51.2 billion. For the three months
ending in October, the average trade deficit was $57.4 billion,
reflecting average exports of $157.4 billion and average
imports of $214.8 billion.

Selected Not Seasonally Adjusted Goods Details

The November figures showed surpluses, in billions of
dollars, with Australia $1.0 ($1.1 for October), Hong Kong $1.0
($1.1), Singapore $0.7 ($1.0), and Egypt $0.1 ($0.2). Deficits
were recorded, in billions of dollars, with China $23.1 ($28.0),
OPEC $5.6 ($14.0), the European Union $5.6 ($9.6), Japan $5.0
($6.0), Mexico $3.5 ($4.8), Canada $3.3 ($5.9), Taiwan $1.4
($1.5), Venezuela $1.3 ($2.7), and Nigeria $1.3 ($2.6).

Advanced technology products (ATP) exports were $20.1
billion in November and imports were $24.7 billion, resulting in a
deficit of $4.6 billion. November exports were $1.9 billion less
than the $22.1 billion in October, while imports were $5.2 billion
less than the $29.9 billion in October.

Revisions

Goods carry-over in November was $0.2 billion (0.2 percent)
for exports and $0.6 billion (0.4 percent) for imports. For
October, revised export carry-over was less than $0.1 billion. For
October, revised import carry-over was $0.4 billion (0.2 percent),
revised down from $1.8 billion (1.0 percent).

Services exports for October were revised down $0.2 billion
to $46.7 billion. The revision was more than accounted for by
downward revisions in travel and passenger fares. Services
imports for October were revised up $0.1 billion to $34.4 billion.
The revision was mostly accounted for by small upward revisions
in passenger fares, other transportation, and travel.

Foreign Trade – November 2008 [PDF]

Source: Department of Commerce, Census Bureau