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The Nations Trade deficit widens on falling exports according to the January 2024 data

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap widened in January 2024, on the decline in exports and growth in imports.
In January 2024 U.S. trade gap soared by 8.4 % , reported by the Commerce Department. The widening trade gap will subtract from the GDP growth, due to shrinking exports, as falling oil prices were the main reason behind the lower imports, leaving more disposable income to spend on other goods and services, economists think.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Declining oil price in January 2024 helped to moderate petroleum trade gap.

Exports to China, meanwhile, climbed to $12.1 billion in January 2024 from $12 billion in December 2023. The trade deficit with the rising Asian giant increased $1.64 billion to $-23.7 billion in January 2024. Country data are not seasonally adjusted.

American manufacturers believe that the low level of the yuan has given the Chinese an unfair trade advantage in terms of exports.
Imports of Crude Oil

-2.42% -2.47% -1.76% 2.97% 8.13% -4.51% 4.57% -7.37%
Imports
Imports
Imports
Imports

Imports increased in January 2024 by 1.3 %, reported by the Commerce Department, led by growing imports of Cars, parts, engines as the availability of new models improved and Travel services, which accounted for 0.19 % of total imports. Imports of Biotechnology grew as well, up 13.26 % to $9.14 billions. But imports of Industrial supplies, materials fell the most, down -2.42 % and Passenger Fares declined by -2.89 %. Imports of Aerospace fell as well, by -28.62 % to $4.10 billions.

Economists think the report isn't necessarily a disaster to the extent that the surge in imports reflects strong domestic demand and restocking of store shelves.

The value of U.S. crude oil imports fell to $13.7 billion in January 2024 from $13.8 billion in December 2023 as the price of a barrel of oil fell to $66.2 from $70.5 in the previous month. U.S. Imports of services grew by 1.84 %, whats more important purcheses of foreign made products, which accounted for 81.1 %, of total imports, rose by 1.18 %. U.S. Exports by Major Category









Imports from europe increased.
Despite the decline in the price of oil, imports from Mexico and Canada grew in January 2024. Canada and Mexico are among the largest exporters of petroleum to the U.S.
Pacific Rim Region has seen increasing demand from the U.S.. Imports of Biotechnology grew as well, up 13.26 % to $9.14 billions, the largest drop came from imports of Industrial supplies, materials.

U.S. trade deficit fell by -1.8 % from Jan. 2023, as imports decline by -0.32 %.

exports decreased by -0.41 % in January 2024 to $257.2 billion, reported by the Commerce Department, following miscellaneous other goods decline by -5.89 % and Travel services. Exports of Opto-Electronics also fell -55.85 % to $0.39 billions. Opposite to overall trend, exports of Cars, parts, engines, Royalties and License Fees, grew. Exports of Biotechnology grew as well, up 38.27 % to $4.20 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. Exports of services have declined by -1.84 %, services accounted for 33.2 %, of total exports in January 2024. Exports of goods, rose by 0.32 %.

Demand for U.S. made goods fell in Brazil, Colombia and overall South and Central America.
Exports to europe fell, where sales of U.S. made goods to Norway fell the most, but exports to Switzerland grew by 95.45 %.
Sales of U.S. made goods, improved in the Pacific Rim Region. Exports of Biotechnology grew as well, up 38.27 % to $4.20 billions.


U.S. Imports by Major Countries

Exports to Selected Geographical Region



Technology Group Exports Technology Group Imports Technology Group Trade Balance
Total Technology Group exports deacreased by $3,133 millions or -8.47 % to $33,839 millions from Dec. 2023 , caused by decrease in exports of Aerospace goods by -21.08 % to $9,713 millions from Dec. 2023. Exports of Information and Communication goods fell by $3,133 millions or -5.44 % to $8,659 millions.
Total Technology Group imports deacreased by $1,732 millions or -3.15 % to $53,188 millions from Dec. 2023 , caused by decrease in imports of Electronics goods by -8.51 % to $6,492 millions from Dec. 2023. Imports of Information and Communication goods fell by $1,732 millions or -4.64 % to $23,121 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $1,401 millions or 7.81 % to $19,349 millions from deficit of $17,948 millions Dec. 2023. Information and Communications trade deficit fell by $626 millions or 4.15 % to $14,462 millions from deficit of $15,088 millions Dec. 2023.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports deacreased by $3,133 millions or -8.47 % to $33,839 millions from Dec. 2023 , caused by decrease in exports of Aerospace goods by -21.08 % to $9,713 millions from Dec. 2023. Exports of Information and Communication goods fell by $3,133 millions or -5.44 % to $8,659 millions.


Technology Group Imports
Total Technology Group imports deacreased by $1,732 millions or -3.15 % to $53,188 millions from Dec. 2023 , caused by decrease in imports of Electronics goods by -8.51 % to $6,492 millions from Dec. 2023. Imports of Information and Communication goods fell by $1,732 millions or -4.64 % to $23,121 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports deacreased by $3,133 millions or -8.47 % to $33,839 millions from Dec. 2023 , caused by decrease in exports of Aerospace goods by -21.08 % to $9,713 millions from Dec. 2023. Exports of Information and Communication goods fell by $3,133 millions or -5.44 % to $8,659 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Jan. 2024
Dec. 2023
Nov. 2023
Sep. 2023
Aug. 2023
Aug. 2023
Total Trade Balance
-67,434 -62,201 -63,207 -61,542 -58,657 -58,303
Trade Balance of Goods
-91,599 -89,075 -89,400 -86,301 -84,603 -84,472
Trade Balance of Services
24,165 26,874 26,193 24,759 25,946 26,169
Total Exports
257,193 258,248 253,737 261,113 255,436 256,031
Exports of Goods
171,778 171,228 167,991 176,747 171,406 171,511
Exports of Services
85,415 87,020 85,746 84,367 84,029 84,519
Total Imports
324,627 320,449 316,944 322,656 314,092 314,333
Imports of Goods
263,377 260,304 257,391 263,048 256,009 255,983
Imports of Services
61,250 60,146 59,553 59,608 58,083 58,350



U.S. Trade Balance by Selected Countries and Areas
( In millions $)




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Jan. 2024
Dec. 2023
Nov. 2023
Oct. 2023
Sep. 2023
Aug. 2023
Total Goods
-94,377 -80,940 -90,223 -89,538 -94,532 -94,400
North America
-18,526 -18,393 -20,883 -17,309 -18,021 -17,972
Canada
-6,965 -5,594 -7,066 -5,335 -5,279 -5,231
Mexico
-11,561 -12,799 -13,817 -11,974 -12,742 -12,742
Europe
-17,483 -17,486 -19,597 -15,940 -20,565 -20,565
European Union
-16,748 -17,071 -16,945 -14,133 -19,541 -19,541
Austria
-990 -1,194 -905 -930 -1,126 -1,126
Belgium
963 599 307 1,063 848 848
Czech Republic
-162 -146 -299 -206 -74 -74
Finland
-538 -325 -578 -416 -420 -420
France
-1,374 -772 -739 -556 -2,043 -2,043
Germany
-6,073 -7,578 -5,959 -5,828 -7,097 -7,097
Hungary
-575 -532 -892 -474 -463 -463
Ireland
-5,970 -5,674 -4,400 -6,204 -5,750 -5,750
Italy
-3,645 -3,074 -3,917 -1,904 -3,980 -3,980
Netherlands
4,072 4,429 3,007 3,248 2,996 2,996
Poland
-420 -179 -269 35 -206 -206
Spain
246 182 322 544 198 198
Sweden
-882 -799 -878 -634 -461 -461
United Kingdom
1,460 1,543 363 914 364 364
Other E.U.
-1,399 -2,009 -1,744 -1,870 -1,964 -1,964
Norway
-244 20 -152 -135 142 142
Russia
-214 -233 -293 -214 -266 -266
Switzerland
-1,594 -2,224 -2,409 -2,021 -1,308 -1,308
Other Europe
-144 479 -160 -351 43 43
Euro Area
-14,344 -14,966 -14,065 -12,126 -17,343 -17,343
Pacific Rim Countries
-41,769 -33,320 -36,815 -42,184 -41,719 -41,719
Australia
1,227 1,956 1,322 1,635 1,591 1,591
China
-23,721 -22,085 -21,591 -28,447 -25,959 -25,959
Japan
-6,822 -5,275 -7,286 -5,985 -5,620 -5,620
Malaysia
-1,803 -2,136 -1,709 -1,993 -1,837 -1,837
Philippines
-354 -194 -339 -364 -281 -281
Newly Industrialized Countries (NICS)
-46 153 -95 271 -171 -171
Hong Kong
1,969 1,858 1,880 3,139 1,951 1,951
Korea
-5,813 -4,695 -3,736 -4,205 -4,391 -4,391
Singapore
108 1,435 353 860 -958 -958
Taiwan
-5,015 -2,833 -4,649 -5,177 -4,710 -4,710
Other Pacific Rim
-250 -70 -85 -110 -97 -97
South/Central America
2,752 4,885 4,490 4,530 4,486 4,486
Argentina
65 80 54 472 366 366
Brazil
-165 -25 - -183 586 586
Chile
-197 654 473 376 373 373
Colombia
-75 216 94 326 -51 -51
Other South/Central America
3,053 4,018 4,007 3,718 3,356 3,356
OPEC
- - - - - -
Indonesia
-1,294 -1,282 -975 -1,539 -1,407 -1,407
Nigeria
-236 -171 -355 -112 -268 -268
Saudi Arabia
-492 -86 -458 -702 -638 -638
Venezuela
70 -59 -136 -181 -143 -143
Other OPEC
- - - - - -
Africa
-887 -685 -553 -878 -1,137 -1,137
Algeria
-198 -64 6 -197 -268 -268
Egypt
205 243 271 90 196 196
South Africa
-732 -646 -736 -495 -659 -659
Other Africa
74 -46 261 -163 -139 -139
Other Countries
-17,301 -14,739 -16,825 -18,253 -17,613 -17,613
India
-4,062 -3,278 -3,622 -3,848 -2,998 -2,998
Thailand
-46 153 -95 271 -171 -171
Other
-3,517 -3,268 -3,531 -3,154 -3,197 -3,197




U.S. Imports by Major Category
( In millions $)




Imports by Major Category
( In millions $)
Jan. 2024
Dec. 2023
Nov. 2023
Sep. 2023
Aug. 2023
Aug. 2023
Total
324,627 320,449 316,944 322,656 314,092 314,333
Total Services
61,250 60,146 59,553 59,608 58,083 58,350
Travel
623 570 552 579 562 562
Passenger Fares
11,786 12,137 11,354 11,951 11,197 11,206
Other Transportation
13,729 13,114 13,209 12,473 11,770 12,050
Royalties and License Fees
96 90 90 76 77 77
Other Private Services
5,059 4,838 4,831 4,522 4,536 4,536
Transfers Under U.S. Military Sales Contracts
5,242 4,848 4,963 5,048 5,025 5,004
U.S. Government Misc. Services
3,651 3,619 3,625 3,452 3,475 3,475
Total Goods
263,377 260,304 257,391 263,048 256,009 255,983
Foods, feeds, and beverages
16,984 16,887 17,017 16,697 16,783 16,781
Industrial supplies and materials
54,948 56,310 55,326 56,365 55,197 55,199
Capital goods, except automotive
74,998 71,898 72,524 71,458 69,905 69,901
Automotive vehicles, parts, and engines
40,880 38,918 39,361 40,526 38,661 38,665
Consumer goods
62,152 63,266 60,232 64,629 62,590 62,587
Other goods
10,885 10,627 10,551 10,939 10,532 10,531




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
Jan. 2024

Dec. 2023

Nov. 2023

Sep. 2023

Aug. 2023

Aug. 2023

Total Technology Group
33,839 36,972 35,998 37,114 35,202 35,202
Advanced Materials
318 353 241 262 300 300
Aerospace
9,713 12,307 11,879 11,601 10,394 10,394
Biotechnology
4,198 3,036 3,938 4,794 4,367 4,367
Electronics
5,225 5,231 5,406 6,003 5,906 5,906
Flexible Manufacturing
1,787 2,034 1,463 1,655 1,310 1,310
Information and Communications
8,659 9,157 8,684 8,006 8,676 8,676
Life Science
3,193 3,514 3,373 3,326 3,353 3,353
Nuclear Technology
88 95 104 88 67 67
Opto-Electronics
385 872 501 503 415 415
Weapons
273 371 409 876 414 414





Annual Report on U.S. International Trade in Goods & Services
(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
2023
2022
2021
2020
2019
2018
Total Trade Balance
-86,503 -63,828 -859,133 -678,742 -576,865 -621,036
Trade Balance of Goods
-106,349 -86,378 -1,090,682 -915,797 -864,331 -891,251
Trade Balance of Services
19,846 22,551 231,549 237,055 287,466 270,215
Total Exports
230,744 197,546 2,528,537 2,131,899 2,528,262 2,499,970
Exports of Goods
158,312 135,206 1,761,967 1,434,768 1,652,437 1,671,839
Exports of Services
72,432 62,340 766,570 697,131 875,825 828,131
Total Imports
317,247 261,373 3,387,670 2,810,641 3,105,127 3,121,006
Imports of Goods
264,661 221,584 2,852,649 2,350,564 2,516,767 2,563,090
Imports of Services
52,586 39,789 535,021 460,076 588,359 557,916

Source U.S. Department of Commerce, BEA.gov
Picture Autor: (Maurice Marcellin) licence Creative Commons.




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