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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.
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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
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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 |
|