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Growth in exports narrowed U.S. Trade deficit

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap narrowed in July as exports returned to growth and imports continued to decline.
U.S. trade gap fell by -2.1 % in July to a rate at $54 billion , reported by the Commerce Department. The shrinking trade deficit will make a positive contribution to the GDP growth, as the growth of U.S. economy is supported by rising 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 July helped to moderate petroleum trade gap.

Imports from China, meanwhile, climbed to $41.5 billion in July from $39 billion in June. The trade deficit with the rising Asian giant increased $2.81 billion to $-32.8 billion in July. Country data are not seasonally adjusted.

Lawmakers and some business executives say China keeps its currency artifically low to boosts its exports.
Imports of Crude Oil

2.01% -3.90% 1.12% 9.58% -0.45% 0.17% 4.77% -2.10%
Imports
Imports
Imports
Imports

In July imports declined by -0.02 %, following decline in miscellaneous other goods by -6.65 % and Travel services. Unlike the overall trend, imports of Industrial supplies, materials and Other Private Services, increased.

Dreams that U.S. exports can drive the economy forward without consumer spending are not realistic, noted by some economists.

The value of U.S. crude oil imports fell to $12.1 billion in July from $12.1 billion in June as the price of a barrel of oil fell to $56.5 from $59.2 in the previous month. U.S. Imports of services increased 0.75 %, but weakining demand for foreign made goods, posted a drag on imports, goods accounted for 81 %, of total imports in July, they declined by -0.2 %. U.S. Exports by Major Category








Pacific Rim Region has seen increasing demand from the U.S., led by 17.87 % growth in imports of goods from Newly Industrialized Countries, while the demand for goods from Hong Kong fell.
Imports from Mexico and Canada where lower in July.
Imports from europe increased, as purchases of goods from Other E.U. Countries grew the most, up 20.67 %, but imports of oil from Norway fell.
Declining oil price was major drag on imports from OPEC (Organization of the Petroleum Exporting Countries).

Over the last 12 months, U.S. trade gap soared by 7.8 %, , due to 0.09 % increase in imports.

Exports grew in July by 0.53 % to $207.4 billion, reported by the Commerce Department, led by 9.58 % increase in Consumer goods, Royalties and License Fees. Exports of Weapons increased also, up 151.52 % to $0.42 billions. But exports of Industrial supplies, materials fell the most, down -3.90 % and Travel services fell also -4.53 %. Exports of Opto-Electronics also fell -21.75 % to $0.33 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. U.S. Exports of services increased by 0.11 %, services accounted for 0.11 % of total exports, sales of U.S. made products, grew by 0.75 %.

Increasing exports to Chile where offset by the decline of sales to Brazil.
Exports to europe fell, where sales of U.S. made goods to Norway fell the most, but trade with Austria grew by 247.11 %.
Sales of U.S. made goods, improved in the Pacific Rim Region, led by 17.87 % growth in exports of goods to Newly Industrialized Countries and despite the decrease in demand for U.S. made goods, from Hong Kong.


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 $975 millions or -3.18 % to $29,670 millions from June 2019 , caused by decrease in exports of Aerospace goods by -10.16 % to $11,031 millions from June 2019. Exports of Information and Communication goods fell by $975 millions or -5.12 % to $7,185 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from June 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from June 2019. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $844 millions or 8.06 % to $11,318 millions from deficit of $10,474 millions June 2019. Information and Communications trade deficit fell by $400 millions or 3.08 % to $12,568 millions from deficit of $12,968 millions June 2019.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports deacreased by $975 millions or -3.18 % to $29,670 millions from June 2019 , caused by decrease in exports of Aerospace goods by -10.16 % to $11,031 millions from June 2019. Exports of Information and Communication goods fell by $975 millions or -5.12 % to $7,185 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from June 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from June 2019. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports deacreased by $975 millions or -3.18 % to $29,670 millions from June 2019 , caused by decrease in exports of Aerospace goods by -10.16 % to $11,031 millions from June 2019. Exports of Information and Communication goods fell by $975 millions or -5.12 % to $7,185 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
July 2019
June 2019
May 2019
April 2019
March 2019
Feb. 2019
Total Trade Balance
-53,989 -55,154 -55,520 -50,791 -50,002 -49,382
Trade Balance of Goods
-73,664 -75,121 -76,141 -71,713 -72,419 -72,011
Trade Balance of Services
19,675 19,967 20,621 20,922 22,417 22,628
Total Exports
207,401 206,300 210,636 206,847 211,966 209,690
Exports of Goods
138,157 137,135 140,830 136,942 141,706 139,548
Exports of Services
69,244 69,166 69,807 69,905 70,260 70,142
Total Imports
261,391 261,454 266,156 257,638 261,968 259,073
Imports of Goods
211,822 212,255 216,971 208,655 214,125 211,559
Imports of Services
49,569 49,199 49,186 48,983 47,843 47,514



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
July 2019
June 2019
May 2019
April 2019
March 2019
Feb. 2019
Total Goods
-87,244 -70,307 -79,708 -74,718 -61,025 -56,500
North America
-11,462 -12,758 -12,969 -9,717 -10,861 -7,529
Canada
-3,486 -2,906 -3,325 -1,550 -1,356 -127
Mexico
-7,976 -9,852 -9,644 -8,167 -9,505 -7,403
Europe
-24,001 -17,182 -20,680 -22,207 -16,957 -11,410
European Union
-20,122 -14,012 -17,166 -17,688 -14,176 -9,155
Austria
102 -1,011 -828 -766 -741 93
Belgium
828 952 1,070 1,062 1,397 1,840
Czech Republic
-272 -215 -242 -227 -222 -124
Finland
-367 -439 -595 -524 -457 -369
France
-2,386 -1,603 -1,943 -2,274 -1,335 -2,005
Germany
-6,973 -4,800 -5,855 -5,872 -5,630 -4,472
Hungary
-329 -276 -171 -232 -235 -211
Ireland
-4,514 -4,268 -5,054 -4,096 -4,593 -3,301
Italy
-3,697 -2,567 -2,762 -3,295 -2,591 -2,246
Netherlands
1,355 1,983 1,313 1,806 2,457 2,299
Poland
-344 -29 -353 -167 -272 -123
Spain
-481 -128 184 -424 -345 96
Sweden
-735 -724 -720 -707 -660 -730
United Kingdom
-281 562 25 -488 322 1,130
Other E.U.
-2,028 -1,449 -1,237 -1,486 -1,272 -1,033
Norway
-173 -276 -303 -477 -107 -179
Russia
-1,564 -1,462 -1,547 -1,735 -893 -507
Switzerland
-2,588 -1,794 -1,938 -2,293 -1,871 -1,982
Other Europe
446 363 274 -15 90 413
Euro Area
-17,145 -12,524 -15,005 -15,062 -12,650 -8,542
Pacific Rim Countries
-44,032 -37,933 -39,035 -37,343 -29,776 -32,052
Australia
1,210 1,192 978 1,182 1,304 1,057
China
-32,775 -29,968 -30,195 -26,903 -20,749 -24,761
Japan
-6,331 -5,711 -5,348 -7,242 -6,609 -5,938
Malaysia
-2,223 -2,037 -2,291 -1,786 -2,393 -1,748
Philippines
-483 -355 -426 -244 -251 -276
Newly Industrialized Countries (NICS)
-9,498 -6,838 -10,406 -8,774 -8,779 -8,597
Hong Kong
1,995 2,537 2,139 1,863 2,283 3,149
Korea
-1,831 -1,132 -1,585 -1,815 -1,540 -1,813
Singapore
-331 33 538 505 521 522
Taiwan
-2,255 -1,699 -1,744 -2,017 -1,565 -1,284
Other Pacific Rim
-21 -4 1 -11 180 30
South/Central America
2,808 5,054 4,425 3,932 4,957 3,372
Argentina
225 450 301 330 173 271
Brazil
506 1,273 534 802 1,063 748
Chile
529 455 612 170 65 372
Colombia
-172 -16 -16 -252 175 -117
Other South/Central America
1,721 2,892 2,994 2,882 3,480 2,098
OPEC
-100 -208 -156 -143 1,120 411
Indonesia
-986 -789 -1,102 -876 -957 -990
Nigeria
-246 -167 -305 48 -15 147
Saudi Arabia
-140 -307 -74 -260 427 -270
Venezuela
50 67 30 -96 -83 -284
Other OPEC
236 199 193 165 792 818
Africa
-297 -272 -924 -344 108 162
Algeria
-28 -213 -310 -293 -234 -56
Egypt
102 250 38 383 394 202
South Africa
-136 -180 -186 -272 -101 -39
Other Africa
-234 -129 -466 -162 49 56
Other Countries
-9,498 -6,838 -10,406 -8,774 -8,779 -8,597
India
-2,421 -899 -2,531 -1,831 -1,665 -1,934
Thailand
-1,875 -1,559 -1,789 -1,713 -1,719 -1,130
Other
-5,202 -4,380 -6,086 -5,230 -5,396 -5,533




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




Imports by Major Category
( In millions $)
July 2019
June 2019
May 2019
April 2019
March 2019
Feb. 2019
Total
261,391 261,454 266,156 257,638 261,968 259,073
Total Services
49,569 49,199 49,186 48,983 47,843 47,514
Travel
770 812 771 765 842 759
Passenger Fares
9,025 9,092 9,159 8,918 9,333 9,258
Other Transportation
12,532 12,573 12,588 12,680 12,571 12,411
Royalties and License Fees
4,157 4,086 4,085 4,062 2,968 3,040
Other Private Services
2,897 2,765 2,732 2,749 2,639 2,579
Transfers Under U.S. Military Sales Contracts
4,834 4,856 4,851 4,841 4,449 4,451
U.S. Government Misc. Services
3,513 3,696 3,688 3,672 3,413 3,410
Total Goods
211,822 212,255 216,971 208,655 214,125 211,559
Foods, feeds, and beverages
12,770 12,699 12,786 12,845 13,056 12,062
Industrial supplies and materials
44,008 43,139 46,392 44,568 44,966 42,568
Capital goods, except automotive
55,408 56,913 57,251 55,617 57,236 57,208
Automotive vehicles, parts, and engines
32,738 32,633 33,234 30,907 32,011 31,919
Consumer goods
55,344 54,733 55,646 54,295 56,053 56,730
Other goods
9,797 10,495 9,773 8,756 9,100 9,305




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
July 2019

June 2019

May 2019

April 2019

March 2019

Feb. 2019

Total Technology Group
29,670 30,645 29,949 27,868 33,989 29,055
Advanced Materials
260 250 248 279 266 255
Aerospace
11,031 12,279 11,320 9,972 13,391 11,163
Biotechnology
2,637 1,808 1,763 1,815 2,395 2,481
Electronics
3,946 3,991 3,821 3,596 3,907 3,800
Flexible Manufacturing
1,346 1,392 1,472 1,567 1,661 1,017
Information and Communications
7,185 7,573 7,869 7,613 8,322 7,181
Life Science
2,462 2,705 2,647 2,480 3,035 2,378
Nuclear Technology
57 58 186 63 110 61
Opto-Electronics
331 423 401 364 584 338
Weapons
415 165 221 121 318 380





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




U.S. International Trade in Goods & Services
(In millions $)
2018
2017
2016
2015
2014
2013
Total Trade Balance
-621,036 -566,031 -504,793 -531,503 -471,532 -471,532
Trade Balance of Goods
-891,251 -810,023 -752,507 -758,934 -703,159 -703,159
Trade Balance of Services
270,215 243,993 247,714 227,431 231,627 231,627
Total Exports
2,499,970 2,329,311 2,208,072 2,230,317 2,272,320 2,272,320
Exports of Goods
1,671,839 1,551,434 1,455,704 1,513,888 1,590,350 1,590,350
Exports of Services
828,131 777,877 752,368 716,429 681,970 681,970
Total Imports
3,121,006 2,895,342 2,712,866 2,761,820 2,743,851 2,743,851
Imports of Goods
2,563,090 2,361,458 2,208,211 2,272,821 2,293,508 2,293,508
Imports of Services
557,916 533,884 504,654 488,999 450,343 450,343

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


             
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