|
Trade gap narrows
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
The U.S. Trade deficit narrowed in September, after widening in August, as exports continued their upward trend, imports grew as well.
U.S. trade gap faded in September by -4.8 % , reported by the Commerce Department. Growing trade activity, the shrinking trade deficit, will add to GDP growth, as exports out-grow imports, 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 September helped to moderate petroleum trade gap.
Imports from China, meanwhile, climbed to $41.2 billion in September from $40.8 billion in August. The trade deficit with the rising Asian giant increased $10.63 billion to $-22.5 billion in September. 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
|
|
|
|
|
|
|
-3.50%
|
0.58%
|
-3.60%
|
1.26%
|
-0.85%
|
1.35%
|
0.70%
|
-0.16%
|
Imports |
|
Imports |
|
Imports |
|
Imports |
|
|
Imports grew in September by 0.49 % to $240.2 billion, reported by the Commerce Department, led by growing imports of Cars, parts, engines as the availability of new models improved and Other Transportation services. Bucking the overall trend, imports of miscellaneous other goods and Travel services fell also -2.39 %.
U.S. consumer appetite for imported goods shows no signs of abating.
The value of U.S. crude oil imports fell to $6.2 billion in September from $6.2 billion in August as the price of a barrel of oil fell to $57.2 from $61.9 in the previous month. U.S. Imports of services grew by 1.86 %, whats more important purcheses of foreign made products, which accounted for 84.7 %, of total imports, rose by 0.25 %.
• U.S. Exports by Major Category
|
Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, but imports from Other Pacific Rim fell.
Despite the decline in the price of oil, imports from Mexico and Canada grew in September. Canada and Mexico are among the largest exporters of petroleum to the U.S.
Imports from europe increased, as demand for goods from Hungary grew the most, up 23.42 %, but imports from Russia fell.
Declining oil price was major drag on imports from OPEC (Organization of the Petroleum Exporting Countries).
From Sep. 2019, U.S. trade gap jumped by 21.8 %, due to -7.05 % increase in imports.
In September Exports have climbed by 2.57 % to $176.4 billion, reported by the Commerce Department, led by exports of Foods, feeds, beverages and Travel services, which accounted for 0.64 % of total exports. Exports of Opto-Electronics grew also, up 18.07 % to $0.38 billions and Other Private Services mark the weakest spot with the decrease of -0.16 %. Exports of Weapons fell as well, by -7.66 % to $0.24 billions.
U.S. exports are rising because of faster growth in emerging markets and the favorable foreign-exchange markets, economists add. U.S. Exports of services increased by 1.4 %, services accounted for 1.4 % of total exports, sales of U.S. made products, grew by 3.09 %.
Exports to europe improved, where exports to Hong Kong grew the most, but exports to Finland fell by -44.78 %.
Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most, but exports to Other Pacific Rim fell.
• 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
increased by $1,121
millions or
4.85 % to $24,250
millions from Aug. 2020
, caused by increase in exports of Aerospace goods by
4.93 % to $6,110
millions from Aug. 2020. Exports of Information
and Communication goods
rose by $1,121
millions or
8.46 % to $6,759
millions.
|
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Aug. 2020
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Aug. 2020. 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 fell by $295 millions or 1.55 % to $18,777 millions from
deficit of $19,072
millions Aug. 2020. Information and Communications
trade
deficit fell by $148 millions or 0.92 % to $15,988 millions from
deficit of $16,136
millions Aug. 2020.
• Trade Balance by Technology Group
|
| Technology
Group Exports |
Total Technology Group exports
increased by $1,121
millions or
4.85 % to $24,250
millions from Aug. 2020
, caused by increase in exports of Aerospace goods by
4.93 % to $6,110
millions from Aug. 2020. Exports of Information
and Communication goods
rose by $1,121
millions or
8.46 % to $6,759
millions.
|
| Technology
Group Imports |
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Aug. 2020
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Aug. 2020. 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
increased by $1,121
millions or
4.85 % to $24,250
millions from Aug. 2020
, caused by increase in exports of Aerospace goods by
4.93 % to $6,110
millions from Aug. 2020. Exports of Information
and Communication goods
rose by $1,121
millions or
8.46 % to $6,759
millions.
|
U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services
(In millions $) |
Sep. 2020
|
Aug. 2020
|
July 2020
|
June 2020
|
May 2020
|
April 2020
|
| Total Trade Balance |
|
-63,862 |
-67,102 |
-63,556 |
-50,695 |
-54,601 |
-49,408 |
| Trade Balance of Goods |
|
-80,686 |
-83,860 |
-80,910 |
-72,150 |
-76,055 |
-71,837 |
| Trade Balance of Services |
|
16,824 |
16,757 |
17,354 |
21,455 |
21,455 |
22,429 |
| Total Exports |
|
176,354 |
171,935 |
168,109 |
158,253 |
144,514 |
151,281 |
| Exports of Goods |
|
122,779 |
119,099 |
115,461 |
102,869 |
89,969 |
95,515 |
| Exports of Services |
|
53,575 |
52,836 |
52,648 |
55,385 |
54,546 |
55,766 |
| Total Imports |
|
240,216 |
239,038 |
231,665 |
208,949 |
199,115 |
200,690 |
| Imports of Goods |
|
203,465 |
202,959 |
196,370 |
175,019 |
166,024 |
167,353 |
| Imports of Services |
|
36,751 |
36,079 |
35,294 |
33,930 |
33,091 |
33,337 |
U.S. Trade Balance by Selected Countries and Areas
( In millions $)
U.S. Trade Balance by Selected Countries and Areas
( In millions $) |
April 2020
|
March 2020
|
Feb. 2020
|
Jan. 2020
|
Dec. 2019
|
Nov. 2019
|
| Total Goods |
|
-70,752 |
-61,192 |
-47,565 |
-68,395 |
-68,395 |
-62,925 |
| North America |
|
-3,486 |
-11,651 |
-10,860 |
-10,334 |
-10,334 |
-9,726 |
| Canada |
|
-185 |
-1,593 |
-1,200 |
-2,836 |
-2,836 |
-1,435 |
| Mexico |
|
-3,302 |
-10,059 |
-9,661 |
-7,498 |
-7,498 |
-8,292 |
| Europe |
|
-23,694 |
-22,968 |
-11,370 |
-15,422 |
-15,422 |
-16,924 |
| European Union |
|
-15,281 |
-17,666 |
-9,955 |
-12,206 |
-12,206 |
-13,112 |
| Austria |
|
-619 |
-795 |
-585 |
-602 |
-602 |
-785 |
| Belgium |
|
281 |
783 |
1,157 |
1,040 |
1,040 |
1,201 |
| Czech Republic |
|
-188 |
-251 |
-181 |
-171 |
-171 |
-213 |
| Finland |
|
-232 |
-324 |
-217 |
-277 |
-277 |
-316 |
| France |
|
-1,498 |
-828 |
-243 |
-580 |
-580 |
-1,277 |
| Germany |
|
-4,342 |
-6,019 |
-4,088 |
-5,064 |
-5,064 |
-5,276 |
| Hungary |
|
-146 |
-231 |
-251 |
-280 |
-280 |
-365 |
| Ireland |
|
-4,597 |
-5,907 |
-3,983 |
-5,163 |
-5,163 |
-4,297 |
| Italy |
|
-2,212 |
-2,654 |
-1,879 |
-2,520 |
-2,520 |
-2,512 |
| Netherlands |
|
845 |
1,700 |
2,478 |
1,964 |
1,964 |
1,749 |
| Poland |
|
-278 |
-384 |
-266 |
-223 |
-223 |
-210 |
| Spain |
|
-375 |
-261 |
106 |
285 |
285 |
-162 |
| Sweden |
|
-539 |
-585 |
-649 |
-664 |
-664 |
-557 |
| United Kingdom |
|
-1,382 |
-1,909 |
-1,355 |
1,273 |
1,273 |
1,304 |
| Other E.U. |
|
4 |
-149 |
55 |
-1,223 |
-1,223 |
-1,396 |
| Norway |
|
-707 |
-1,370 |
-1,397 |
-118 |
-118 |
-64 |
| Russia |
|
-7,123 |
-4,772 |
-2,651 |
-1,485 |
-1,485 |
-1,335 |
| Switzerland |
|
-572 |
477 |
1,985 |
-1,872 |
-1,872 |
-2,303 |
| Other Europe |
|
-15 |
512 |
594 |
259 |
259 |
-109 |
| Euro Area |
|
-13,324 |
-14,975 |
-7,866 |
-11,368 |
-11,368 |
-12,059 |
| Pacific Rim Countries |
|
-36,877 |
-22,620 |
-22,198 |
-35,969 |
-35,969 |
-34,454 |
| Australia |
|
-556 |
1,052 |
1,446 |
791 |
791 |
1,315 |
| China |
|
-22,466 |
-11,834 |
-15,998 |
-26,065 |
-26,065 |
-26,366 |
| Japan |
|
-4,196 |
-5,566 |
-4,571 |
-4,984 |
-4,984 |
-5,450 |
| Malaysia |
|
-1,727 |
-3,120 |
-2,142 |
-2,288 |
-2,288 |
-2,318 |
| Philippines |
|
-85 |
-479 |
-206 |
-266 |
-266 |
-311 |
| Newly Industrialized Countries
(NICS) |
|
-9,154 |
-9,658 |
-8,509 |
-10,913 |
-10,913 |
-8,275 |
| Hong Kong |
|
-675 |
1,984 |
1,777 |
1,652 |
1,652 |
2,034 |
| Korea |
|
-2,476 |
-1,818 |
-1,119 |
-1,232 |
-1,232 |
-1,433 |
| Singapore |
|
-1,126 |
124 |
759 |
-84 |
-84 |
745 |
| Taiwan |
|
-2,252 |
-1,687 |
-1,248 |
-2,120 |
-2,120 |
-1,684 |
| Other Pacific Rim |
|
-186 |
-144 |
55 |
-87 |
-87 |
55 |
| South/Central America |
|
2,807 |
5,130 |
5,556 |
4,931 |
4,931 |
5,869 |
| Argentina |
|
100 |
267 |
201 |
132 |
132 |
159 |
| Brazil |
|
682 |
1,527 |
1,746 |
1,398 |
1,398 |
1,650 |
| Chile |
|
-21 |
328 |
453 |
234 |
234 |
923 |
| Colombia |
|
156 |
506 |
375 |
111 |
111 |
445 |
| Other South/Central America |
|
1,889 |
2,502 |
2,780 |
3,056 |
3,056 |
2,692 |
| OPEC |
|
1,202 |
1,749 |
1,048 |
560 |
560 |
1,016 |
| Indonesia |
|
-1,131 |
-1,130 |
-952 |
-1,286 |
-1,286 |
-1,043 |
| Nigeria |
|
149 |
168 |
105 |
10 |
10 |
-27 |
| Saudi Arabia |
|
267 |
442 |
211 |
-227 |
-227 |
139 |
| Venezuela |
|
57 |
84 |
96 |
38 |
38 |
84 |
| Other OPEC |
|
730 |
1,055 |
636 |
739 |
739 |
821 |
| Africa |
|
-187 |
394 |
-172 |
-212 |
-212 |
90 |
| Algeria |
|
14 |
45 |
-35 |
-26 |
-26 |
-1 |
| Egypt |
|
253 |
319 |
196 |
159 |
159 |
168 |
| South Africa |
|
-551 |
-260 |
-262 |
-407 |
-407 |
-320 |
| Other Africa |
|
96 |
289 |
-71 |
63 |
63 |
243 |
| Other Countries |
|
-9,154 |
-9,658 |
-8,509 |
-10,913 |
-10,913 |
-8,275 |
| India |
|
-2,065 |
-1,853 |
-1,253 |
-2,110 |
-2,110 |
-1,778 |
| Thailand |
|
-1,996 |
-2,265 |
-1,322 |
-1,843 |
-1,843 |
-1,777 |
| Other |
|
-5,093 |
-5,539 |
-5,934 |
-6,961 |
-6,961 |
-4,720 |
U.S. Imports by Major Category
( In millions $)
Imports by Major Category
( In millions $) |
Sep. 2020
|
Aug. 2020
|
July 2020
|
June 2020
|
May 2020
|
April 2020
|
| Total |
|
240,216 |
239,038 |
231,665 |
208,949 |
199,115 |
200,690 |
| Total Services |
|
36,751 |
36,079 |
35,294 |
33,930 |
33,091 |
33,337 |
| Travel |
|
449 |
460 |
461 |
613 |
617 |
595 |
| Passenger Fares |
|
5,491 |
5,157 |
5,021 |
4,098 |
3,750 |
3,572 |
| Other Transportation |
|
1,727 |
1,472 |
1,069 |
803 |
796 |
884 |
| Royalties and License Fees |
|
91 |
90 |
87 |
114 |
113 |
111 |
| Other Private Services |
|
5,146 |
5,110 |
5,036 |
4,995 |
4,973 |
4,929 |
| Transfers Under U.S. Military
Sales Contracts |
|
3,140 |
3,167 |
3,160 |
3,067 |
3,034 |
3,251 |
| U.S. Government Misc.
Services |
|
3,517 |
3,479 |
3,404 |
3,149 |
2,813 |
2,891 |
| Total Goods
|
|
203,465 |
202,959 |
196,370 |
175,019 |
166,024 |
167,353 |
| Foods, feeds, and beverages |
|
13,530 |
13,484 |
12,798 |
12,405 |
12,098 |
12,062 |
| Industrial supplies and materials |
|
36,888 |
38,227 |
39,758 |
35,405 |
43,694 |
41,423 |
| Capital goods, except automotive |
|
55,513 |
54,694 |
53,845 |
49,785 |
47,531 |
48,171 |
| Automotive vehicles, parts, and
engines |
|
31,192 |
28,012 |
26,357 |
18,632 |
8,967 |
13,345 |
| Consumer goods |
|
55,770 |
57,852 |
54,004 |
50,460 |
45,723 |
43,792 |
| Other goods |
|
9,008 |
9,595 |
8,528 |
7,153 |
7,314 |
7,552 |
Exports by Technology Group
( In millions $)
Exports by Technology Group
(
In millions $) |
Sep. 2020
|
Aug. 2020
|
June 2020
|
May 2020
|
April 2020
|
March 2020
|
| Total Technology Group |
|
24,250 |
23,129 |
23,414 |
20,234 |
21,257 |
29,648 |
| Advanced Materials |
|
220 |
223 |
249 |
220 |
229 |
269 |
| Aerospace |
|
6,110 |
5,823 |
5,644 |
4,792 |
4,748 |
10,619 |
| Biotechnology |
|
2,064 |
2,055 |
1,776 |
1,836 |
1,814 |
2,116 |
| Electronics |
|
3,941 |
3,776 |
4,207 |
3,811 |
4,244 |
4,397 |
| Flexible Manufacturing |
|
1,844 |
1,674 |
1,702 |
1,381 |
1,455 |
1,715 |
| Information and Communications |
|
6,759 |
6,232 |
6,714 |
5,256 |
5,679 |
6,988 |
| Life Science |
|
2,596 |
2,660 |
2,442 |
2,233 |
2,367 |
2,859 |
| Nuclear Technology |
|
95 |
102 |
65 |
83 |
107 |
80 |
| Opto-Electronics |
|
379 |
321 |
369 |
334 |
281 |
428 |
| Weapons |
|
241 |
261 |
247 |
290 |
333 |
177 |
Annual Report on U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services
(In millions $) |
2019
|
2018
|
2017
|
2016
|
2015
|
2014
|
| Total Trade Balance |
|
-52,113 |
-621,036 |
-566,031 |
-504,793 |
-531,503 |
-471,532 |
| Trade Balance of Goods |
|
-74,858 |
-891,251 |
-810,023 |
-752,507 |
-758,934 |
-703,159 |
| Trade Balance of Services |
|
22,745 |
270,215 |
243,993 |
247,714 |
227,431 |
231,627 |
| Total Exports |
|
202,575 |
2,499,970 |
2,329,311 |
2,208,072 |
2,230,317 |
2,272,320 |
| Exports of Goods |
|
133,614 |
1,671,839 |
1,551,434 |
1,455,704 |
1,513,888 |
1,590,350 |
| Exports of Services |
|
68,961 |
828,131 |
777,877 |
752,368 |
716,429 |
681,970 |
| Total Imports |
|
254,689 |
3,121,006 |
2,895,342 |
2,712,866 |
2,761,820 |
2,743,851 |
| Imports of Goods |
|
208,472 |
2,563,090 |
2,361,458 |
2,208,211 |
2,272,821 |
2,293,508 |
| Imports of Services |
|
46,216 |
557,916 |
533,884 |
504,654 |
488,999 |
450,343 |
|
