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The Nations Trade deficit widens on falling exports

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap widened in December, on the decline in exports and growth in imports.
U.S. trade gap grew in double digits in December by 21.2 % to a record $-59.8 billion. The widening trade gap will subtract from the GDP growth, due to shrinking exports, the shrinking price of oil, cuts the trade deficit, adds to the gdp and disposable income growth, but economists believe that declining demand for oil imports might be a evidence of slowing economy.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons

The U.S. trade deficit with China edged down to $-36.8 billion in December from the deficit of $-37.9 billion recorded in November, led by declining imports from China.

Chinese officials believe that a higher value of the yuan would not solve the U.S. trade deficit.
Imports of Crude Oil

0.28% -4.54% 4.50% 0.28% 0.14% -0.07% -2.32% 0.61%
Imports
Imports
Imports
Imports

In December Imports have climbed by 2.2 % to $264.9 billion, reported by the Commerce Department, demonstrating the trend of strong business investment imports of Capital goods, except automotive grew and Travel services, which accounted for 0.26 % of total imports. Imports of Weapons increased also, up 12.90 % to $0.07 billions. Bucking the overall trend, imports of miscellaneous other goods, Royalties and License Fees. U.S. Imports of Advanced Materials also declined, by -19.09 % to $0.20 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 decline came down to oil, as petroleum imports shrank, as oil prices fell to $10.1 billion a barrel in December from $12.2 billion a barrel in November and as Americans used -0.52 % less imported energy products. U.S. Imports of services grew by 0.97 %, whats more important purcheses of foreign made products, which accounted for 82 %, of total imports, rose by 2.47 %. U.S. Exports by Major Category








Imports from europe fell, as demand for goods from Belgium declined, but trade with Hungary grew by 17.96 %.
U.S. Demand for goods from Pacific Rim Countries fell with -10.72 % decline of imports from Australia, but imports of goods from Malaysia increased.
Imports from Mexico and Canada where lower in December.
Declining petroleum consumption in the U.S., has resulted in lower imports from OPEC (Organization of the Petroleum Exporting Countries), such as Saudi Arabia and Venezuela.

From Dec. 2017, U.S. trade gap jumped by 12.5 %, due to 3.28 % increase in imports.

Exports fell by -2.27 % in December to $205.1 billion , reported by the Commerce Department, the largest decline came from exports of Foods, feeds, and beverages and Passenger Fares. Exports of Weapons fell as well, by -40.78 % to $0.26 billions. Bucking the overall trend, exports of miscellaneous other goods and , surged. Exports of Opto-Electronics grew also, up 37.63 % to $0.55 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. The decline of exports was broad based, services fell -0.06 % and exports of goods declined by -3.36 %.

Exports to europe fell, where sales of U.S. made goods to Norway fell the most, but trade with Austria grew by 52.45 %.

Products made in U.S. have seen declining demand form Pacific Rim Countries with -10.72 % decline of exports to Australia, but exports of goods to Malaysia increased.

For the year 2018, U.S. trade deficit jumped by 9.7 % or $55 billions to $621 billions compare to $566 billions in previous year, U.S. Imported 7.79 % more goods and services, including $211.8 billions worth of curude oil and other petroleum products in 2018, exports grew by 7.33 % to $2,500.0 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 increased by $457 millions or 1.42 % to $32,667 millions from Nov. 2018 , caused by increase in exports of Aerospace goods by 9.41 % to $13,410 millions from Nov. 2018. Exports of Information and Communication goods fell by $457 millions or -5.62 % to $8,194 millions.
Total Technology Group imports deacreased by $726 millions or -1.91 % to $37,240 millions from Nov. 2018 , despite a decrease in imports of Electronics goods by -5.04 % to $3,163 millions from Nov. 2018. Imports of Information and Communication goods rose by $726 millions or 4.14 % to $20,951 millions.

Imports by Technology Group
Total Technology Group trade deficit fell by $5,103 millions or 35.35 % to $9,331 millions from deficit of $14,434 millions Nov. 2018. Information and Communications trade deficit fell by $3,006 millions or 17.71 % to $13,966 millions from deficit of $16,972 millions Nov. 2018.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $457 millions or 1.42 % to $32,667 millions from Nov. 2018 , caused by increase in exports of Aerospace goods by 9.41 % to $13,410 millions from Nov. 2018. Exports of Information and Communication goods fell by $457 millions or -5.62 % to $8,194 millions.


Technology Group Imports
Total Technology Group imports deacreased by $726 millions or -1.91 % to $37,240 millions from Nov. 2018 , despite a decrease in imports of Electronics goods by -5.04 % to $3,163 millions from Nov. 2018. Imports of Information and Communication goods rose by $726 millions or 4.14 % to $20,951 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports increased by $457 millions or 1.42 % to $32,667 millions from Nov. 2018 , caused by increase in exports of Aerospace goods by 9.41 % to $13,410 millions from Nov. 2018. Exports of Information and Communication goods fell by $457 millions or -5.62 % to $8,194 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Dec. 2018
Nov. 2018
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
Total Trade Balance
-59,769 -49,313 -55,488 -54,019 -53,309 -50,082
Trade Balance of Goods
-81,541 -71,591 -78,112 -77,226 -76,634 -73,144
Trade Balance of Services
21,773 22,278 22,624 23,207 23,326 23,062
Total Exports
205,116 209,873 211,046 212,565 209,445 211,077
Exports of Goods
135,624 140,336 141,472 141,858 138,990 140,791
Exports of Services
69,492 69,537 69,573 70,706 70,455 70,286
Total Imports
264,885 259,186 266,534 266,584 262,754 261,159
Imports of Goods
217,166 211,927 219,585 219,084 215,624 213,935
Imports of Services
47,719 47,259 46,950 47,500 47,129 47,224



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Dec. 2018
Nov. 2018
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
Total Goods
-73,765 -74,648 -90,513 -73,732 -83,995 -84,466
North America
-9,119 -7,327 -9,110 -9,525 -11,297 -8,690
Canada
-1,411 -670 -1,943 -1,810 -2,605 -3,149
Mexico
-7,708 -6,657 -7,167 -7,714 -8,692 -5,541
Europe
-18,242 -18,412 -21,438 -11,924 -18,023 -21,035
European Union
-15,059 -15,117 -17,615 -10,646 -15,708 -17,589
Austria
-767 -983 -1,042 -748 -997 -853
Belgium
1,350 814 1,060 1,142 1,310 872
Czech Republic
-240 -190 -181 -84 -197 -198
Finland
-381 -428 -469 -433 -402 -388
France
-1,493 -1,523 -1,673 -982 -1,115 -1,843
Germany
-5,946 -5,812 -6,207 -4,802 -5,914 -6,612
Hungary
-312 -262 -240 -278 -261 -327
Ireland
-3,851 -3,959 -4,471 -3,516 -4,323 -4,189
Italy
-3,111 -2,796 -2,951 -1,704 -2,965 -3,110
Netherlands
1,743 1,791 1,696 2,162 1,911 2,028
Poland
-129 -330 -326 -328 -323 -326
Spain
-266 -156 -213 197 -440 -636
Sweden
-459 -530 -538 -415 -368 -621
United Kingdom
206 605 -564 581 -122 62
Other E.U.
-1,402 -1,359 -1,496 -1,438 -1,501 -1,449
Norway
-172 -206 -134 -117 232 -270
Russia
-1,125 -1,069 -1,018 -1,692 -1,335 -1,398
Switzerland
-2,172 -2,304 -2,558 118 -1,231 -1,703
Other Europe
285 284 -113 413 19 -75
Euro Area
-13,487 -13,739 -14,993 -9,507 -13,588 -15,555
Pacific Rim Countries
-43,821 -45,948 -51,980 -45,503 -46,851 -45,528
Australia
1,278 1,346 1,221 1,091 1,294 1,135
China
-36,831 -37,861 -43,102 -40,243 -38,570 -36,834
Japan
-5,650 -5,790 -6,166 -3,927 -6,011 -5,460
Malaysia
-2,395 -2,188 -2,144 -2,273 -2,403 -2,051
Philippines
-434 -370 -439 -312 -265 -334
Newly Industrialized Countries (NICS)
-5,674 -7,145 -9,287 -8,254 -9,140 -8,679
Hong Kong
2,381 2,826 2,462 2,942 2,283 2,002
Korea
-857 -2,022 -1,882 -1,454 -1,846 -1,527
Singapore
733 750 501 112 560 -121
Taiwan
-1,171 -1,651 -1,392 -969 -1,026 -1,232
Other Pacific Rim
67 76 86 477 12 -86
South/Central America
3,637 5,404 4,183 3,220 3,093 2,703
Argentina
271 564 377 433 480 510
Brazil
786 638 869 724 366 577
Chile
482 837 672 387 524 388
Colombia
70 401 472 290 90 93
Other South/Central America
2,027 2,965 1,793 1,386 1,634 1,135
OPEC
-305 -776 -2,451 -1,984 -1,366 -3,464
Indonesia
-942 -1,064 -1,126 -948 -880 -1,021
Nigeria
-213 -138 -354 7 -17 5
Saudi Arabia
-941 -1,335 -1,474 -1,347 -1,258 -1,065
Venezuela
-503 -334 -887 -966 -792 -692
Other OPEC
1,353 1,031 264 323 702 -1,712
Africa
-509 -207 -989 -294 -745 -1,080
Algeria
-287 -119 -297 -253 -405 -446
Egypt
175 238 136 203 97 146
South Africa
-537 -333 -254 -135 -208 -189
Other Africa
140 7 -573 -109 -229 -590
Other Countries
-5,674 -7,145 -9,287 -8,254 -9,140 -8,679
India
-631 -1,465 -2,445 -1,535 -1,919 -2,008
Thailand
-1,544 -1,560 -1,538 -1,694 -1,759 -1,792
Other
-3,499 -4,120 -5,305 -5,025 -5,463 -4,879




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




Imports by Major Category
( In millions $)
Dec. 2018
Nov. 2018
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
Total
264,885 259,186 266,534 266,584 262,754 261,159
Total Services
47,719 47,259 46,950 47,500 47,500 47,224
Travel
701 641 680 670 670 662
Passenger Fares
9,696 9,301 9,297 9,209 9,209 8,847
Other Transportation
12,775 12,652 12,299 12,069 12,069 11,996
Royalties and License Fees
2,880 2,949 3,028 2,960 2,960 3,056
Other Private Services
2,607 2,669 2,622 2,639 2,639 2,616
Transfers Under U.S. Military Sales Contracts
4,404 4,398 4,386 4,578 4,578 4,814
U.S. Government Misc. Services
3,288 3,290 3,294 3,469 3,469 3,467
Total Goods
217,166 211,927 219,585 219,084 215,624 213,935
Foods, feeds, and beverages
12,583 12,153 12,299 12,143 12,305 12,440
Industrial supplies and materials
46,124 45,997 49,207 49,471 49,655 49,289
Capital goods, except automotive
60,006 57,254 56,907 60,063 57,683 58,159
Automotive vehicles, parts, and engines
32,133 32,083 31,839 31,107 31,711 30,710
Consumer goods
55,517 53,128 57,440 55,435 53,471 52,618
Other goods
9,187 9,549 10,147 9,334 9,050 9,030




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
Dec. 2018

Nov. 2018

Oct. 2018

Sep. 2018

Aug. 2018

July 2018

Total Technology Group
32,667 32,210 32,210 31,395 29,797 28,167
Advanced Materials
250 263 263 243 254 261
Aerospace
13,410 12,257 12,257 12,936 11,222 9,863
Biotechnology
1,662 1,896 1,896 1,916 1,630 1,513
Electronics
3,728 3,990 3,990 3,748 3,966 3,660
Flexible Manufacturing
1,725 1,595 1,595 1,543 1,484 1,730
Information and Communications
8,194 8,682 8,682 7,779 7,912 8,034
Life Science
2,829 2,641 2,641 2,562 2,597 2,401
Nuclear Technology
68 59 59 65 50 52
Opto-Electronics
545 396 396 401 476 450
Weapons
257 434 434 202 207 202





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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