|
Soft imports narrowed trade gap again
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
The gap between imports and exports narrowed again in November, as the nation's imports declined, but exports continued to grow.
In November the U.S. Commerce Department announced that, nations trade gap dropped by -8.2 %. The declining imports, growing exports and resulting decrease in trade deficit will add to the GDP growth, while more money stays in the country, 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.
|
 |
Economists add that a decline in petroleum imports was the biggest driver behind the decline in November.
The U.S. trade deficit with China edged down to $-26.4 billion in November from the deficit of $-31.3 billion recorded in October, 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
|
|
|
|
|
|
|
-1.49%
|
-0.42%
|
-1.92%
|
2.91%
|
0.49%
|
0.00%
|
0.07%
|
0.00%
|
Imports |
|
Imports |
|
Imports |
|
Imports |
|
|
The Commerce Department reported, that U.S. imports dropped by -0.98 % in November, following decline in miscellaneous other goods by -7.70 %. Opposite to overall trend, imports of Cars, parts, engines and Travel services, surged.
Dreams that U.S. exports can drive the economy forward without consumer spending are not realistic, noted by some economists.
The decline came down to oil, as petroleum imports shrank, as oil prices fell to $8.6 billion a barrel in November from $9.8 billion a barrel in October and as Americans used -9.36 % less imported energy products. U.S. Imports of services increased 0.81 %, but weakining demand for foreign made goods, posted a drag on imports, goods accounted for 79.9 %, of total imports in November, they declined by -1.42 %.
• U.S. Exports by Major Category
|
Imports from europe fell, where trade with France fell the most, but trade with Belgium grew by 3.31 %.
What’s more, there’s a good chance exports could suffer another dip in the months ahead. Economic growth has slowed sharply in the U.K. and Europe and some countries have already fallen into recession..
Imports from Mexico and Canada where lower in November.
U.S. Demand for goods from Pacific Rim Countries fell, as imports from Hong Kong declined, but imports of goods from Australia grew.
U.S. trade gap dropped by -12.6 % from Nov. 2018, as imports decline by -0.59 %.
The Commerce Department announced, U.S. exports surged to $208.6 billion by 0.66 % in November to $208.6 billion, led by growing exports of Cars, parts, engines, led by -0.11 % increase in imports from Australia. Exports of Nuclear Technology also went up, by 69.05 % to $0.14 billions. Bucking the overall trend, exports of miscellaneous other goods. Exports of Weapons fell as well, by -47.06 % to $0.37 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. U.S. Exports of services increased by 0.51 %, services accounted for 0.51 % of total exports, sales of U.S. made products, grew by 0.73 %.
Exports to europe fell, as demand for U.S. made goods in Poland declined, but exports to Switzerland grew by 29.05 %.
Products made in U.S. have seen declining demand form Pacific Rim Countries, as exports to Hong Kong declined, but exports of goods to Australia grew.
• 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 $2,117
millions or
-6.67 % to $29,637
millions from Oct. 2019
, caused by decrease in exports of Aerospace goods by
-4.50 % to $11,001
millions from Oct. 2019. Exports of Information
and Communication goods
fell by $2,117
millions or
-5.87 % to $7,415
millions.
|
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Oct. 2019
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Oct. 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 fell by $2,130 millions or 13.88 % to $13,216 millions from
deficit of $15,346
millions Oct. 2019. Information and Communications
trade
deficit fell by $855 millions or 5.18 % to $15,642 millions from
deficit of $16,497
millions Oct. 2019.
• Trade Balance by Technology Group
|
| Technology
Group Exports |
Total Technology Group exports
deacreased by $2,117
millions or
-6.67 % to $29,637
millions from Oct. 2019
, caused by decrease in exports of Aerospace goods by
-4.50 % to $11,001
millions from Oct. 2019. Exports of Information
and Communication goods
fell by $2,117
millions or
-5.87 % to $7,415
millions.
|
| Technology
Group Imports |
Total Technology Group imports
deacreased by $0
millions or
0.00 % to $0
millions from Oct. 2019
, despite a decrease in imports of Electronics goods by
0.00 % to $0
millions from Oct. 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 $2,117
millions or
-6.67 % to $29,637
millions from Oct. 2019
, caused by decrease in exports of Aerospace goods by
-4.50 % to $11,001
millions from Oct. 2019. Exports of Information
and Communication goods
fell by $2,117
millions or
-5.87 % to $7,415
millions.
|
U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services
(In millions $) |
Nov. 2019
|
Oct. 2019
|
Sep. 2019
|
Aug. 2019
|
July 2019
|
June 2019
|
| Total Trade Balance |
|
-43,086 |
-46,939 |
-52,450 |
-54,896 |
-53,989 |
-55,154 |
| Trade Balance of Goods |
|
-63,904 |
-67,797 |
-71,718 |
-74,424 |
-73,664 |
-75,121 |
| Trade Balance of Services |
|
20,818 |
20,858 |
19,267 |
19,528 |
19,675 |
19,967 |
| Total Exports |
|
208,630 |
207,266 |
205,990 |
207,866 |
207,401 |
206,300 |
| Exports of Goods |
|
137,160 |
136,161 |
136,833 |
138,582 |
138,157 |
137,135 |
| Exports of Services |
|
71,470 |
71,105 |
69,156 |
69,284 |
69,244 |
69,166 |
| Total Imports |
|
251,716 |
254,205 |
258,440 |
262,763 |
261,391 |
261,454 |
| Imports of Goods |
|
201,064 |
203,957 |
208,551 |
213,007 |
211,822 |
212,255 |
| Imports of Services |
|
50,653 |
50,247 |
49,889 |
49,756 |
49,569 |
49,199 |
U.S. Trade Balance by Selected Countries and Areas
( In millions $)
U.S. Trade Balance by Selected Countries and Areas
( In millions $) |
Nov. 2019
|
Oct. 2019
|
Sep. 2019
|
Aug. 2019
|
July 2019
|
June 2019
|
| Total Goods |
|
-62,925 |
-78,038 |
-73,312 |
-78,547 |
-87,244 |
-70,307 |
| North America |
|
-9,726 |
-12,057 |
-11,420 |
-10,379 |
-11,462 |
-12,758 |
| Canada |
|
-1,435 |
-3,297 |
-2,539 |
-1,426 |
-3,486 |
-2,906 |
| Mexico |
|
-8,292 |
-8,760 |
-8,881 |
-8,954 |
-7,976 |
-9,852 |
| Europe |
|
-16,924 |
-20,986 |
-17,627 |
-18,980 |
-24,001 |
-17,182 |
| European Union |
|
-13,112 |
-16,439 |
-13,697 |
-15,348 |
-20,122 |
-14,012 |
| Austria |
|
-785 |
-838 |
-632 |
-732 |
102 |
-1,011 |
| Belgium |
|
1,201 |
1,462 |
984 |
1,951 |
828 |
952 |
| Czech Republic |
|
-213 |
-288 |
-265 |
-275 |
-272 |
-215 |
| Finland |
|
-316 |
-345 |
-251 |
-260 |
-367 |
-439 |
| France |
|
-1,277 |
-2,390 |
-1,488 |
-1,254 |
-2,386 |
-1,603 |
| Germany |
|
-5,276 |
-5,282 |
-4,785 |
-7,149 |
-6,973 |
-4,800 |
| Hungary |
|
-365 |
-342 |
-338 |
-313 |
-329 |
-276 |
| Ireland |
|
-4,297 |
-5,314 |
-4,833 |
-3,978 |
-4,514 |
-4,268 |
| Italy |
|
-2,512 |
-2,876 |
-2,214 |
-2,820 |
-3,697 |
-2,567 |
| Netherlands |
|
1,749 |
2,008 |
941 |
892 |
1,355 |
1,983 |
| Poland |
|
-210 |
-86 |
-251 |
-200 |
-344 |
-29 |
| Spain |
|
-162 |
-206 |
283 |
-301 |
-481 |
-128 |
| Sweden |
|
-557 |
-707 |
-533 |
-383 |
-735 |
-724 |
| United Kingdom |
|
1,304 |
300 |
827 |
704 |
-281 |
562 |
| Other E.U. |
|
-1,396 |
-1,535 |
-1,139 |
-1,230 |
-2,028 |
-1,449 |
| Norway |
|
-64 |
-123 |
-375 |
-174 |
-173 |
-276 |
| Russia |
|
-1,335 |
-1,749 |
-1,164 |
-1,552 |
-1,564 |
-1,462 |
| Switzerland |
|
-2,303 |
-2,670 |
-2,473 |
-2,133 |
-2,588 |
-1,794 |
| Other Europe |
|
-109 |
-4 |
81 |
226 |
446 |
363 |
| Euro Area |
|
-12,059 |
-14,317 |
-12,406 |
-14,144 |
-17,145 |
-12,524 |
| Pacific Rim Countries |
|
-34,454 |
-40,225 |
-39,067 |
-42,883 |
-44,032 |
-37,933 |
| Australia |
|
1,315 |
1,731 |
1,280 |
1,161 |
1,210 |
1,192 |
| China |
|
-26,366 |
-31,259 |
-31,622 |
-31,757 |
-32,775 |
-29,968 |
| Japan |
|
-5,450 |
-5,074 |
-5,050 |
-6,245 |
-6,331 |
-5,711 |
| Malaysia |
|
-2,318 |
-2,877 |
-2,346 |
-2,843 |
-2,223 |
-2,037 |
| Philippines |
|
-311 |
-407 |
-321 |
-330 |
-483 |
-355 |
| Newly Industrialized Countries
(NICS) |
|
-8,275 |
-11,045 |
-9,918 |
-10,785 |
-9,498 |
-6,838 |
| Hong Kong |
|
2,034 |
1,771 |
2,531 |
2,079 |
1,995 |
2,537 |
| Korea |
|
-1,433 |
-1,863 |
-1,098 |
-2,123 |
-1,831 |
-1,132 |
| Singapore |
|
745 |
634 |
605 |
707 |
-331 |
33 |
| Taiwan |
|
-1,684 |
-1,831 |
-2,078 |
-2,424 |
-2,255 |
-1,699 |
| Other Pacific Rim |
|
55 |
170 |
68 |
92 |
-21 |
-4 |
| South/Central America |
|
5,869 |
5,380 |
4,752 |
5,015 |
2,808 |
5,054 |
| Argentina |
|
159 |
106 |
250 |
389 |
225 |
450 |
| Brazil |
|
1,650 |
1,431 |
1,075 |
1,328 |
506 |
1,273 |
| Chile |
|
923 |
561 |
545 |
513 |
529 |
455 |
| Colombia |
|
445 |
158 |
161 |
65 |
-172 |
-16 |
| Other South/Central America |
|
2,692 |
3,124 |
2,721 |
2,720 |
1,721 |
2,892 |
| OPEC |
|
1,016 |
1,734 |
1,098 |
701 |
-100 |
-208 |
| Indonesia |
|
-1,043 |
-1,220 |
-1,036 |
-1,201 |
-986 |
-789 |
| Nigeria |
|
-27 |
-34 |
-186 |
-395 |
-246 |
-167 |
| Saudi Arabia |
|
139 |
736 |
372 |
226 |
-140 |
-307 |
| Venezuela |
|
84 |
78 |
56 |
50 |
50 |
67 |
| Other OPEC |
|
821 |
955 |
857 |
820 |
236 |
199 |
| Africa |
|
90 |
-110 |
-437 |
-602 |
-297 |
-272 |
| Algeria |
|
-1 |
-61 |
-113 |
-42 |
-28 |
-213 |
| Egypt |
|
168 |
298 |
63 |
180 |
102 |
250 |
| South Africa |
|
-320 |
-252 |
-222 |
-256 |
-136 |
-180 |
| Other Africa |
|
243 |
-95 |
-165 |
-482 |
-234 |
-129 |
| Other Countries |
|
-8,275 |
-11,045 |
-9,918 |
-10,785 |
-9,498 |
-6,838 |
| India |
|
-1,778 |
-2,405 |
-2,127 |
-2,179 |
-2,421 |
-899 |
| Thailand |
|
-1,777 |
-1,798 |
-1,696 |
-1,980 |
-1,875 |
-1,559 |
| Other |
|
-4,720 |
-6,842 |
-6,094 |
-6,626 |
-5,202 |
-4,380 |
U.S. Imports by Major Category
( In millions $)
Imports by Major Category
( In millions $) |
Nov. 2019
|
Oct. 2019
|
Sep. 2019
|
Aug. 2019
|
July 2019
|
June 2019
|
| Total |
|
251,716 |
254,205 |
258,440 |
262,763 |
261,391 |
261,454 |
| Total Services |
|
50,653 |
50,247 |
49,889 |
49,756 |
49,569 |
49,199 |
| Travel |
|
792 |
758 |
738 |
722 |
770 |
812 |
| Passenger Fares |
|
9,114 |
8,983 |
9,044 |
9,063 |
9,025 |
9,092 |
| Other Transportation |
|
12,900 |
12,753 |
12,651 |
12,579 |
12,532 |
12,573 |
| Royalties and License Fees |
|
4,318 |
4,314 |
4,262 |
4,227 |
4,157 |
4,086 |
| Other Private Services |
|
2,913 |
2,911 |
2,893 |
2,901 |
2,897 |
2,765 |
| Transfers Under U.S. Military
Sales Contracts |
|
4,940 |
4,916 |
4,877 |
4,863 |
4,834 |
4,856 |
| U.S. Government Misc.
Services |
|
3,702 |
3,675 |
3,516 |
3,515 |
3,513 |
3,696 |
| Total Goods
|
|
201,064 |
203,957 |
208,551 |
213,007 |
211,822 |
212,255 |
| Foods, feeds, and beverages |
|
12,238 |
12,402 |
12,772 |
12,613 |
12,770 |
12,699 |
| Industrial supplies and materials |
|
40,773 |
41,391 |
41,923 |
42,536 |
44,008 |
43,139 |
| Capital goods, except automotive |
|
55,406 |
56,562 |
56,162 |
57,271 |
55,408 |
56,913 |
| Automotive vehicles, parts, and
engines |
|
30,114 |
29,049 |
30,851 |
31,953 |
32,738 |
32,633 |
| Consumer goods |
|
51,309 |
52,311 |
54,716 |
57,225 |
55,344 |
54,733 |
| Other goods |
|
9,719 |
10,530 |
10,389 |
9,549 |
9,797 |
10,495 |
Exports by Technology Group
( In millions $)
Exports by Technology Group
(
In millions $) |
Nov. 2019
|
Oct. 2019
|
Sep. 2019
|
Aug. 2019
|
July 2019
|
June 2019
|
| Total Technology Group |
|
29,637 |
31,754 |
30,810 |
29,715 |
29,670 |
30,645 |
| Advanced Materials |
|
221 |
233 |
253 |
248 |
260 |
250 |
| Aerospace |
|
11,001 |
11,519 |
12,095 |
10,301 |
11,031 |
12,279 |
| Biotechnology |
|
1,898 |
2,198 |
2,158 |
1,878 |
2,637 |
1,808 |
| Electronics |
|
4,047 |
4,294 |
4,016 |
4,240 |
3,946 |
3,991 |
| Flexible Manufacturing |
|
1,367 |
1,664 |
1,442 |
1,404 |
1,346 |
1,392 |
| Information and Communications |
|
7,415 |
7,877 |
7,175 |
7,688 |
7,185 |
7,573 |
| Life Science |
|
2,802 |
2,807 |
2,656 |
2,702 |
2,462 |
2,705 |
| Nuclear Technology |
|
142 |
84 |
79 |
87 |
57 |
58 |
| Opto-Electronics |
|
374 |
380 |
518 |
355 |
331 |
423 |
| Weapons |
|
369 |
697 |
418 |
812 |
415 |
165 |
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 |
|
