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Declining Exports increase U.S. Trade gap in October

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap widened in October on the shrinking trade.
In October U.S. trade gap has climbed by 2.7 % to a rate at $55.5 billion, reported by the Commerce Department. The increase in trade deficit it's not only bad news in this report but declining imports as well, as shrinking exports of U.S. goods and services indicate slowing global demand, 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
With energy prices falling dramatically since its peak, economists expect the value of petroleum imports and the trade deficit to fall significantly in the subsequent months.

Imports from China, meanwhile, climbed to $52.2 billion in October from $50 billion in September. The trade deficit with the rising Asian giant increased $2.86 billion to $-43.1 billion in October. 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

-0.53% 0.58% 3.62% 1.04% -4.19% -5.33% -0.64% -0.92%
Imports
Imports
Imports
Imports

In October imports declined by -0.02 %, the largest decrease came from imports of Capital goods, except automotive and U.S. Government Misc. Services. U.S. Imports of Advanced Materials also declined, by -19.09 % to $0.20 billions. Bucking the overall trend, imports of miscellaneous other goods, Royalties and License Fees, grew. Imports of Weapons increased also, up 12.90 % to $0.07 billions.



Economists had expected cheaper imported oil to help push down the deficit, but the volume of crude imports swamped the decline in the price. Imports of services have declined by -1.16 %, but they accounted only for 17.6 %, of total imports in October. Purcheses of foreign made goods, grew by 0.23 %. U.S. Exports by Major Category









Imports from europe increased, as purchases of goods from Switzerland grew the most, up 66.07 %, but imports from Russia fell.
Despite the decline in the price of oil, imports from Mexico and Canada grew in October. 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., where imports from Japan grew the most, while the demand for goods from Hong Kong fell.

From Oct. 2017, U.S. trade gap jumped by 13.9 %, due to 8.95 % increase in imports.

In October exports sunk by -0.71 %, the largest decline came from exports of Foods, feeds, and beverages and Transfers Under U.S. Military Sales Contracts. Exports of Nuclear Technology also fell -9.23 % to $0.06 billions. Bucking the overall trend, exports of miscellaneous other goods and , surged. Exports of Weapons increased also, up 114.85 % to $0.43 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. The decline of exports was broad based, services fell -1.6 % and exports of goods declined by -0.27 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Japan grew the most and despite the decrease in demand for U.S. made goods, from Hong Kong.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe fell, where sales of U.S. made goods to Switzerland fell the most, but trade with Norway grew by 75.26 %.


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 $815 millions or 2.60 % to $32,210 millions from Sep. 2018 , despitea decrease in exports of Aerospace goods by -5.25 % to $12,257 millions from Sep. 2018. Exports of Information and Communication goods rose by $815 millions or 11.61 % to $8,682 millions.
Total Technology Group imports deacreased by $726 millions or -1.91 % to $37,240 millions from Sep. 2018 , despite a decrease in imports of Electronics goods by -5.04 % to $3,163 millions from Sep. 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 rose by $1,779 millions or 14.06 % to $14,434 millions from deficit of $12,655 millions Sep. 2018. Information and Communications trade deficit fell by $457 millions or 2.62 % to $16,972 millions from deficit of $17,429 millions Sep. 2018.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $815 millions or 2.60 % to $32,210 millions from Sep. 2018 , despitea decrease in exports of Aerospace goods by -5.25 % to $12,257 millions from Sep. 2018. Exports of Information and Communication goods rose by $815 millions or 11.61 % to $8,682 millions.


Technology Group Imports
Total Technology Group imports deacreased by $726 millions or -1.91 % to $37,240 millions from Sep. 2018 , despite a decrease in imports of Electronics goods by -5.04 % to $3,163 millions from Sep. 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 $815 millions or 2.60 % to $32,210 millions from Sep. 2018 , despitea decrease in exports of Aerospace goods by -5.25 % to $12,257 millions from Sep. 2018. Exports of Information and Communication goods rose by $815 millions or 11.61 % to $8,682 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
June 2018
May 2018
Total Trade Balance
-55,488 -54,019 -53,309 -50,082 -46,348 -43,053
Trade Balance of Goods
-78,112 -77,226 -76,634 -73,144 -68,813 -65,787
Trade Balance of Services
22,624 23,207 23,326 23,062 22,465 22,735
Total Exports
211,046 212,565 209,445 211,077 213,809 215,328
Exports of Goods
141,472 141,858 138,990 140,791 143,208 144,888
Exports of Services
69,573 70,706 70,455 70,286 70,602 70,440
Total Imports
266,534 266,584 262,754 261,159 260,158 258,381
Imports of Goods
219,585 219,084 215,624 213,935 212,021 210,675
Imports of Services
46,950 47,500 47,129 47,224 48,137 47,706



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
June 2018
May 2018
Total Goods
-90,513 -73,732 -83,995 -84,466 -68,479 -73,099
North America
-9,110 -9,525 -11,297 -8,690 -9,461 -8,215
Canada
-1,943 -1,810 -2,605 -3,149 -2,041 -1,501
Mexico
-7,167 -7,714 -8,692 -5,541 -7,419 -6,715
Europe
-21,438 -11,924 -18,023 -21,035 -15,048 -16,276
European Union
-17,615 -10,646 -15,708 -17,589 -11,724 -13,387
Austria
-1,042 -748 -997 -853 -837 -630
Belgium
1,060 1,142 1,310 872 1,350 1,135
Czech Republic
-181 -84 -197 -198 -172 -78
Finland
-469 -433 -402 -388 -453 -431
France
-1,673 -982 -1,115 -1,843 -591 -1,278
Germany
-6,207 -4,802 -5,914 -6,612 -5,339 -5,717
Hungary
-240 -278 -261 -327 -288 -300
Ireland
-4,471 -3,516 -4,323 -4,189 -4,033 -3,281
Italy
-2,951 -1,704 -2,965 -3,110 -2,283 -2,829
Netherlands
1,696 2,162 1,911 2,028 2,533 2,177
Poland
-326 -328 -323 -326 -14 -30
Spain
-213 197 -440 -636 -452 -369
Sweden
-538 -415 -368 -621 -643 -802
United Kingdom
-564 581 -122 62 754 651
Other E.U.
-1,496 -1,438 -1,501 -1,449 -1,256 -1,605
Norway
-134 -117 232 -270 -195 72
Russia
-1,018 -1,692 -1,335 -1,398 -1,333 -1,404
Switzerland
-2,558 118 -1,231 -1,703 -1,677 -1,659
Other Europe
-113 413 19 -75 -118 101
Euro Area
-14,993 -9,507 -13,588 -15,555 -10,749 -12,035
Pacific Rim Countries
-51,980 -45,503 -46,851 -45,528 -40,138 -41,795
Australia
1,221 1,091 1,294 1,135 1,555 1,276
China
-43,102 -40,243 -38,570 -36,834 -33,484 -33,187
Japan
-6,166 -3,927 -6,011 -5,460 -5,308 -5,492
Malaysia
-2,144 -2,273 -2,403 -2,051 -2,086 -2,588
Philippines
-439 -312 -265 -334 -262 -271
Newly Industrialized Countries (NICS)
-9,287 -8,254 -9,140 -8,679 -5,813 -9,191
Hong Kong
2,462 2,942 2,283 2,002 2,891 2,274
Korea
-1,882 -1,454 -1,846 -1,527 -1,208 -1,803
Singapore
501 112 560 -121 22 777
Taiwan
-1,392 -969 -1,026 -1,232 -1,388 -1,536
Other Pacific Rim
86 477 12 -86 40 -42
South/Central America
4,183 3,220 3,093 2,703 3,558 3,668
Argentina
377 433 480 510 444 504
Brazil
869 724 366 577 718 892
Chile
672 387 524 388 308 514
Colombia
472 290 90 93 255 -92
Other South/Central America
1,793 1,386 1,634 1,135 1,832 1,850
OPEC
-2,451 -1,984 -1,366 -3,464 -1,804 -701
Indonesia
-1,126 -948 -880 -1,021 -909 -1,203
Nigeria
-354 7 -17 5 -305 -341
Saudi Arabia
-1,474 -1,347 -1,258 -1,065 -906 -167
Venezuela
-887 -966 -792 -692 -713 -463
Other OPEC
264 323 702 -1,712 120 270
Africa
-989 -294 -745 -1,080 -671 -923
Algeria
-297 -253 -405 -446 -107 -232
Egypt
136 203 97 146 215 338
South Africa
-254 -135 -208 -189 -224 -261
Other Africa
-573 -109 -229 -590 -555 -767
Other Countries
-9,287 -8,254 -9,140 -8,679 -5,813 -9,191
India
-2,445 -1,535 -1,919 -2,008 -1,122 -2,452
Thailand
-1,538 -1,694 -1,759 -1,792 -1,489 -1,743
Other
-5,305 -5,025 -5,463 -4,879 -3,201 -4,997




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




Imports by Major Category
( In millions $)
Oct. 2018
Sep. 2018
Aug. 2018
July 2018
June 2018
May 2018
Total
266,534 266,584 262,754 261,159 260,158 258,381
Total Services
46,950 47,500 47,500 47,224 48,137 47,706
Travel
680 670 670 662 654 665
Passenger Fares
9,297 9,209 9,209 8,847 8,823 8,834
Other Transportation
12,299 12,069 12,069 11,996 11,896 11,720
Royalties and License Fees
3,028 2,960 2,960 3,056 3,920 3,941
Other Private Services
2,622 2,639 2,639 2,616 2,684 2,700
Transfers Under U.S. Military Sales Contracts
4,386 4,578 4,578 4,814 5,265 4,988
U.S. Government Misc. Services
3,294 3,469 3,469 3,467 3,566 3,557
Total Goods
219,585 219,084 215,624 213,935 212,021 210,675
Foods, feeds, and beverages
12,299 12,143 12,305 12,440 12,175 12,378
Industrial supplies and materials
49,207 49,471 49,655 49,289 48,751 47,853
Capital goods, except automotive
56,907 60,063 57,683 58,159 57,494 58,980
Automotive vehicles, parts, and engines
31,839 31,107 31,711 30,710 30,211 29,728
Consumer goods
57,440 55,435 53,471 52,618 53,390 51,423
Other goods
10,147 9,334 9,050 9,030 8,380 8,560




Exports by Technology Group
( In millions $)


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

Sep. 2018

Aug. 2018

July 2018

June 2018

May 2018

Total Technology Group
32,210 31,395 29,797 28,167 32,891 32,215
Advanced Materials
263 243 254 261 260 252
Aerospace
12,257 12,936 11,222 9,863 13,196 12,728
Biotechnology
1,896 1,916 1,630 1,513 1,902 2,175
Electronics
3,990 3,748 3,966 3,660 3,881 3,872
Flexible Manufacturing
1,595 1,543 1,484 1,730 1,682 1,734
Information and Communications
8,682 7,779 7,912 8,034 8,246 7,531
Life Science
2,641 2,562 2,597 2,401 2,788 2,471
Nuclear Technology
59 65 50 52 89 50
Opto-Electronics
396 401 476 450 531 462
Weapons
434 202 207 202 317 938





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




U.S. International Trade in Goods & Services
(In millions $)
2017
2016
2015
2014
2013
2012
Total Trade Balance
-566,031 -504,793 -531,503 -471,532 -471,532 -540,362
Trade Balance of Goods
-810,023 -752,507 -758,934 -703,159 -703,159 -735,702
Trade Balance of Services
243,993 247,714 227,431 231,627 231,627 195,341
Total Exports
2,329,311 2,208,072 2,230,317 2,272,320 2,272,320 2,195,925
Exports of Goods
1,551,434 1,455,704 1,513,888 1,590,350 1,590,350 1,563,578
Exports of Services
777,877 752,368 716,429 681,970 681,970 632,346
Total Imports
2,895,342 2,712,866 2,761,820 2,743,851 2,743,851 2,736,286
Imports of Goods
2,361,458 2,208,211 2,272,821 2,293,508 2,293,508 2,299,281
Imports of Services
533,884 504,654 488,999 450,343 450,343 437,005

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


     
       
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