|
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.
|
 |
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 |
|
