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Strong exports narrowed trade deficit again

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. Trade gap continued to narrow in May, as exports continue grow faster than imports.
In May the U.S. Commerce Department announced that, nations trade gap dropped by -6.8 %. The growing sales of goods and services abroad, declining trade deficit will add to the GDP growth, but the decrease in consumption of energy-related petroleum products, suggest that the economy could be slowing, economists said.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons

Imports from China, meanwhile, climbed to $43.8 billion in May from $38.2 billion in April. The trade deficit with the rising Asian giant increased $5.23 billion to $-33.2 billion in May. 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
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-0.10% -2.82% -0.91% 3.36% 1.09% 0.51% 0.56% 0.73%
Imports
Imports
Imports
Imports

Imports increased by 0.36 % in May to $258.4 billion, reported by the Commerce Department, demonstrating the trend of strong business investment imports of Capital goods, except automotive grew and Transfers Under U.S. Military Sales Contracts. Imports of Weapons increased also, up 12.90 % to $0.07 billions. Bucking the overall trend, imports of miscellaneous other goods and Other Transportation services contracted by -1.88 %. U.S. Imports of Advanced Materials also declined, by -19.09 % to $0.20 billions.

Some of the pick-up in imports could be attributed to higher prices. Unfavorable exchange rate, tends to boost the cost of imported goods.

The bulk of the increase in imports was tied to the higher cost of oil, whose price hit a recent peak. The cost per barrel was 29.62 % higher compared with a year earlier.
As a result, imports of crude oil and related petroleum products jumped to a seasonally adjusted $18.9 billion in May from $17 billion in April. Imports of services have declined by -0.47 %, but they accounted only for 18.5 %, of total imports in May. Purcheses of foreign made goods, grew by 0.55 %. U.S. Exports by Major Category
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Imports from europe increased, as demand for goods from Russia grew the most, up 42.45 % to $2 billions, but imports of oil from Norway fell.
Pacific Rim Region has seen increasing demand from the U.S., led by 18.68 % growth in imports of goods from Other Pacific Rim, while the demand for goods from Hong Kong fell.
Imports from Canada and Mexico grew in May boosted by the higher price of oil.
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.

U.S. trade gap dropped by -7.4 % from May 2017, due to 12.13 % increase in exports.

Exports increased in May by 1.93 %, reported by the Commerce Department, led by 16.74 % growth in miscellaneous other goods and Passenger Fares. Exports of Weapons increased also, up 309.61 % to $0.94 billions. But exports of Industrial supplies, materials fell the most, down -2.82 %. Exports of Nuclear Technology also fell -60.94 % to $0.05 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 0.63 %, services accounted for 0.63 % of total exports, sales of U.S. made products, grew by 2.58 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, led by 18.68 % growth in exports of goods to Other Pacific Rim and despite the decrease in demand for U.S. made goods, from Hong Kong.
Exports to South and Central American region, including Brazil increased, while sales to Colombia contracted.
Exports to europe improved, as sales of U.S. made products to Austria grew the most, up 114.49 %, but exports to Russia fell.


U.S. Imports by Major Countries

Exports by Selected Geographical Region
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Technology Group Exports Technology Group Imports Technology Group Trade Balance
Total Technology Group exports increased by $3,742 millions or 13.14 % to $32,215 millions from April 2018 , caused by increase in exports of Aerospace goods by 30.91 % to $12,728 millions from April 2018. Exports of Information and Communication goods fell by $3,742 millions or -3.54 % to $7,531 millions.
Total Technology Group imports deacreased by $726 millions or -1.91 % to $37,240 millions from April 2018 , despite a decrease in imports of Electronics goods by -5.04 % to $3,163 millions from April 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 $803 millions or 8.44 % to $10,321 millions from deficit of $9,518 millions April 2018. Information and Communications trade deficit rose by $2,286 millions or 17.84 % to $15,098 millions from deficit of $12,812 millions April 2018.

Trade Balance by Technology Group

U.S. International Trade in Goods & Services

(In millions $)



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U.S. International Trade in Goods & Services
(In millions $)
May 2018
April 2018
March 2018
Feb. 2018
Jan. 2018
Dec. 2017
Total Trade Balance
-43,053 -46,199 -48,956 -57,591 -56,601 -53,118
Trade Balance of Goods
-65,787 -68,265 -69,494 -77,011 -76,490 -73,348
Trade Balance of Services
22,735 22,066 20,539 19,419 19,890 20,231
Total Exports
215,328 211,245 208,526 204,445 200,910 203,351
Exports of Goods
144,888 141,248 140,878 137,179 134,245 137,470
Exports of Services
70,440 69,998 67,648 67,266 66,664 65,882
Total Imports
258,381 257,444 257,482 262,037 257,510 256,469
Imports of Goods
210,675 209,513 210,372 214,190 210,735 210,818
Imports of Services
47,706 47,931 47,110 47,847 46,775 45,651



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
May 2018
April 2018
March 2018
Feb. 2018
Jan. 2018
Dec. 2017
Total Goods
-73,099 -68,482 -60,359 -60,679 -79,425 -64,882
North America
-8,215 -6,437 -7,747 -6,449 -7,772 -7,576
Canada
-1,501 -785 306 -386 -3,636 -2,203
Mexico
-6,715 -5,652 -8,053 -6,063 -4,136 -5,373
Europe
-16,276 -17,826 -14,602 -13,581 -15,994 -17,280
European Union
-13,387 -14,642 -12,146 -12,047 -13,617 -15,813
Austria
-630 -866 -1,002 -597 -602 -729
Belgium
1,135 1,424 1,404 1,277 1,086 1,073
Czech Republic
-78 -174 -168 -170 -149 -197
Finland
-431 -464 -565 -435 -446 -434
France
-1,278 -1,627 -1,586 -1,251 -1,234 -1,781
Germany
-5,717 -5,994 -5,170 -5,351 -5,386 -5,823
Hungary
-300 -257 -293 -242 -270 -303
Ireland
-3,281 -3,972 -4,023 -3,651 -3,514 -3,727
Italy
-2,829 -2,538 -2,251 -2,384 -2,647 -3,480
Netherlands
2,177 2,060 2,349 2,284 2,050 1,810
Poland
-30 -325 30 -212 -316 -161
Spain
-369 -654 -359 -426 -493 -592
Sweden
-802 -709 -762 -501 -577 -646
United Kingdom
651 757 1,598 656 231 159
Other E.U.
-1,605 -1,306 -1,348 -1,045 -1,350 -980
Norway
72 -328 -365 102 96 -113
Russia
-1,404 -723 -1,217 -693 -1,121 -796
Switzerland
-1,659 -2,332 -1,108 -1,168 -1,115 -1,206
Other Europe
101 199 235 225 -238 648
Euro Area
-12,035 -13,284 -11,834 -10,926 -11,844 -14,224
Pacific Rim Countries
-41,795 -36,940 -32,636 -34,838 -44,577 -36,619
Australia
1,276 1,273 1,268 1,354 1,091 1,403
China
-33,187 -27,962 -25,875 -29,262 -35,953 -30,808
Japan
-5,492 -6,285 -6,386 -5,503 -5,652 -5,527
Malaysia
-2,588 -2,293 -2,038 -2,124 -1,937 -2,255
Philippines
-271 -252 -330 -289 -332 75
Newly Industrialized Countries (NICS)
-9,191 -7,938 -7,208 -6,578 -8,799 -6,857
Hong Kong
2,274 1,855 3,241 3,583 2,408 2,768
Korea
-1,803 -1,617 -1,080 -683 -1,968 -1,249
Singapore
777 594 603 597 757 1,153
Taiwan
-1,536 -1,116 -1,033 -1,312 -1,691 -1,207
Other Pacific Rim
-42 32 -11 -48 -62 18
South/Central America
3,668 3,998 3,551 3,055 1,423 4,067
Argentina
504 412 339 275 451 406
Brazil
892 626 942 971 223 1,074
Chile
514 176 -70 -75 -169 388
Colombia
-92 322 44 -300 -437 -88
Other South/Central America
1,850 2,461 2,296 2,185 1,355 2,286
OPEC
-701 -3,243 -768 -1,367 -2,865 211
Indonesia
-1,203 -1,167 -994 -1,151 -1,238 -990
Nigeria
-341 -437 -71 -489 -598 -290
Saudi Arabia
-167 -958 -51 -280 -683 -249
Venezuela
-463 -765 -406 -292 -496 -390
Other OPEC
270 -1,083 -239 -307 -1,087 1,140
Africa
-923 -1,345 -652 -896 -1,554 -1,032
Algeria
-232 -365 -177 -279 -402 -210
Egypt
338 225 274 278 251 254
South Africa
-261 -209 -194 -172 -236 -336
Other Africa
-767 -997 -556 -724 -1,166 -740
Other Countries
-9,191 -7,938 -7,208 -6,578 -8,799 -6,857
India
-2,452 -2,383 -1,443 -1,677 -2,208 -1,265
Thailand
-1,743 -1,691 -1,559 -1,328 -1,615 -1,865
Other
-4,997 -3,864 -4,206 -3,572 -4,976 -3,727




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


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Imports by Major Category
( In millions $)
May 2018
April 2018
March 2018
Feb. 2018
Jan. 2018
Dec. 2017
Total
258,381 257,444 257,482 262,037 257,510 256,469
Total Services
47,706 47,931 47,110 47,847 46,775 45,651
Travel
665 669 665 651 648 740
Passenger Fares
8,834 8,948 8,875 8,957 8,843 8,473
Other Transportation
11,720 11,944 11,487 11,268 11,518 11,731
Royalties and License Fees
3,941 3,969 4,342 4,323 4,305 4,148
Other Private Services
2,700 2,685 2,497 2,521 2,456 2,409
Transfers Under U.S. Military Sales Contracts
4,988 4,934 4,286 5,235 4,247 4,377
U.S. Government Misc. Services
3,557 3,539 3,547 3,535 3,512 3,412
Total Goods
210,675 209,513 210,372 214,190 210,735 210,818
Foods, feeds, and beverages
12,378 12,274 12,227 12,643 11,871 11,892
Industrial supplies and materials
47,853 47,901 47,330 48,091 47,275 45,308
Capital goods, except automotive
58,980 56,916 56,215 57,782 55,930 57,247
Automotive vehicles, parts, and engines
29,728 30,003 31,301 31,088 30,913 30,916
Consumer goods
51,423 51,895 54,216 55,122 54,601 55,495
Other goods
8,560 8,972 7,566 7,822 8,343 8,405




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
May 2018

April 2018

March 2018

Feb. 2018

Jan. 2018

Dec. 2017

Total Technology Group
32,215 28,473 34,853 26,019 27,457 33,529
Advanced Materials
252 243 259 217 228 225
Aerospace
12,728 9,723 14,021 9,115 8,982 13,136
Biotechnology
2,175 1,619 2,090 1,441 1,957 1,351
Electronics
3,872 3,777 4,010 3,417 3,950 3,884
Flexible Manufacturing
1,734 2,014 2,252 1,642 1,686 2,306
Information and Communications
7,531 7,807 8,443 7,149 7,677 8,841
Life Science
2,471 2,491 2,921 2,371 2,297 2,775
Nuclear Technology
50 128 84 40 43 100
Opto-Electronics
462 443 524 428 346 455
Weapons
938 229 251 199 291 455





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


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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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