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Trade gap widens again

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. Trade deficit increased in March, after narrowing in February, but exports continued their upward trend, imports grew as well.
The nation's trade gap increased in March by 1.3 %, reported by the Commerce Department. The widening trade deficit will subtract from GDP growth, as imports out-grew exports, as surging oil prices are not just an inflation threat but can constrain economic growth, economists noted.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Nevertheless, increase in imports of energy-related products, is a concern, particularly when we know that the latest surge in the cost of imported oil will drive the deficit further over the next few months.

The U.S. trade deficit with China edged down to $-20.7 billion in March from the deficit of $-24.8 billion recorded in February, 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

5.63% 4.09% -1.19% 0.32% -0.04% 0.00% 2.33% 0.70%
Imports
Imports
Imports
Imports

Imports increased in March by 1.12 %, reported by the Commerce Department, led by imports of Foods, feeds, beverages and Travel services, which accounted for 0.32 % of total imports. Bucking the overall trend, imports of miscellaneous other goods, Royalties and License Fees.

The combination of acceleration in stockpiling activity to meet stronger domestic demand and the price effect from higher commodity prices led to the stronger growth in imports.

Imports of petroleum increased by $2.74 billion, to $14.4 billion in March. The average price of imported oil jumped by $6.21 to $53.1 a barrel. The U.S. imported 6.3 million barrels a day in March, up from 6.2 million in the prior month. U.S. Imports of services grew by 0.69 %, whats more important purcheses of foreign made products, which accounted for 81.7 %, of total imports, rose by 1.21 %. U.S. Exports by Major Category









Imports from europe increased, as demand for goods from Russia grew the most, up 65.50 % to $2 billions, but imports of oil from Norway fell.
Imports from Canada and Mexico grew in March boosted by the higher price of oil.
Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, although demand for goods from Taiwan fell.

U.S. trade gap advanced by 2.1 % for the year, , due to 1.74 % increase in imports.

Exports increased in March by 1.09 %, reported by the Commerce Department, led by exports of Foods, feeds, beverages and Travel services, which accounted for 1.27 % of total exports. Exports of Nuclear Technology also went up, by 80.33 % to $0.11 billions. Although exports of Capital goods, except automotive fell, down -1.21 % and Passenger Fares declined by -1.53 %. Exports of Weapons fell as well, by -16.32 % to $0.32 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 0.17 %, services accounted for 0.17 % of total exports, sales of U.S. made products, grew by 1.55 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most and despite the decrease in demand for U.S. made goods, from Taiwan.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe improved, where demand of U.S made goods in Russia grew the most, but exports to Austria fell by -62.63 %.


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 $4,934 millions or 16.98 % to $33,989 millions from Feb. 2019 , caused by increase in exports of Aerospace goods by 19.96 % to $13,391 millions from Feb. 2019. Exports of Information and Communication goods rose by $4,934 millions or 15.89 % to $8,322 millions.
Total Technology Group imports increased by $37,240 millions or 0.00 % to $37,240 millions from Feb. 2019 , despite growth in imports of Electronics goods by 0.00 % to $3,163 millions from Feb. 2019. Imports of Information and Communication goods rose by $37,240 millions or 0.00 % to $20,951 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $1,314 millions or 22.20 % to $7,232 millions from deficit of $5,918 millions Feb. 2019. Information and Communications trade deficit rose by $1,593 millions or 16.41 % to $11,300 millions from deficit of $9,707 millions Feb. 2019.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $4,934 millions or 16.98 % to $33,989 millions from Feb. 2019 , caused by increase in exports of Aerospace goods by 19.96 % to $13,391 millions from Feb. 2019. Exports of Information and Communication goods rose by $4,934 millions or 15.89 % to $8,322 millions.


Technology Group Imports
Total Technology Group imports increased by $37,240 millions or 0.00 % to $37,240 millions from Feb. 2019 , despite growth in imports of Electronics goods by 0.00 % to $3,163 millions from Feb. 2019. Imports of Information and Communication goods rose by $37,240 millions or 0.00 % to $20,951 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports increased by $4,934 millions or 16.98 % to $33,989 millions from Feb. 2019 , caused by increase in exports of Aerospace goods by 19.96 % to $13,391 millions from Feb. 2019. Exports of Information and Communication goods rose by $4,934 millions or 15.89 % to $8,322 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
March 2019
Feb. 2019
Jan. 2019
Dec. 2018
Nov. 2018
Oct. 2018
Total Trade Balance
-50,002 -49,382 -51,149 -59,769 -49,313 -55,488
Trade Balance of Goods
-72,419 -72,011 -73,291 -81,541 -71,591 -78,112
Trade Balance of Services
22,417 22,628 22,142 21,773 22,278 22,624
Total Exports
211,966 209,690 207,340 205,116 209,873 211,046
Exports of Goods
141,706 139,548 137,385 135,624 140,336 141,472
Exports of Services
70,260 70,142 69,955 69,492 69,537 69,573
Total Imports
261,968 259,073 258,489 264,885 259,186 266,534
Imports of Goods
214,125 211,559 210,676 217,166 211,927 219,585
Imports of Services
47,843 47,514 47,813 47,719 47,259 46,950



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
March 2019
Feb. 2019
Dec. 2018
Nov. 2018
Oct. 2018
Sep. 2018
Total Goods
-61,025 -56,500 -73,765 -74,648 -90,513 -73,732
North America
-10,861 -7,529 -9,119 -7,327 -9,110 -9,525
Canada
-1,356 -127 -1,411 -670 -1,943 -1,810
Mexico
-9,505 -7,403 -7,708 -6,657 -7,167 -7,714
Europe
-16,957 -11,410 -18,242 -18,412 -21,438 -11,924
European Union
-14,176 -9,155 -15,059 -15,117 -17,615 -10,646
Austria
-741 93 -767 -983 -1,042 -748
Belgium
1,397 1,840 1,350 814 1,060 1,142
Czech Republic
-222 -124 -240 -190 -181 -84
Finland
-457 -369 -381 -428 -469 -433
France
-1,335 -2,005 -1,493 -1,523 -1,673 -982
Germany
-5,630 -4,472 -5,946 -5,812 -6,207 -4,802
Hungary
-235 -211 -312 -262 -240 -278
Ireland
-4,593 -3,301 -3,851 -3,959 -4,471 -3,516
Italy
-2,591 -2,246 -3,111 -2,796 -2,951 -1,704
Netherlands
2,457 2,299 1,743 1,791 1,696 2,162
Poland
-272 -123 -129 -330 -326 -328
Spain
-345 96 -266 -156 -213 197
Sweden
-660 -730 -459 -530 -538 -415
United Kingdom
322 1,130 206 605 -564 581
Other E.U.
-1,272 -1,033 -1,402 -1,359 -1,496 -1,438
Norway
-107 -179 -172 -206 -134 -117
Russia
-893 -507 -1,125 -1,069 -1,018 -1,692
Switzerland
-1,871 -1,982 -2,172 -2,304 -2,558 118
Other Europe
90 413 285 284 -113 413
Euro Area
-12,650 -8,542 -13,487 -13,739 -14,993 -9,507
Pacific Rim Countries
-29,776 -32,052 -43,821 -45,948 -51,980 -45,503
Australia
1,304 1,057 1,278 1,346 1,221 1,091
China
-20,749 -24,761 -36,831 -37,861 -43,102 -40,243
Japan
-6,609 -5,938 -5,650 -5,790 -6,166 -3,927
Malaysia
-2,393 -1,748 -2,395 -2,188 -2,144 -2,273
Philippines
-251 -276 -434 -370 -439 -312
Newly Industrialized Countries (NICS)
-8,779 -8,597 -5,674 -7,145 -9,287 -8,254
Hong Kong
2,283 3,149 2,381 2,826 2,462 2,942
Korea
-1,540 -1,813 -857 -2,022 -1,882 -1,454
Singapore
521 522 733 750 501 112
Taiwan
-1,565 -1,284 -1,171 -1,651 -1,392 -969
Other Pacific Rim
180 30 67 76 86 477
South/Central America
4,957 3,372 3,637 5,404 4,183 3,220
Argentina
173 271 271 564 377 433
Brazil
1,063 748 786 638 869 724
Chile
65 372 482 837 672 387
Colombia
175 -117 70 401 472 290
Other South/Central America
3,480 2,098 2,027 2,965 1,793 1,386
OPEC
1,120 411 -305 -776 -2,451 -1,984
Indonesia
-957 -990 -942 -1,064 -1,126 -948
Nigeria
-15 147 -213 -138 -354 7
Saudi Arabia
427 -270 -941 -1,335 -1,474 -1,347
Venezuela
-83 -284 -503 -334 -887 -966
Other OPEC
792 818 1,353 1,031 264 323
Africa
108 162 -509 -207 -989 -294
Algeria
-234 -56 -287 -119 -297 -253
Egypt
394 202 175 238 136 203
South Africa
-101 -39 -537 -333 -254 -135
Other Africa
49 56 140 7 -573 -109
Other Countries
-8,779 -8,597 -5,674 -7,145 -9,287 -8,254
India
-1,665 -1,934 -631 -1,465 -2,445 -1,535
Thailand
-1,719 -1,130 -1,544 -1,560 -1,538 -1,694
Other
-5,396 -5,533 -3,499 -4,120 -5,305 -5,025




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




Imports by Major Category
( In millions $)
March 2019
Feb. 2019
Jan. 2019
Dec. 2018
Nov. 2018
Oct. 2018
Total
261,968 259,073 258,489 264,885 259,186 266,534
Total Services
47,843 47,514 47,813 47,719 47,259 46,950
Travel
842 759 747 701 641 680
Passenger Fares
9,333 9,258 9,486 9,696 9,301 9,297
Other Transportation
12,571 12,411 12,539 12,775 12,652 12,299
Royalties and License Fees
2,968 3,040 3,085 2,880 2,949 3,028
Other Private Services
2,639 2,579 2,611 2,607 2,669 2,622
Transfers Under U.S. Military Sales Contracts
4,449 4,451 4,456 4,404 4,398 4,386
U.S. Government Misc. Services
3,413 3,410 3,405 3,288 3,290 3,294
Total Goods
214,125 211,559 210,676 217,166 211,927 219,585
Foods, feeds, and beverages
13,056 12,062 12,264 12,583 12,153 12,299
Industrial supplies and materials
44,966 42,568 43,756 46,124 45,997 49,207
Capital goods, except automotive
57,236 57,208 57,017 60,006 57,254 56,907
Automotive vehicles, parts, and engines
32,011 31,919 31,936 32,133 32,083 31,839
Consumer goods
56,053 56,730 55,160 55,517 53,128 57,440
Other goods
9,100 9,305 8,851 9,187 9,549 10,147




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
March 2019

Feb. 2019

Jan. 2019

Dec. 2018

Nov. 2018

Oct. 2018

Total Technology Group
33,989 29,055 28,147 32,667 32,210 32,210
Advanced Materials
266 255 267 250 263 263
Aerospace
13,391 11,163 9,734 13,410 12,257 12,257
Biotechnology
2,395 2,481 1,848 1,662 1,896 1,896
Electronics
3,907 3,800 3,755 3,728 3,990 3,990
Flexible Manufacturing
1,661 1,017 1,333 1,725 1,595 1,595
Information and Communications
8,322 7,181 8,035 8,194 8,682 8,682
Life Science
3,035 2,378 2,359 2,829 2,641 2,641
Nuclear Technology
110 61 50 68 59 59
Opto-Electronics
584 338 347 545 396 396
Weapons
318 380 419 257 434 434





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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