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Growing exports narrowed U.S. Trade deficit

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap narrowed in June as exports grew faster than imports.
In June the U.S. Commerce Department announced that, nations trade gap dropped by -7.2 %. 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.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Declining oil price in June helped to moderate petroleum trade gap.

Imports from China, meanwhile, climbed to $31.1 billion in June from $19.8 billion in May. The trade deficit with the rising Asian giant increased $10.63 billion to $-22.5 billion in June. 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

-18.97% 9.58% 10.36% 12.10% 1.09% 0.39% 0.44% -0.61%
Imports
Imports
Imports
Imports

Imports jumped in June by 4.94 % to $208.9 billion, led by growing imports of Cars, parts, engines as the availability of new models improved and imports for U.S. Government Services. But imports of Industrial supplies, materials fell the most, down -18.97 % and Travel services fell also -0.65 %.

U.S. consumer appetite for imported goods shows no signs of abating.

The value of U.S. crude oil imports fell to $6.2 billion in June from $6.2 billion in May as the price of a barrel of oil fell to $57.2 from $61.9 in the previous month. U.S. Imports of services grew by 2.54 %, whats more important purcheses of foreign made products, which accounted for 83.8 %, of total imports, rose by 5.42 %. U.S. Exports by Major Category








Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, but imports from Philippines fell.
Imports from Mexico and Canada where lower in June.
Imports from europe fell, where purchases of oil and other energy-related products from Norway fell the most, but imports from Russia grew by 38.91 %.
Declining oil price was major drag on imports from OPEC (Organization of the Petroleum Exporting Countries).

U.S. trade gap dropped by -8.1 % from June 2019, .

In June Exports soared by 9.51 % , reported by the Commerce Department, led by growing exports of Cars, parts, engines and Passenger Fares. Exports of Information and Communications grew as well, up 27.74 % to $6.71 billions. But exports of Foods, feeds, and beverages fell the most, down -4.96 % and Other Private Services mark the weakest spot with the decrease of -0.61 %. Exports of Nuclear Technology also fell -21.69 % to $0.07 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 1.54 %, services accounted for 1.54 % of total exports, sales of U.S. made products, grew by 14.34 %.

Demand for U.S. made goods fell in Brazil, Colombia and overall South and Central America.
Exports to europe improved, as sales of U.S. made products to Poland grew the most, up 35.23 %, but exports to Other E.U. Countries fell by -42.77 %.
Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most, but exports to Philippines fell.


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 $3,180 millions or 15.72 % to $23,414 millions from May 2020 , caused by increase in exports of Aerospace goods by 17.78 % to $5,644 millions from May 2020. Exports of Information and Communication goods rose by $3,180 millions or 27.74 % to $6,714 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from May 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from May 2020. 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 $2,022 millions or 11.81 % to $19,137 millions from deficit of $17,115 millions May 2020. Information and Communications trade deficit rose by $1,821 millions or 12.44 % to $16,463 millions from deficit of $14,642 millions May 2020.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $3,180 millions or 15.72 % to $23,414 millions from May 2020 , caused by increase in exports of Aerospace goods by 17.78 % to $5,644 millions from May 2020. Exports of Information and Communication goods rose by $3,180 millions or 27.74 % to $6,714 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from May 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from May 2020. 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 increased by $3,180 millions or 15.72 % to $23,414 millions from May 2020 , caused by increase in exports of Aerospace goods by 17.78 % to $5,644 millions from May 2020. Exports of Information and Communication goods rose by $3,180 millions or 27.74 % to $6,714 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
June 2020
May 2020
April 2020
March 2020
Feb. 2020
Jan. 2020
Total Trade Balance
-50,695 -54,601 -49,408 -44,415 -39,932 -45,338
Trade Balance of Goods
-72,150 -76,055 -71,837 -65,599 -61,212 -67,005
Trade Balance of Services
21,455 21,455 22,429 21,184 21,280 21,668
Total Exports
158,253 144,514 151,281 187,745 207,543 208,569
Exports of Goods
102,869 89,969 95,515 128,110 137,203 136,374
Exports of Services
55,385 54,546 55,766 59,636 70,341 72,195
Total Imports
208,949 199,115 200,690 232,160 247,476 253,906
Imports of Goods
175,019 166,024 167,353 193,709 198,415 203,380
Imports of Services
33,930 33,091 33,337 38,451 49,061 50,527



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
April 2020
March 2020
Feb. 2020
Jan. 2020
Dec. 2019
Nov. 2019
Total Goods
-70,752 -61,192 -47,565 -68,395 -68,395 -62,925
North America
-3,486 -11,651 -10,860 -10,334 -10,334 -9,726
Canada
-185 -1,593 -1,200 -2,836 -2,836 -1,435
Mexico
-3,302 -10,059 -9,661 -7,498 -7,498 -8,292
Europe
-23,694 -22,968 -11,370 -15,422 -15,422 -16,924
European Union
-15,281 -17,666 -9,955 -12,206 -12,206 -13,112
Austria
-619 -795 -585 -602 -602 -785
Belgium
281 783 1,157 1,040 1,040 1,201
Czech Republic
-188 -251 -181 -171 -171 -213
Finland
-232 -324 -217 -277 -277 -316
France
-1,498 -828 -243 -580 -580 -1,277
Germany
-4,342 -6,019 -4,088 -5,064 -5,064 -5,276
Hungary
-146 -231 -251 -280 -280 -365
Ireland
-4,597 -5,907 -3,983 -5,163 -5,163 -4,297
Italy
-2,212 -2,654 -1,879 -2,520 -2,520 -2,512
Netherlands
845 1,700 2,478 1,964 1,964 1,749
Poland
-278 -384 -266 -223 -223 -210
Spain
-375 -261 106 285 285 -162
Sweden
-539 -585 -649 -664 -664 -557
United Kingdom
-1,382 -1,909 -1,355 1,273 1,273 1,304
Other E.U.
4 -149 55 -1,223 -1,223 -1,396
Norway
-707 -1,370 -1,397 -118 -118 -64
Russia
-7,123 -4,772 -2,651 -1,485 -1,485 -1,335
Switzerland
-572 477 1,985 -1,872 -1,872 -2,303
Other Europe
-15 512 594 259 259 -109
Euro Area
-13,324 -14,975 -7,866 -11,368 -11,368 -12,059
Pacific Rim Countries
-36,877 -22,620 -22,198 -35,969 -35,969 -34,454
Australia
-556 1,052 1,446 791 791 1,315
China
-22,466 -11,834 -15,998 -26,065 -26,065 -26,366
Japan
-4,196 -5,566 -4,571 -4,984 -4,984 -5,450
Malaysia
-1,727 -3,120 -2,142 -2,288 -2,288 -2,318
Philippines
-85 -479 -206 -266 -266 -311
Newly Industrialized Countries (NICS)
-9,154 -9,658 -8,509 -10,913 -10,913 -8,275
Hong Kong
-675 1,984 1,777 1,652 1,652 2,034
Korea
-2,476 -1,818 -1,119 -1,232 -1,232 -1,433
Singapore
-1,126 124 759 -84 -84 745
Taiwan
-2,252 -1,687 -1,248 -2,120 -2,120 -1,684
Other Pacific Rim
-186 -144 55 -87 -87 55
South/Central America
2,807 5,130 5,556 4,931 4,931 5,869
Argentina
100 267 201 132 132 159
Brazil
682 1,527 1,746 1,398 1,398 1,650
Chile
-21 328 453 234 234 923
Colombia
156 506 375 111 111 445
Other South/Central America
1,889 2,502 2,780 3,056 3,056 2,692
OPEC
1,202 1,749 1,048 560 560 1,016
Indonesia
-1,131 -1,130 -952 -1,286 -1,286 -1,043
Nigeria
149 168 105 10 10 -27
Saudi Arabia
267 442 211 -227 -227 139
Venezuela
57 84 96 38 38 84
Other OPEC
730 1,055 636 739 739 821
Africa
-187 394 -172 -212 -212 90
Algeria
14 45 -35 -26 -26 -1
Egypt
253 319 196 159 159 168
South Africa
-551 -260 -262 -407 -407 -320
Other Africa
96 289 -71 63 63 243
Other Countries
-9,154 -9,658 -8,509 -10,913 -10,913 -8,275
India
-2,065 -1,853 -1,253 -2,110 -2,110 -1,778
Thailand
-1,996 -2,265 -1,322 -1,843 -1,843 -1,777
Other
-5,093 -5,539 -5,934 -6,961 -6,961 -4,720




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




Imports by Major Category
( In millions $)
June 2020
May 2020
April 2020
March 2020
Feb. 2020
Jan. 2020
Total
208,949 199,115 200,690 232,160 247,476 253,906
Total Services
33,930 33,091 33,337 38,451 49,061 50,527
Travel
613 617 595 698 716 716
Passenger Fares
4,098 3,750 3,572 5,720 8,630 9,138
Other Transportation
803 796 884 4,382 11,967 12,928
Royalties and License Fees
114 113 111 4,169 4,167 4,162
Other Private Services
4,995 4,973 4,929 2,662 2,792 2,858
Transfers Under U.S. Military Sales Contracts
3,067 3,034 3,251 4,887 4,879 4,862
U.S. Government Misc. Services
3,149 2,813 2,891 3,790 3,783 3,767
Total Goods
175,019 166,024 167,353 193,709 198,415 203,380
Foods, feeds, and beverages
12,405 12,098 12,062 12,926 12,488 12,893
Industrial supplies and materials
35,405 43,694 41,423 41,152 40,770 42,355
Capital goods, except automotive
49,785 47,531 48,171 53,215 51,719 55,426
Automotive vehicles, parts, and engines
18,632 8,967 13,345 27,779 30,509 29,105
Consumer goods
50,460 45,723 43,792 47,351 51,330 52,453
Other goods
7,153 7,314 7,552 9,965 9,811 9,525




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
June 2020

May 2020

April 2020

March 2020

Feb. 2020

Jan. 2020

Total Technology Group
23,414 20,234 21,257 29,648 27,549 27,575
Advanced Materials
249 220 229 269 222 191
Aerospace
5,644 4,792 4,748 10,619 10,170 9,292
Biotechnology
1,776 1,836 1,814 2,116 1,802 1,676
Electronics
4,207 3,811 4,244 4,397 4,016 4,346
Flexible Manufacturing
1,702 1,381 1,455 1,715 1,483 1,598
Information and Communications
6,714 5,256 5,679 6,988 6,638 7,350
Life Science
2,442 2,233 2,367 2,859 2,624 2,434
Nuclear Technology
65 83 107 80 71 94
Opto-Electronics
369 334 281 428 412 346
Weapons
247 290 333 177 112 247





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




U.S. International Trade in Goods & Services
(In millions $)
2019
2018
2017
2016
2015
2014
Total Trade Balance
-52,113 -621,036 -566,031 -504,793 -531,503 -471,532
Trade Balance of Goods
-74,858 -891,251 -810,023 -752,507 -758,934 -703,159
Trade Balance of Services
22,745 270,215 243,993 247,714 227,431 231,627
Total Exports
202,575 2,499,970 2,329,311 2,208,072 2,230,317 2,272,320
Exports of Goods
133,614 1,671,839 1,551,434 1,455,704 1,513,888 1,590,350
Exports of Services
68,961 828,131 777,877 752,368 716,429 681,970
Total Imports
254,689 3,121,006 2,895,342 2,712,866 2,761,820 2,743,851
Imports of Goods
208,472 2,563,090 2,361,458 2,208,211 2,272,821 2,293,508
Imports of Services
46,216 557,916 533,884 504,654 488,999 450,343

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


       
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