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Soft imports narrowed trade gap again

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The gap between imports and exports narrowed again in November, as the nation's imports declined, but exports continued to grow.
In November the U.S. Commerce Department announced that, nations trade gap dropped by -8.2 %. The declining imports, growing exports and resulting decrease in trade deficit will add to the GDP growth, while more money stays in the country, the shrinking price of oil, cuts the trade deficit, adds to the gdp and disposable income growth, but economists believe that declining demand for oil imports might be a evidence of slowing economy.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Economists add that a decline in petroleum imports was the biggest driver behind the decline in November.

The U.S. trade deficit with China edged down to $-26.4 billion in November from the deficit of $-31.3 billion recorded in October, 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

-1.49% -0.42% -1.92% 2.91% 0.49% 0.00% 0.07% 0.00%
Imports
Imports
Imports
Imports

The Commerce Department reported, that U.S. imports dropped by -0.98 % in November, following decline in miscellaneous other goods by -7.70 %. Opposite to overall trend, imports of Cars, parts, engines and Travel services, surged.

Dreams that U.S. exports can drive the economy forward without consumer spending are not realistic, noted by some economists.

The decline came down to oil, as petroleum imports shrank, as oil prices fell to $8.6 billion a barrel in November from $9.8 billion a barrel in October and as Americans used -9.36 % less imported energy products. U.S. Imports of services increased 0.81 %, but weakining demand for foreign made goods, posted a drag on imports, goods accounted for 79.9 %, of total imports in November, they declined by -1.42 %. U.S. Exports by Major Category









Imports from europe fell, where trade with France fell the most, but trade with Belgium grew by 3.31 %.
What’s more, there’s a good chance exports could suffer another dip in the months ahead. Economic growth has slowed sharply in the U.K. and Europe and some countries have already fallen into recession..
Imports from Mexico and Canada where lower in November.
U.S. Demand for goods from Pacific Rim Countries fell, as imports from Hong Kong declined, but imports of goods from Australia grew.

U.S. trade gap dropped by -12.6 % from Nov. 2018, as imports decline by -0.59 %.

The Commerce Department announced, U.S. exports surged to $208.6 billion by 0.66 % in November to $208.6 billion, led by growing exports of Cars, parts, engines, led by -0.11 % increase in imports from Australia. Exports of Nuclear Technology also went up, by 69.05 % to $0.14 billions. Bucking the overall trend, exports of miscellaneous other goods. Exports of Weapons fell as well, by -47.06 % to $0.37 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. U.S. Exports of services increased by 0.51 %, services accounted for 0.51 % of total exports, sales of U.S. made products, grew by 0.73 %.

Exports to europe fell, as demand for U.S. made goods in Poland declined, but exports to Switzerland grew by 29.05 %.

Products made in U.S. have seen declining demand form Pacific Rim Countries, as exports to Hong Kong declined, but exports of goods to Australia grew.


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 $2,117 millions or -6.67 % to $29,637 millions from Oct. 2019 , caused by decrease in exports of Aerospace goods by -4.50 % to $11,001 millions from Oct. 2019. Exports of Information and Communication goods fell by $2,117 millions or -5.87 % to $7,415 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Oct. 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Oct. 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 fell by $2,130 millions or 13.88 % to $13,216 millions from deficit of $15,346 millions Oct. 2019. Information and Communications trade deficit fell by $855 millions or 5.18 % to $15,642 millions from deficit of $16,497 millions Oct. 2019.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports deacreased by $2,117 millions or -6.67 % to $29,637 millions from Oct. 2019 , caused by decrease in exports of Aerospace goods by -4.50 % to $11,001 millions from Oct. 2019. Exports of Information and Communication goods fell by $2,117 millions or -5.87 % to $7,415 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Oct. 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Oct. 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 $2,117 millions or -6.67 % to $29,637 millions from Oct. 2019 , caused by decrease in exports of Aerospace goods by -4.50 % to $11,001 millions from Oct. 2019. Exports of Information and Communication goods fell by $2,117 millions or -5.87 % to $7,415 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Nov. 2019
Oct. 2019
Sep. 2019
Aug. 2019
July 2019
June 2019
Total Trade Balance
-43,086 -46,939 -52,450 -54,896 -53,989 -55,154
Trade Balance of Goods
-63,904 -67,797 -71,718 -74,424 -73,664 -75,121
Trade Balance of Services
20,818 20,858 19,267 19,528 19,675 19,967
Total Exports
208,630 207,266 205,990 207,866 207,401 206,300
Exports of Goods
137,160 136,161 136,833 138,582 138,157 137,135
Exports of Services
71,470 71,105 69,156 69,284 69,244 69,166
Total Imports
251,716 254,205 258,440 262,763 261,391 261,454
Imports of Goods
201,064 203,957 208,551 213,007 211,822 212,255
Imports of Services
50,653 50,247 49,889 49,756 49,569 49,199



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Nov. 2019
Oct. 2019
Sep. 2019
Aug. 2019
July 2019
June 2019
Total Goods
-62,925 -78,038 -73,312 -78,547 -87,244 -70,307
North America
-9,726 -12,057 -11,420 -10,379 -11,462 -12,758
Canada
-1,435 -3,297 -2,539 -1,426 -3,486 -2,906
Mexico
-8,292 -8,760 -8,881 -8,954 -7,976 -9,852
Europe
-16,924 -20,986 -17,627 -18,980 -24,001 -17,182
European Union
-13,112 -16,439 -13,697 -15,348 -20,122 -14,012
Austria
-785 -838 -632 -732 102 -1,011
Belgium
1,201 1,462 984 1,951 828 952
Czech Republic
-213 -288 -265 -275 -272 -215
Finland
-316 -345 -251 -260 -367 -439
France
-1,277 -2,390 -1,488 -1,254 -2,386 -1,603
Germany
-5,276 -5,282 -4,785 -7,149 -6,973 -4,800
Hungary
-365 -342 -338 -313 -329 -276
Ireland
-4,297 -5,314 -4,833 -3,978 -4,514 -4,268
Italy
-2,512 -2,876 -2,214 -2,820 -3,697 -2,567
Netherlands
1,749 2,008 941 892 1,355 1,983
Poland
-210 -86 -251 -200 -344 -29
Spain
-162 -206 283 -301 -481 -128
Sweden
-557 -707 -533 -383 -735 -724
United Kingdom
1,304 300 827 704 -281 562
Other E.U.
-1,396 -1,535 -1,139 -1,230 -2,028 -1,449
Norway
-64 -123 -375 -174 -173 -276
Russia
-1,335 -1,749 -1,164 -1,552 -1,564 -1,462
Switzerland
-2,303 -2,670 -2,473 -2,133 -2,588 -1,794
Other Europe
-109 -4 81 226 446 363
Euro Area
-12,059 -14,317 -12,406 -14,144 -17,145 -12,524
Pacific Rim Countries
-34,454 -40,225 -39,067 -42,883 -44,032 -37,933
Australia
1,315 1,731 1,280 1,161 1,210 1,192
China
-26,366 -31,259 -31,622 -31,757 -32,775 -29,968
Japan
-5,450 -5,074 -5,050 -6,245 -6,331 -5,711
Malaysia
-2,318 -2,877 -2,346 -2,843 -2,223 -2,037
Philippines
-311 -407 -321 -330 -483 -355
Newly Industrialized Countries (NICS)
-8,275 -11,045 -9,918 -10,785 -9,498 -6,838
Hong Kong
2,034 1,771 2,531 2,079 1,995 2,537
Korea
-1,433 -1,863 -1,098 -2,123 -1,831 -1,132
Singapore
745 634 605 707 -331 33
Taiwan
-1,684 -1,831 -2,078 -2,424 -2,255 -1,699
Other Pacific Rim
55 170 68 92 -21 -4
South/Central America
5,869 5,380 4,752 5,015 2,808 5,054
Argentina
159 106 250 389 225 450
Brazil
1,650 1,431 1,075 1,328 506 1,273
Chile
923 561 545 513 529 455
Colombia
445 158 161 65 -172 -16
Other South/Central America
2,692 3,124 2,721 2,720 1,721 2,892
OPEC
1,016 1,734 1,098 701 -100 -208
Indonesia
-1,043 -1,220 -1,036 -1,201 -986 -789
Nigeria
-27 -34 -186 -395 -246 -167
Saudi Arabia
139 736 372 226 -140 -307
Venezuela
84 78 56 50 50 67
Other OPEC
821 955 857 820 236 199
Africa
90 -110 -437 -602 -297 -272
Algeria
-1 -61 -113 -42 -28 -213
Egypt
168 298 63 180 102 250
South Africa
-320 -252 -222 -256 -136 -180
Other Africa
243 -95 -165 -482 -234 -129
Other Countries
-8,275 -11,045 -9,918 -10,785 -9,498 -6,838
India
-1,778 -2,405 -2,127 -2,179 -2,421 -899
Thailand
-1,777 -1,798 -1,696 -1,980 -1,875 -1,559
Other
-4,720 -6,842 -6,094 -6,626 -5,202 -4,380




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




Imports by Major Category
( In millions $)
Nov. 2019
Oct. 2019
Sep. 2019
Aug. 2019
July 2019
June 2019
Total
251,716 254,205 258,440 262,763 261,391 261,454
Total Services
50,653 50,247 49,889 49,756 49,569 49,199
Travel
792 758 738 722 770 812
Passenger Fares
9,114 8,983 9,044 9,063 9,025 9,092
Other Transportation
12,900 12,753 12,651 12,579 12,532 12,573
Royalties and License Fees
4,318 4,314 4,262 4,227 4,157 4,086
Other Private Services
2,913 2,911 2,893 2,901 2,897 2,765
Transfers Under U.S. Military Sales Contracts
4,940 4,916 4,877 4,863 4,834 4,856
U.S. Government Misc. Services
3,702 3,675 3,516 3,515 3,513 3,696
Total Goods
201,064 203,957 208,551 213,007 211,822 212,255
Foods, feeds, and beverages
12,238 12,402 12,772 12,613 12,770 12,699
Industrial supplies and materials
40,773 41,391 41,923 42,536 44,008 43,139
Capital goods, except automotive
55,406 56,562 56,162 57,271 55,408 56,913
Automotive vehicles, parts, and engines
30,114 29,049 30,851 31,953 32,738 32,633
Consumer goods
51,309 52,311 54,716 57,225 55,344 54,733
Other goods
9,719 10,530 10,389 9,549 9,797 10,495




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
Nov. 2019

Oct. 2019

Sep. 2019

Aug. 2019

July 2019

June 2019

Total Technology Group
29,637 31,754 30,810 29,715 29,670 30,645
Advanced Materials
221 233 253 248 260 250
Aerospace
11,001 11,519 12,095 10,301 11,031 12,279
Biotechnology
1,898 2,198 2,158 1,878 2,637 1,808
Electronics
4,047 4,294 4,016 4,240 3,946 3,991
Flexible Manufacturing
1,367 1,664 1,442 1,404 1,346 1,392
Information and Communications
7,415 7,877 7,175 7,688 7,185 7,573
Life Science
2,802 2,807 2,656 2,702 2,462 2,705
Nuclear Technology
142 84 79 87 57 58
Opto-Electronics
374 380 518 355 331 423
Weapons
369 697 418 812 415 165





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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