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U.S. July Trade gap continued to widen

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The gap between imports and exports expanded in July, as the nation's exports continue to decline, imports grew.
In July U.S. trade gap soared by 8.1 % , reported by the Commerce Department. The widening trade deficit will likely be a net drag on GDP, with persisting weakness in exports, increasing oil imports may signal healthy economic activity, but they also widen the trade deficit, as the trade gap subtracts from the GDP growth, economists noted.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Economists were fairly certain the deficit was going to widen in July because the price of imported oil has skyrocketed, but the gain in imports was much broader than energy.

Imports from China, meanwhile, climbed to $47.1 billion in July from $44.6 billion in June. The trade deficit with the rising Asian giant increased $3.35 billion to $-36.8 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
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1.10% 0.42% -1.45% -2.37% -8.57% 1.78% -2.53% -4.68%
Imports
Imports
Imports
Imports

Imports increased by 0.38 % in July to $261.2 billion, reported by the Commerce Department, led by 7.76 % growth in miscellaneous other goods and Travel services, which accounted for 0.25 % of total imports. Bucking the overall trend, imports of Consumer goods, Royalties and License Fees.

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 49.61 % higher compared with a year earlier.
As a result, imports of crude oil and related petroleum products jumped to a seasonally adjusted $20.7 billion in July from $19.3 billion in June. Imports of services have declined by -1.9 %, but they accounted only for 18.1 %, of total imports in July. Purcheses of foreign made goods, grew by 0.9 %. U.S. Exports by Major Category
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Imports from europe increased, as demand for oil and other energy-related products from Norway grew the most, up 21.04 %, but imports from Finland fell by -14.26 %.
Imports from Mexico and Canada where lower in July.
Pacific Rim Region has seen increasing demand from the U.S., led by 13.95 % increase in imports from Australia, while the demand for goods from Hong Kong fell.

From July 2017, U.S. trade gap jumped by 14.6 %, due to 9.70 % increase in imports.

In July exports decreased by -1.28 % to $211.1 billion, following miscellaneous other goods decline by -8.46 %, Royalties and License Fees. Exports of Nuclear Technology also fell -41.57 % to $0.05 billions. Opposite to overall trend, exports of Cars, parts, engines and , surged. Exports of Flexible Manufacturing grew as well, increasing 2.85 % to $1.73 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. The decline of exports was broad based, services fell -0.45 % and exports of goods declined by -1.69 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, led by 13.95 % increase in exports to Australia and despite the decrease in demand for U.S. made goods, from Hong Kong.
Exports to europe fell, as demand for U.S. made goods in Poland declined, but trade with Norway grew by 12.11 %.
In another good sign, sales to South and Central American countries were up, despite the declining exports to Brazil, americas major trading partner in the region.


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 deacreased by $4,724 millions or -14.36 % to $28,167 millions from June 2018 , caused by decrease in exports of Aerospace goods by -25.26 % to $9,863 millions from June 2018. Exports of Information and Communication goods fell by $4,724 millions or -2.57 % to $8,034 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $37,240 millions from June 2018 , despite a decrease in imports of Electronics goods by 0.00 % to $3,163 millions from June 2018. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $20,951 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $3,916 millions or 42.31 % to $13,172 millions from deficit of $9,256 millions June 2018. Information and Communications trade deficit rose by $414 millions or 2.96 % to $14,394 millions from deficit of $13,980 millions June 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 $)
July 2018
June 2018
May 2018
April 2018
March 2018
Feb. 2018
Total Trade Balance
-50,082 -46,348 -43,053 -46,199 -48,956 -57,591
Trade Balance of Goods
-73,144 -68,813 -65,787 -68,265 -69,494 -77,011
Trade Balance of Services
23,062 22,465 22,735 22,066 20,539 19,419
Total Exports
211,077 213,809 215,328 211,245 208,526 204,445
Exports of Goods
140,791 143,208 144,888 141,248 140,878 137,179
Exports of Services
70,286 70,602 70,440 69,998 67,648 67,266
Total Imports
261,159 260,158 258,381 257,444 257,482 262,037
Imports of Goods
213,935 212,021 210,675 209,513 210,372 214,190
Imports of Services
47,224 48,137 47,706 47,931 47,110 47,847



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
July 2018
June 2018
May 2018
April 2018
March 2018
Feb. 2018
Total Goods
-84,466 -68,479 -73,099 -68,482 -60,359 -60,679
North America
-8,690 -9,461 -8,215 -6,437 -7,747 -6,449
Canada
-3,149 -2,041 -1,501 -785 306 -386
Mexico
-5,541 -7,419 -6,715 -5,652 -8,053 -6,063
Europe
-21,035 -15,048 -16,276 -17,826 -14,602 -13,581
European Union
-17,589 -11,724 -13,387 -14,642 -12,146 -12,047
Austria
-853 -837 -630 -866 -1,002 -597
Belgium
872 1,350 1,135 1,424 1,404 1,277
Czech Republic
-198 -172 -78 -174 -168 -170
Finland
-388 -453 -431 -464 -565 -435
France
-1,843 -591 -1,278 -1,627 -1,586 -1,251
Germany
-6,612 -5,339 -5,717 -5,994 -5,170 -5,351
Hungary
-327 -288 -300 -257 -293 -242
Ireland
-4,189 -4,033 -3,281 -3,972 -4,023 -3,651
Italy
-3,110 -2,283 -2,829 -2,538 -2,251 -2,384
Netherlands
2,028 2,533 2,177 2,060 2,349 2,284
Poland
-326 -14 -30 -325 30 -212
Spain
-636 -452 -369 -654 -359 -426
Sweden
-621 -643 -802 -709 -762 -501
United Kingdom
62 754 651 757 1,598 656
Other E.U.
-1,449 -1,256 -1,605 -1,306 -1,348 -1,045
Norway
-270 -195 72 -328 -365 102
Russia
-1,398 -1,333 -1,404 -723 -1,217 -693
Switzerland
-1,703 -1,677 -1,659 -2,332 -1,108 -1,168
Other Europe
-75 -118 101 199 235 225
Euro Area
-15,555 -10,749 -12,035 -13,284 -11,834 -10,926
Pacific Rim Countries
-45,528 -40,138 -41,795 -36,940 -32,636 -34,838
Australia
1,135 1,555 1,276 1,273 1,268 1,354
China
-36,834 -33,484 -33,187 -27,962 -25,875 -29,262
Japan
-5,460 -5,308 -5,492 -6,285 -6,386 -5,503
Malaysia
-2,051 -2,086 -2,588 -2,293 -2,038 -2,124
Philippines
-334 -262 -271 -252 -330 -289
Newly Industrialized Countries (NICS)
-8,679 -5,813 -9,191 -7,938 -7,208 -6,578
Hong Kong
2,002 2,891 2,274 1,855 3,241 3,583
Korea
-1,527 -1,208 -1,803 -1,617 -1,080 -683
Singapore
-121 22 777 594 603 597
Taiwan
-1,232 -1,388 -1,536 -1,116 -1,033 -1,312
Other Pacific Rim
-86 40 -42 32 -11 -48
South/Central America
2,703 3,558 3,668 3,998 3,551 3,055
Argentina
510 444 504 412 339 275
Brazil
577 718 892 626 942 971
Chile
388 308 514 176 -70 -75
Colombia
93 255 -92 322 44 -300
Other South/Central America
1,135 1,832 1,850 2,461 2,296 2,185
OPEC
-3,464 -1,804 -701 -3,243 -768 -1,367
Indonesia
-1,021 -909 -1,203 -1,167 -994 -1,151
Nigeria
5 -305 -341 -437 -71 -489
Saudi Arabia
-1,065 -906 -167 -958 -51 -280
Venezuela
-692 -713 -463 -765 -406 -292
Other OPEC
-1,712 120 270 -1,083 -239 -307
Africa
-1,080 -671 -923 -1,345 -652 -896
Algeria
-446 -107 -232 -365 -177 -279
Egypt
146 215 338 225 274 278
South Africa
-189 -224 -261 -209 -194 -172
Other Africa
-590 -555 -767 -997 -556 -724
Other Countries
-8,679 -5,813 -9,191 -7,938 -7,208 -6,578
India
-2,008 -1,122 -2,452 -2,383 -1,443 -1,677
Thailand
-1,792 -1,489 -1,743 -1,691 -1,559 -1,328
Other
-4,879 -3,201 -4,997 -3,864 -4,206 -3,572




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


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Imports by Major Category
( In millions $)
July 2018
June 2018
May 2018
April 2018
March 2018
Feb. 2018
Total
261,159 260,158 258,381 257,444 257,482 262,037
Total Services
47,224 48,137 47,706 47,931 47,110 47,847
Travel
662 654 665 669 665 651
Passenger Fares
8,847 8,823 8,834 8,948 8,875 8,957
Other Transportation
11,996 11,896 11,720 11,944 11,487 11,268
Royalties and License Fees
3,056 3,920 3,941 3,969 4,342 4,323
Other Private Services
2,616 2,684 2,700 2,685 2,497 2,521
Transfers Under U.S. Military Sales Contracts
4,814 5,265 4,988 4,934 4,286 5,235
U.S. Government Misc. Services
3,467 3,566 3,557 3,539 3,547 3,535
Total Goods
213,935 212,021 210,675 209,513 210,372 214,190
Foods, feeds, and beverages
12,440 12,175 12,378 12,274 12,227 12,643
Industrial supplies and materials
49,289 48,751 47,853 47,901 47,330 48,091
Capital goods, except automotive
58,159 57,494 58,980 56,916 56,215 57,782
Automotive vehicles, parts, and engines
30,710 30,211 29,728 30,003 31,301 31,088
Consumer goods
52,618 53,390 51,423 51,895 54,216 55,122
Other goods
9,030 8,380 8,560 8,972 7,566 7,822




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
July 2018

June 2018

May 2018

April 2018

March 2018

Feb. 2018

Total Technology Group
28,167 32,891 32,215 28,473 34,853 26,019
Advanced Materials
261 260 252 243 259 217
Aerospace
9,863 13,196 12,728 9,723 14,021 9,115
Biotechnology
1,513 1,902 2,175 1,619 2,090 1,441
Electronics
3,660 3,881 3,872 3,777 4,010 3,417
Flexible Manufacturing
1,730 1,682 1,734 2,014 2,252 1,642
Information and Communications
8,034 8,246 7,531 7,807 8,443 7,149
Life Science
2,401 2,788 2,471 2,491 2,921 2,371
Nuclear Technology
52 89 50 128 84 40
Opto-Electronics
450 531 462 443 524 428
Weapons
202 317 938 229 251 199





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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