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Trade gap narrows

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. Trade deficit narrowed in December, after widening in November, as exports continued their upward trend, imports grew as well.
U.S. trade gap fell by -2.2 % in December to a rate at $66.6 billion , reported by the Commerce Department. Growing trade activity, the shrinking trade deficit, will add to GDP growth, as exports out-grow imports, 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

The U.S. trade deficit with China edged down to $-27.2 billion in December from the deficit of $-30.7 billion recorded in November, 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

6.66% 4.06% -2.57% 1.80% 0.01% -0.00% 0.00% -0.03%
Imports
Imports
Imports
Imports

Imports increased in December by 1.69 %, reported by the Commerce Department, helped by improving imports of Industrial supplies, materials and Travel services, which accounted for 0.18 % of total imports. But imports of Foods, feeds, and beverages fell the most, down -3.34 %, 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 $1.18 billion, to $9.3 billion in December. The average price of imported oil jumped by $2.62 to $38.3 a barrel. The U.S. imported 5.6 million barrels a day in December, up from 5.5 million in the prior month. U.S. Imports of services grew by 1.79 %, whats more important purcheses of foreign made products, which accounted for 84.8 %, of total imports, rose by 1.67 %. U.S. Exports by Major Category








U.S. Demand for goods from Pacific Rim Countries fell, as imports from Hong Kong declined, but imports of goods from Australia grew.
Imports from Canada and Mexico grew in December boosted by the higher price of oil.
Imports from europe increased, as demand for goods from Finland grew the most, up 32.04 %, but imports from Spain fell by -8.34 %.


From Dec. 2019, U.S. trade gap jumped by 37 %, due to -0.59 % increase in imports.

In December exports grew by 3.14 %, led by exports of Foods, feeds, beverages, led by 81.72 % increase in imports from Australia. Exports of Flexible Manufacturing grew as well, increasing 49.07 % to $2.16 billions, Royalties and License Fees. Exports of Nuclear Technology also fell -66.51 % to $0.07 billions.
Economists are concerned that slowing demand from Europe may dampen U.S. export growth. U.S. Exports of services increased by 0.02 %, services accounted for 0.02 % of total exports, sales of U.S. made products, grew by 4.52 %.

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.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe fell, as exports to Hungary decline the most, down, but exports of goods to Australia grew.

For the year 2019, U.S. trade gap dropped by -91.6 % or $-568.9 billions to $52.1 billions compare to $621 billions in previous year, U.S. Imports fell by -91.84 %, one of the major categories with $105.3 billions where curude oil and other petroleum products in 2019, exports fell by -91.90 % to $202.6 billions.
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 $2,447 millions or 9.76 % to $27,509 millions from Nov. 2020 , caused by increase in exports of Aerospace goods by 13.54 % to $6,875 millions from Nov. 2020. Exports of Information and Communication goods rose by $2,447 millions or 12.79 % to $8,148 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Nov. 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Nov. 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 fell by $3,791 millions or 17.34 % to $18,068 millions from deficit of $21,859 millions Nov. 2020. Information and Communications trade deficit fell by $3,180 millions or 15.73 % to $17,038 millions from deficit of $20,218 millions Nov. 2020.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $2,447 millions or 9.76 % to $27,509 millions from Nov. 2020 , caused by increase in exports of Aerospace goods by 13.54 % to $6,875 millions from Nov. 2020. Exports of Information and Communication goods rose by $2,447 millions or 12.79 % to $8,148 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Nov. 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Nov. 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 $2,447 millions or 9.76 % to $27,509 millions from Nov. 2020 , caused by increase in exports of Aerospace goods by 13.54 % to $6,875 millions from Nov. 2020. Exports of Information and Communication goods rose by $2,447 millions or 12.79 % to $8,148 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Dec. 2020
Nov. 2020
Oct. 2020
Sep. 2020
Aug. 2020
July 2020
Total Trade Balance
-66,613 -68,142 -63,123 -63,862 -67,102 -63,556
Trade Balance of Goods
-84,152 -86,356 -81,410 -80,686 -83,860 -80,910
Trade Balance of Services
17,540 18,214 18,287 16,824 16,757 17,354
Total Exports
189,959 184,174 182,015 176,354 171,935 168,109
Exports of Goods
133,499 127,725 126,346 122,779 119,099 115,461
Exports of Services
56,460 56,449 55,668 53,575 52,836 52,648
Total Imports
256,572 252,316 245,138 240,216 239,038 231,665
Imports of Goods
217,652 214,080 207,756 203,465 202,959 196,370
Imports of Services
38,920 38,236 37,382 36,751 36,079 35,294



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Dec. 2020
Nov. 2020
Oct. 2020
April 2020
March 2020
Feb. 2020
Total Goods
-83,898 -86,675 -88,100 -70,752 -61,192 -47,565
North America
-11,833 -12,114 -13,873 -3,486 -11,651 -10,860
Canada
-1,872 -1,545 -1,232 -185 -1,593 -1,200
Mexico
-9,961 -10,568 -12,641 -3,302 -10,059 -9,661
Europe
-24,492 -20,957 -20,099 -23,694 -22,968 -11,370
European Union
-20,092 -17,359 -16,303 -15,281 -17,666 -9,955
Austria
-834 -753 -819 -619 -795 -585
Belgium
13 531 380 281 783 1,157
Czech Republic
-264 -193 -151 -188 -251 -181
Finland
-429 -332 -410 -232 -324 -217
France
-1,693 -1,851 -1,008 -1,498 -828 -243
Germany
-6,114 -4,988 -5,118 -4,342 -6,019 -4,088
Hungary
-369 -269 -336 -146 -231 -251
Ireland
-5,415 -4,394 -4,931 -4,597 -5,907 -3,983
Italy
-3,496 -3,459 -2,493 -2,212 -2,654 -1,879
Netherlands
1,552 1,519 1,962 845 1,700 2,478
Poland
-269 -335 -285 -278 -384 -266
Spain
-202 -404 -145 -375 -261 106
Sweden
-719 -832 -942 -539 -585 -649
United Kingdom
-1,852 -1,600 -2,008 -1,382 -1,909 -1,355
Other E.U.
-88 -155 -154 4 -149 55
Norway
-971 -1,117 -1,062 -707 -1,370 -1,397
Russia
-2,686 -2,968 -3,450 -7,123 -4,772 -2,651
Switzerland
-247 951 1,261 -572 477 1,985
Other Europe
-408 -309 -391 -15 512 594
Euro Area
-17,714 -14,954 -13,407 -13,324 -14,975 -7,866
Pacific Rim Countries
-41,293 -44,482 -43,771 -36,877 -22,620 -22,198
Australia
423 1,125 1,367 -556 1,052 1,446
China
-27,230 -30,676 -30,105 -22,466 -11,834 -15,998
Japan
-5,855 -6,717 -5,848 -4,196 -5,566 -4,571
Malaysia
-3,321 -3,000 -3,237 -1,727 -3,120 -2,142
Philippines
-287 -414 -442 -85 -479 -206
Newly Industrialized Countries (NICS)
-10,822 -13,040 -14,554 -9,154 -9,658 -8,509
Hong Kong
2,197 1,895 1,856 -675 1,984 1,777
Korea
-2,526 -2,990 -3,205 -2,476 -1,818 -1,119
Singapore
-600 211 -9 -1,126 124 759
Taiwan
-3,007 -2,859 -3,045 -2,252 -1,687 -1,248
Other Pacific Rim
-28 -26 74 -186 -144 55
South/Central America
3,520 3,842 3,091 2,807 5,130 5,556
Argentina
215 217 209 100 267 201
Brazil
677 1,239 796 682 1,527 1,746
Chile
317 237 266 -21 328 453
Colombia
64 185 166 156 506 375
Other South/Central America
2,245 1,964 1,654 1,889 2,502 2,780
OPEC
2,260 1,394 2,191 1,202 1,749 1,048
Indonesia
-1,059 -1,031 -1,176 -1,131 -1,130 -952
Nigeria
16 68 185 149 168 105
Saudi Arabia
658 231 750 267 442 211
Venezuela
121 95 114 57 84 96
Other OPEC
1,465 1,000 1,142 730 1,055 636
Africa
-103 -243 279 -187 394 -172
Algeria
-43 28 25 14 45 -35
Egypt
361 246 103 253 319 196
South Africa
-712 -739 -354 -551 -260 -262
Other Africa
291 222 505 96 289 -71
Other Countries
-10,822 -13,040 -14,554 -9,154 -9,658 -8,509
India
-2,106 -2,236 -2,846 -2,065 -1,853 -1,253
Thailand
-2,304 -2,379 -2,722 -1,996 -2,265 -1,322
Other
-6,411 -8,425 -8,985 -5,093 -5,539 -5,934




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




Imports by Major Category
( In millions $)
Dec. 2020
Nov. 2020
Oct. 2020
Sep. 2020
Aug. 2020
July 2020
Total
256,572 252,316 245,138 240,216 239,038 231,665
Total Services
38,236 38,236 37,382 36,751 36,079 35,294
Travel
458 458 461 449 460 461
Passenger Fares
6,332 6,332 5,891 5,491 5,157 5,021
Other Transportation
2,504 2,504 2,125 1,727 1,472 1,069
Royalties and License Fees
60 60 60 91 90 87
Other Private Services
5,354 5,354 5,314 5,146 5,110 5,036
Transfers Under U.S. Military Sales Contracts
3,317 3,317 3,290 3,140 3,167 3,160
U.S. Government Misc. Services
4,020 4,020 4,050 3,517 3,479 3,404
Total Goods
217,652 214,080 207,756 203,465 202,959 196,370
Foods, feeds, and beverages
12,956 13,403 13,350 13,530 13,484 12,798
Industrial supplies and materials
42,372 39,727 38,214 36,888 38,227 39,758
Capital goods, except automotive
58,900 58,092 56,884 55,513 54,694 53,845
Automotive vehicles, parts, and engines
33,136 31,168 32,203 31,192 28,012 26,357
Consumer goods
59,608 61,183 57,186 55,770 57,852 54,004
Other goods
9,473 9,452 8,746 9,008 9,595 8,528




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
Dec. 2020

Nov. 2020

Oct. 2020

Sep. 2020

Aug. 2020

July 2020

Total Technology Group
27,509 25,062 26,853 24,250 23,129 24,402
Advanced Materials
253 220 248 220 223 219
Aerospace
6,875 6,055 6,902 6,110 5,823 5,528
Biotechnology
1,872 2,485 2,318 2,064 2,055 1,740
Electronics
4,624 4,177 4,355 3,941 3,776 4,870
Flexible Manufacturing
2,163 1,451 1,729 1,844 1,674 1,770
Information and Communications
8,148 7,224 7,740 6,759 6,232 7,051
Life Science
2,910 2,747 2,838 2,596 2,660 2,464
Nuclear Technology
72 215 76 95 102 84
Opto-Electronics
442 347 352 379 321 369
Weapons
149 141 295 241 261 307





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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