U.S. December International Trade in Goods and Services (Text)

The following is the text of the U.S. trade balance report for Dec. released by the Commerce Department.

Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $178.8 billion and imports of $227.6 billion resulted in a goods and services deficit of $48.8 billion, up from $47.1 billion in November, revised. December exports were $1.2 billion more than November exports of $177.5 billion. December imports were $3.0 billion more than November imports of $224.6 billion.

In December, the goods deficit increased $1.8 billion from November to $64.3 billion, and the services surplus was virtually unchanged from November at $15.5 billion. Exports of goods increased $0.9 billion to $127.1 billion, and imports of goods increased $2.7 billion to $191.4 billion. Exports of services increased $0.3 billion to $51.7 billion, and imports of services increased $0.3 billion to $36.2 billion.

The goods and services deficit increased $8.3 billion from December 2010 to December 2011. Exports were up $14.8 billion, or 9.0 percent, and imports were up $23.1 billion, or 11.3 percent.

Goods (Census Basis)

The November to December increase in exports of goods reflected increases in industrial supplies and materials ($1.0 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages

($0.2 billion). Decreases occurred in consumer goods ($1.0 billion) and capital goods ($0.2 billion).

The November to December increase in imports of goods reflected increases in capital goods ($1.0 billion); consumer goods ($0.9 billion); automotive vehicles, parts, and engines ($0.5 billion); and industrial supplies and materials ($0.3 billion). A decrease occurred in foods, feeds, and beverages ($0.1 billion). Other goods were virtually unchanged.

The December 2010 to December 2011 increase in exports of goods reflected increases in industrial supplies and materials ($6.0 billion); capital goods ($2.2 billion); automotive vehicles, parts, and engines ($1.8 billion); consumer goods ($0.1 billion); other goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). The December 2010 to December 2011 increase in imports of goods reflected increases in industrial supplies and materials ($9.2 billion); capital goods ($4.7 billion); automotive vehicles, parts, and engines ($3.1 billion); consumer goods ($2.1 billion); foods, feeds, and beverages ($1.1 billion); and other goods ($0.3 billion).

Services

Exports of services increased $0.3 billion from November to December. The increase was mostly accounted for by increases in royalties and license fees and travel. Changes in the other categories of services exports were small.

Imports of services increased $0.3 billion from November to December. The increase was mostly accounted for by increases in travel, other transportation (which includes freight and port services), and passenger fares. Changes in the other categories of services imports were small.

The December 2010 to December 2011 increase in exports of services was $4.0 billion. The largest increases were in royalties and license fees ($1.5 billion), travel ($0.9 billion), and other private services ($0.8 billion), which includes items such as business, professional, and technical services, insurance services, and financial services. Within other private services the largest increase was in business, professional, and technical services.

The December 2010 to December 2011 increase in imports of services was $2.4 billion. The largest increases were in other private services ($1.1 billion), travel ($0.4 billion), and other transportation ($0.4 billion). Within other private services the largest increase was in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in December, exports of goods and services averaged $178.5 billion, while imports of goods and services averaged $224.8 billion, resulting in an average trade deficit of $46.3 billion. For the three months ending in November, the average trade deficit was $44.6 billion, reflecting average exports of $179.1 billion and average imports of $223.8 billion.

Selected Not Seasonally Adjusted Goods Details

The December figures show surpluses, in billions of dollars, with Hong Kong $2.5 ($3.2 for November), Australia $1.7 ($1.5), Singapore $1.3 ($1.0), and Egypt $0.2 ($0.1). Deficits were recorded, in billions of dollars, with China $23.1 ($26.9), European Union $9.6 ($9.7), OPEC $9.1 ($9.1), Japan $6.5 ($6.2), Mexico $4.9 ($5.5), Germany $4.8 ($4.7), Canada $3.9 ($3.0), Ireland $2.8 ($2.8), Venezuela $2.0 ($1.9), Nigeria $1.3 ($2.3), Taiwan $0.8 ($1.4), and Korea $0.5 ($1.3).

Advanced technology products exports were $26.2 billion in December and imports were $34.2 billion, resulting in a deficit of $8.0 billion. December exports were $1.3 billion more than the $24.9 billion in November, while December imports were $1.5 billion less than the $35.7 billion in November.

Revisions

The seasonally adjusted goods data, on both a Census basis and a balance of payments basis, for January through November were revised to align the seasonally adjusted months with the annual totals.

Census Basis (not seasonally adjusted)

For November, exports of goods were revised down $0.3 billion and imports of goods were revised down $0.7 billion. Goods carry-over in December was $0.1 billion (0.0 percent) for exports and $0.9 billion (0.5 percent) for imports. For November, revised export carry-over was virtually zero. For November, revised import carry-over was $0.2 billion (0.1 percent).

Balance of Payments Basis (seasonally adjusted)

For November, exports of goods were revised down $0.4 billion and imports of goods were revised down $1.1 billion.

For November, both exports and imports of services were revised up $0.1 billion, reflecting upward revisions in passenger fares and travel. Annual Summary for 2011

Goods and Services

For 2011, exports of $2,103.1 billion and imports of $2,661.1 billion resulted in a goods and services deficit of $558.0 billion, $58.0 billion more than the 2010 deficit of $500.0 billion. For goods, exports were $1,498.2 billion and imports were $2,235.3 billion, resulting in a goods deficit of $737.1 billion, $91.2 billion more than the 2010 deficit of $645.9 billion. For services, exports were $604.9 billion and imports were $425.9 billion, resulting in a services surplus of $179.0 billion, $33.2 billion more than the 2010 surplus of $145.8 billion.

The goods and services deficit was $558.0 billion in 2011, up from $500.0 billion in 2010. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.7 percent in 2011, up from 3.4 percent in 2010.

Goods (Census basis)

For 2011, exports of goods were up $202.4 billion from 2010. Increases occurred in industrial supplies and materials ($107.7 billion); capital goods ($44.8 billion); automotive vehicles, parts, and engines ($20.5 billion); foods, feeds, and beverages ($18.4 billion); consumer goods ($10.4 billion); and other goods ($0.5 billion).

For 2011, imports of goods were up $293.8 billion from 2010. Increases occurred in industrial supplies and materials ($153.7 billion); capital goods ($61.8 billion); consumer goods ($30.4 billion); automotive vehicles, parts, and engines ($29.0 billion); foods, feeds, and beverages ($15.7 billion); and other goods ($3.2 billion).

Services

For 2011, exports of services were $604.9 billion, up $56.0 billion from 2010. Increases occurred in other private services ($20.8 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, royalties and license fees ($14.2 billion), travel ($12.2 billion), passenger fares ($5.8 billion), other transportation ($2.6 billion), which includes freight and port services, and transfers under U.S. military sales contracts ($0.3 billion). Within other private services the largest increase was in business, professional, and technical services. U.S. government miscellaneous services were virtually unchanged.

For 2011, imports of services were $425.9 billion, up $22.8 billion from 2010. Increases occurred in other private services ($10.3 billion), passenger fares ($3.9 billion), travel ($3.8 billion), other transportation ($3.5 billion), and royalties and license fees ($2.2 billion). Within other private services the largest increase was in business, professional, and technical services. Decreases occurred in direct defense expenditures ($0.6 billion) and U.S. government miscellaneous services ($0.2 billion).

For detailed descriptions of the types of transactions included in each of the services categories, see ``Information on Goods and Services'' starting on page A-1 of this release.

NOTICE

Effective with the release of the January 2012 statistics on March 9, 2012, the U.S. Census Bureau (Census) and the U.S. Bureau of Economic Analysis (BEA) will implement the following changes:

Changes to the Real (Chain-Weighted Dollar) Series

Census will begin seasonally adjusting selected export and import prices that previously were not seasonally adjusted. These prices are used in calculating the chain- weighted dollar series that are presented in Exhibits 10 and 11. Chain-weighted dollar statistics for 2010 and 2011 will be revised to reflect this new procedure.

This change will improve the overall quality of the chain- weighted dollar series by removing identified seasonal patterns. This change also improves consistency between the Census chain-weighted dollar data and the chain- weighted dollar data published by BEA in the National Income and Product Accounts. For information on recent changes to BEA's seasonal adjustment procedures, see ``Annual Revision of the National Income and Product Accounts'' in the August 2011 Survey of Current Business, p. 27.

SOURCE: U.S. Commerce Department.

To contact the reporter on this story: Alex Tanzi in Washington atanzi@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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