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 April exports of $187.4 billion and imports of $227.7
billion resulted in a goods and services deficit of $40.3 billion, up from $37.1 billion in
March, revised. April exports were $2.2 billion more than March exports of $185.2 billion.
April imports were $5.4 billion more than March imports of $222.3 billion.
In April, the goods deficit increased $3.2 billion from March to $58.6 billion, and the
services surplus increased $0.1 billion from March to $18.3 billion. Exports of goods increased
$1.8 billion to $131.1 billion, and imports of goods increased $5.0 billion to $189.7 billion.
Exports of services increased $0.4 billion to $56.3 billion, and imports of services increased
$0.3 billion to $38.0 billion.
The goods and services deficit decreased $6.3 billion from April 2012 to April 2013. Exports
were up $3.1 billion, or 1.7 percent, and imports were down $3.2 billion, or 1.4 percent.
Goods (Census Basis)
The March to April increase in exports of goods reflected increases in consumer goods ($2.0
billion); capital goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.6
billion). Decreases occurred in industrial supplies and materials ($0.9 billion); other goods
($0.5 billion); and foods, feeds, and beverages ($0.3 billion).
The March to April increase in imports of goods reflected increases in consumer goods ($3.0
billion); automotive vehicles, parts, and engines ($1.3 billion); capital goods ($1.0 billion);
and other goods ($0.2 billion). Decreases occurred in industrial supplies and materials ($0.3
billion) and foods, feeds, and beverages ($0.1 billion).
The April 2012 to April 2013 increase in exports of goods reflected increases in consumer goods
($1.7 billion); automotive vehicles, parts, and engines ($0.6 billion); capital goods ($0.5
billion); and other goods ($0.3 billion). Decreases occurred in industrial supplies and
materials ($1.2 billion) and foods, feeds, and beverages ($0.6 billion).
The April 2012 to April 2013 decrease in imports of goods reflected decreases in industrial
supplies and materials ($7.6 billion) and capital goods ($0.3 billion). Increases occurred in
automotive vehicles, parts, and engines ($1.3 billion); consumer goods ($1.3 billion); other
goods ($0.8 billion); and foods, feeds, and beverages ($0.3 billion).
Services
Exports of services increased $0.4 billion from March to April. The increase was more than
accounted for by increases in other private services ($0.2 billion), which includes items such
as business, professional, and technical services, insurance services, and financial services,
in travel ($0.1 billion), and in other transportation ($0.1 billion), which includes freight
and port services. A decrease in passenger fares ($0.1 billion) partly offset these increases.
Changes in the other categories of services exports were relatively small.
Imports of services increased $0.3 billion from March to April. The increase was mostly
accounted for by increases in other transportation ($0.2 billion) and in travel ($0.1 billion).
Changes in the other categories of services imports were relatively small.
The April 2012 to April 2013 increase in exports of services was $2.3 billion or 4.3 percent.
The largest increases were in other private services ($1.0 billion) and in travel ($0.8
billion). Within other private services, the largest increase was in financial services.
The April 2012 to April 2013 increase in imports of services was $1.0 billion or 2.8 percent.
Increases in other private services ($0.7 billion), in other transportation ($0.3 billion), and
in travel ($0.2 billion) were partly offset by a decrease in direct defense expenditures ($0.2
billion). Within other private services, the largest increase was in insurance services.
Goods and Services Moving Average
For the three months ending in April, exports of goods and services averaged $186.6 billion,
while imports of goods and services averaged $227.0 billion, resulting in an average trade
deficit of $40.4 billion. For the three months ending in March, the average trade deficit was
$41.2 billion, reflecting average exports of $186.3 billion and average imports of $227.6
billion.
Selected Not Seasonally Adjusted Goods Details
The April figures show surpluses, in billions of dollars, with Hong Kong $2.4 ($3.2 for March),
Australia $1.1 ($1.5), Singapore $0.8 ($1.4), and Brazil $1.2 ($1.7). Deficits were recorded,
in billions of dollars, with China $24.1 ($17.9), European Union $12.4 ($9.9), Japan $6.9
($6.6), OPEC $6.6 ($4.5), Germany $6.1 ($5.1), Mexico $4.4 ($5.3), Saudi Arabia $2.6 ($2.1),
Canada $2.4 ($2.3), India $2.4 ($1.8), Ireland $2.4 ($2.1), Korea $2.4 ($1.3), and Venezuela
$1.5 ($1.3).
Advanced technology products exports were $24.7 billion in April and imports were $32.6
billion, resulting in a deficit of $7.9 billion. April exports were $3.2 billion less than the
$27.9 billion in March, while April imports were $1.2 billion more than the $31.3 billion in
March.
Balance of Payments Basis (seasonally adjusted)
For March, exports of goods were revised down $1.1 billion and imports of goods were revised
down $1.8 billion.
For March, exports of services were revised up $2.0 billion, mostly reflecting an upward
revision in other private services. For March, imports of services were revised up $1.1
billion, mostly reflecting an upward revision in other private services.
Goods and Services
Beginning with statistics for 2007, certain exports of goods previously recorded under services
as part of “transfers under U.S. military sales contracts” were reclassified as goods on a
balance of payments (BOP) basis, and certain exports of services previously recorded as goods
were reclassified as “transfers under U.S. military sales contracts.” These reclassifications
resulted from the incorporation of an improved classification of exports related to the Foreign
Military Sales program. Beginning with statistics for 1999, purchases of major equipment and
nonpetroleum goods abroad by U.S. military agencies previously recorded under services as part
of “direct defense expenditures” were reclassified as imports of goods on a BOP basis. For
goods, the reclassifications were made through BOP adjustments-adjustments that BEA applies to
goods on a Census basis to convert them to a BOP basis. These adjustments are combined and
presented as “net adjustments” in this release. For more information, see the information
section that begins on page A-1 of this release.
These reclassifications, and other improvements identified below, are part of a multiyear
effort to modernize and enhance BEA’s international economic accounts to provide more accurate
measures of trade in goods and services and to align the accounts more closely with
international guidelines. Information about BEA’s 2013 annual revision of the ITAs and plans
for future improvements were presented in the May 2013 Survey of Current Business
(www.bea.gov/scb/toc/0513cont.htm).
Goods
Goods on a Census basis for 2010-2012 were revised to apply corrections and adjustments to
previously published not seasonally adjusted statistics. Statistics for 2012 were also revised
to redistribute monthly data that arrived too late for inclusion in the month of transaction
and were initially included in the month in which the data were received. Seasonal and
trading-day adjustments were then recalculated, and the seasonally adjusted current-dollar
series were revised beginning with statistics for 2010. In addition to revisions to the
current-dollar series, the real chained-dollar series were revised beginning with statistics
for 1994 to reflect the new base year (2009). The historical chained-dollar series are
available at (www.census.gov/foreign-trade/statistics/historical/).
In addition to revisions to the BOP adjustments described above, beginning with statistics for
1999, an adjustment previously used to deduct certain imports of military-related goods from
data on a Census basis to avoid duplicating imports provided to BEA by the U.S. Department of
Defense has been eliminated. This adjustment is no longer necessary because the two data
sources no longer overlap. Other revisions to BOP adjustments resulted from newly available
and revised source data beginning with statistics for 2006.
Services
In addition to the reclassifications of certain military-related transactions described above,
exports and imports of services were revised to incorporate an improved methodology for
estimating expenditures by border, seasonal, and other short-term workers. These expenditures
are included in exports and imports of “other private services.” Imports of services were also
revised to reclassify certain transactions by the U.S. Department of State. Based on newly
available data, estimates of compensation of foreign residents employed abroad by the
Department of State that were previously commingled with services in imports of “U.S.
government miscellaneous services” were reclassified to compensation payments, which are
recorded under income in the ITAs. Both of these changes resulted in revisions beginning with
statistics for 2003.
In addition to the changes described above, exports of services were revised beginning with
statistics for 2007 and imports of services were revised beginning with statistics for 2008 to
incorporate newly available and revised source data, primarily from BEA’s surveys of
international services transactions.
Add Comment