The Goods and Services Deficit Decreased to $41.9 billion in July 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in July, down $3.3 billion from $45.2 billion in June, revised. July exports were $188.5 billion, $0.8 billion more than June exports. July imports were $230.4 billion, $2.5 billion less than June imports.

The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $61.4 billion and a decrease in the services surplus of less than $0.1 billion to $19.6 billion.

Year-to-date, the goods and services deficit increased $10.6 billion, or 3.6 percent, from the same period in 2014. Exports decreased $47.0 billion or 3.5 percent. Imports decreased $36.4 billion or 2.2 percent.

ustrade

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $0.6 billion to $128.2 billion in July.

Exports of goods on a Census basis increased $1.0 billion.

  • Automotive vehicles, parts, and engines increased $0.6 billion.
  • Industrial supplies and materials increased $0.3 billion.
    • Nonmonetary gold increased $0.3 billion.
  • Consumer goods decreased $0.4 billion.

Net balance of payments adjustments decreased $0.4 billion.

Exports of services increased $0.2 billion to $60.3 billion in July.

  • Financial services increased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $2.7 billion to $189.6 billion in July.

Imports of goods on a Census basis decreased $2.1 billion.

  • Consumer goods decreased $2.6 billion.

o Pharmaceutical preparations decreased $1.5 billion.

o Cell phones and other household goods decreased $1.3 billion

Net balance of payments adjustments decreased $0.6 billion.

Imports of services increased $0.2 billion to $40.8 billion in July.

  • Travel (for all purposes including education) increased $0.1 billion.
  • Transport, which includes freight and port services and passenger fares, increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The July figures show surpluses, in billions of dollars, with South and Central America ($2.6), OPEC ($0.7), United Kingdom ($0.3), and Brazil ($0.2). Deficits were recorded, in billions of dollars, with China ($28.8), European Union ($12.4), Germany ($6.0), Japan ($5.4), Mexico ($3.8), Italy ($2.3), South Korea ($2.2), Canada ($2.1), India ($2.0), France ($1.1), and Saudi Arabia ($0.5).

  • The deficit with Mexico decreased $1.6 billion to $3.8 billion in July. Exports increased $0.7 billion to $20.7 billion and imports decreased $0.9 billion to $24.5 billion.
  • The deficit with the European Union decreased $1.4 billion to $12.4 billion in July. Exports increased $0.5 billion to $22.4 billion and imports decreased $1.0 billion to $34.8 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

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How Do Import Entries Impact the Automated Export System (AES) Filing Requirements?

By: Maurice Hinton

We frequently get calls from the trade on whether AES filing is required for goods that previously entered in the United States, Puerto Rico, or the U.S. Virgin Islands. To answer that question it is important to know how the goods were imported. When goods come into the United States they are processed by U.S. Customs and Border Protection (CBP) using many different forms; however, we are only going to discuss three of the forms and determine if an AES filing is required as a result. The three CBP forms below, we will discuss are the ones we get the most questions on.

CBP Form 7501

Form 7501, Entry Summary, is used when goods are entered into the commerce of the United States for consumption. The instructions for this form can be found here. When goods enter the commerce of the United States and are subsequently exported, you are required to file in the AES if the goods are valued over $2,500 per Schedule B number or if they meet any criteria identified in the Foreign Trade Regulations (FTR) Section 30.2(a)(1)(iv). Alternatively, no AES filing is required if the goods that enter into the commerce of the United States via Form 7501 remain in the country.

CBP Form 7512

Form 7512, Transportation Entry and Manifest of Goods Subject to CBP Inspection and Permit, is used when the shipment is placed under a CBP bond while traveling from the port of arrival to the intended port of export. As a result, the goods never enter the consumption channels of the United States and an AES filing is not required.

CBP Form 214

Form 214, Application for Foreign-Trade Zone Admission and/or Status Designation, is used to admit goods into a Foreign Trade Zone (FTZ). The preferred filing method for goods admitted to an FTZ is by using the electronic CBP 214 (e214) via the Automated Broker Interface. Goods that are exported from an FTZ require an AES filing.

So as you can tell, you may have to do a little research to determine if filing in the AES is required for goods previously imported.  However, on the bright side, you have this blog to assist you.

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The Goods and Services Deficit Increased to $43.8 billion in June 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.8 billion in June, up $2.9 billion from $40.9 billion in May, revised. June exports were $188.6 billion, $0.1 billion less than May exports. June imports were $232.4 billion, $2.8 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $2.9 billion to $63.5 billion and a decrease in the services surplus of less than $0.1 billion to $19.7 billion.

Year-to-date, the goods and services deficit increased $1.6 billion, or 0.6 percent, from the same period in 2014. Exports decreased $33.4 billion or 2.9 percent. Imports decreased $31.8 billion or 2.2 percent.

ustrade

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $0.2 billion to $127.6 billion in June.

Exports of goods on a Census basis decreased $0.5 billion.

  • Capital goods decreased $0.8 billion.
    • Telecommunications equipment decreased $0.3 billion.
  • Industrial supplies and materials decreased $0.6 billion.
    • Finished metal shapes decreased $0.3 billion.
  • Consumer goods increased $0.8 billion.

Net balance of payments adjustments increased $0.2 billion.

Exports of services increased $0.1 billion to $61.0 billion in June.

  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
  • Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $191.1 billion in June.

Imports of goods on a Census basis increased $2.6 billion.

  • Consumer goods increased $1.7 billion.
    • Pharmaceutical preparations increased $1.3 billion.
  • Industrial supplies and materials increased $1.2 billion.
    • Crude oil increased $0.9 billion.
  • Capital goods decreased $1.3 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $41.4 billion in June.

  • Travel (for all purposes including education) increased $0.2 billion.
  • Transport decreased $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The June figures show surpluses, in billions of dollars, with South and Central America ($3.5), OPEC ($0.7), and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($29.0), European Union ($13.9), Germany ($6.8), Mexico ($5.4), Japan ($5.2), Canada ($3.1), South Korea ($2.3), Italy ($2.2), France ($1.7), India ($1.6), Saudi Arabia ($0.5), and United Kingdom ($0.2).

  • The deficit with Canada shifted from a surplus of $0.2 billion in May to a deficit of $3.1 billion in June. Exports decreased $1.1 billion to $23.0 billion and imports increased $2.2 billion to $26.2 billion.
  • The deficit with Mexico increased $1.3 billion to $5.4 billion in June. Exports increased $0.1 billion to $20.0 billion and imports increased $1.4 billion to $25.5 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

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New Advance Report on International Trade Available Today

This is a repost from the US Census Bureau Director’s Blog.

By: John H. Thompson

Today, the U.S. Census Bureau released the first-ever Advance Report: U.S. International Trade in Goods. The Department of Commerce is “America’s Data Agency,” and this report is part of our ongoing efforts to release U.S. trade data to the public as quickly as possible. The Advance Report of U.S. trade data will be published up to a week before the full FT-900: U.S. International Trade in Goods and Services that is jointly issued by the Census Bureau and the Bureau of Economic Analysis (BEA).

Many American businesses, policymakers and other data users rely on the Census Bureau’s international trade statistics to make data-driven decisions. These data are crucial to understanding the U.S. economy with respect to our trading partners and the impact of events around the globe. Now, data users will have earlier access to our statistics with this high-level “snapshot.”

Even better, the Advance Report of U.S. trade data allows the federal statistical community to produce more reliable initial estimates of quarterly Gross Domestic Product (GDP). BEA will use the Advance Report of U.S. trade data when preparing its advance estimate of quarterly GDP, which measures the value of goods and services produced in the U.S. economy and is one of the most comprehensive and most closely watched economic statistic. Getting this initial estimate accurate, with small subsequent revisions, is critical to the Federal Reserve, businesses and policymakers around the world.  The new Advance Report of U.S. trade data should reduce the size of revisions to this major economic indicator.

The Advance Report of U.S. trade data is just the latest example of the Census Bureau’s commitment to releasing the timeliest, accurate, and trusted information about our nation’s people and economy. We are constantly looking for ways to improve your access to our statistics.  I’m pleased that this collaboration with BEA will support the needs of taxpayers and our data customers for better, faster measures of the U.S. economy.

Click here to access our first Advance Report. You can also click here to access BEA’s first GDP report incorporating data from the Advance Report, which is their advance estimate of second-quarter GDP.

advance_report

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International Trade University Webinar Series – AES 101

Webinar Series Spring 2015On July 23, we held our 10th and FINAL webinar in our International Trade University Webinar Series –AES 101: Overview of the Automated Export System (AES). Don’t worry if you missed it! You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Data Collection Branch presented on the following items:

  • Filing in the AES
  • Resolving errors in AES
  • Upcoming changes in AESDirect

If you missed any of the International Trade University Webinar Series, you can go to our International Trade Outreach, Education and Training webpage to view the recordings.

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International Trade University Webinar – FTR 501

Webinar Series Spring 2015On July 9, we held our 9th webinar in our International Trade University Webinar Series–FTR 501: Best Practices.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Trade Regulations Branch presented on the following items:

  • How to remain compliant with the Foreign Trade Regulations (FTR)
    • Export transaction record keeping
    • How and when to submit a Voluntary Self- Disclosure (VSD)
    • Utilizing the resource on census.gov/trade

Don’t forget to mark your calendar for July 23rd @ 2pm ET. We will have experts from the Data Collection Branch to give an Overview of the Automated Export System (AES).  Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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FAQ’s for the Advance Report: U.S. International Trade in Goods

By: Melissa Scott

On April 23rd we posted Getting Your Trade Data Faster, a blog that introduced the new Advance Report that the U.S. Census Bureau will introduce in July 2015. We know you are excited for this new report and we wanted to keep you in the loop and help address some questions you may have.

Here are some FAQ’s to keep you informed:

What will be included in the new Advance Report?

The Advance Report will contain seasonally adjusted and not-seasonally adjusted export and import goods data by 1-digit end-use categories and balance totals.  It will contain monthly data for the current year, as well as the full previous year.   The Advance Report will not include services or trade in goods on a balance of payments basis. To see the sample layout, go to: http://www.census.gov/foreign-trade/statistics/notices/Advance_Report.pdf.

Are there any plans to publish 5-digit end-use categories in the Advance Report?

At this time, there are no plans to publish at the 5-digit end-use level.

When will the Advance Report be published, and how frequently?

The Advance Report will be published monthly, and the first release is scheduled for July 30, 2015. The Census Bureau and Bureau of Economic Analysis (BEA) will continue to jointly release the full FT-900: U.S. International Trade in Goods and Services (FT-900) report approximately 35 calendar days after the reference month ends.  The new Advance Report will be published approximately a week sooner.

What is the Advance Report release schedule for the remainder of 2015?

The release schedule for the Advance Report for the remainder of the year is as follows:

ADVANCE REPORT RELEASE SCHEDULE
   Statistical Month Date Day
   June 07-30-15 Thursday
   July 08-28-15 Friday
   August 9-29-15 Tuesday
   September 10-28-15 Wednesday
   October 11-24-15 Tuesday
   November 12-29-15 Tuesday

At what time will the Advance Report be published?

The Report will be released at 8:30 a.m.

How much historical data will be made available to the public?

With the first release of this report, we will provide data monthly, from January 2013 to June 2015.

Will any country information be included in the Advance Report?

No, there will be no country information included in the Advance Report.

Who benefits from the Advance Report? 

Private sector data users and other government agencies will both benefit from an earlier release of U.S. trade data. The Advance Report allows policymakers and private data users to make data-driven decisions sooner due to this high-level “snapshot” of trade in goods. In addition, the release will also allow BEA to incorporate export and import data from the third month of a quarter into the advance quarterly estimate of Gross Domestic Product (GDP), thereby producing a more complete quarterly estimate. The advance GDP estimate offers the first glimpse of the broadest measure of how the U.S. economy is performing for any given quarter.

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Goods and Services Deficit Increased in May 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in May, up $1.2 billion from $40.7 billion in April, revised. May exports were $188.6 billion, $1.5 billion less than April exports. May imports were $230.5 billion, $0.3 billion less than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $1.2 billion to $61.5 billion and an increase in the services surplus of less than $0.1 billion to $19.6 billion.

Year-to-date, the goods and services deficit increased $1.1 billion, or 0.5 percent, from the same period in 2014. Exports decreased $26.5 billion or 2.7 percent. Imports decreased $25.4 billion or 2.2 percent.

ustrade

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $1.6 billion to $127.7 billion in May.

Exports of goods on a Census basis decreased $1.4 billion.

  • Capital goods decreased $2.4 billion.
    • Civilian aircraft decreased $1.2 billion.
  • Industrial supplies and materials increased $0.8 billion.
    • Fuel oil increased $0.5 billion.
    • Other petroleum products increased $0.5 billion.

Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.1 billion to $60.9 billion in May.

  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.4 billion to $189.2 billion in May.

Imports of goods on a Census basis decreased $0.5 billion.

  • Capital goods decreased $0.8 billion.
    • Drilling and oilfield equipment decreased $0.8 billion.
  • Industrial supplies and materials decreased $0.6 billion.
    • Crude oil decreased $0.4 billion.
    • Organic chemicals decreased $0.3 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.1 billion to $41.2 billion in May.

  • Transport, which includes freight and port services and passenger fares, increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($4.2), Brazil ($0.9), OPEC ($0.3), and Canada ($0.2). Deficits were recorded, in billions of dollars, with China ($30.6), European Union ($13.4), Germany ($6.4), Japan ($6.4), Mexico ($4.1), Italy ($2.5), South Korea ($2.4), India ($2.0), France ($1.5), Saudi Arabia ($0.4) and United Kingdom ($0.1).

  • The deficit with China increased $3.1 billion to $30.6 billion in May. Exports decreased $0.7 billion to $9.6 billion and imports increased $2.4 billion to $40.2 billion.
  • The deficit with the European Union increased $1.4 billion to $13.4 billion in May. Exports decreased $1.0 billion to $22.6 billion and imports increased $0.4 billion to $36.0 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

 

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International Trade University Webinar – BIS 601

Webinar Series Spring 2015On June 25, we held our 8th webinar in our International Trade University Webinar Series–BIS 601: Introduction to 600 series.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Bureau of Industry and Security presented on the following items:

  • Explanation of the 600 series
  • How and when to use the 600 series

Don’t forget to mark your calendar for July 9th @ 2pm ET. We will have experts from the Trade Regulations Branch for a review of Best Practices. Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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