The Goods and Services Deficit Decreased to $39.5 billion in July 2016

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 $39.5 billion in July, down $5.2 billion from $44.7 billion in June, revised. July exports were $186.3 billion, $3.4 billion more than June exports. July imports were $225.8 billion, $1.8 billion less than June imports.

The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $5.3 billion to $60.3 billion and a decrease in the services surplus of $0.1 billion to $20.9 billion.

Year-to-date, the goods and services deficit decreased $0.5 billion, or 0.2 percent, from the same period in 2015. Exports decreased $63.7 billion or 4.8 percent. Imports decreased $64.2 billion or 4.0 percent.

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Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods increased $3.4 billion to $124.1 billion in July.

Exports of goods on a Census basis increased $3.6 billion.

  • Foods, feeds, and beverages increased $3.7 billion.
    • Soybeans increased $3.6 billion.

Net balance of payments adjustments decreased $0.2 billion.

 Exports of services decreased less than $0.1 billion to $62.3 billion in July.

  • Transport, which includes freight and port services and passenger fares, and financial services each decreased $0.1 billion.
  • Travel (for all purposes including education) increased $0.2 billion.

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods decreased $1.9 billion to $184.4 billion in July.

Imports of goods on a Census basis decreased $1.9 billion.

  • Consumer goods decreased $1.5 billion.
    • Pharmaceutical preparations decreased $1.0 billion.
    • Cell phones and other household goods decreased $0.6 billion.
  • Capital goods decreased $0.7 billion.
    • Civilian aircraft decreased $0.9 billion.

Net balance of payments adjustments increased $0.1 billion.

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

  • Travel (for all purposes including education) increased $0.1 billion.

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

The July figures show surpluses, in billions of dollars, with South and Central America ($2.6), Hong Kong ($2.0), Singapore ($0.9), Brazil ($0.6), and United Kingdom ($0.5). Deficits were recorded, in billions of dollars, with China ($29.4), European Union ($11.8), Japan ($6.0), Germany ($5.3), Mexico ($5.2), South Korea ($2.3), India ($2.2), Italy ($1.8), Taiwan ($1.2), France ($1.0), OPEC ($0.9), Canada ($0.4), and Saudi Arabia ($0.2).

  • The balance with the United Kingdom shifted from a deficit of $0.2 billion in June to a surplus of $0.5 billion in July. Exports increased $0.1 billion to $4.7 billion and imports decreased $0.6 billion to $4.2 billion.
  • The deficit with France decreased $0.6 billion to $1.0 billion in July. Exports increased $0.5 billion to $2.9 billion and imports decreased $0.2 billion to $3.9 billion.
  • The deficit with China increased $1.4 billion to $29.4 billion in July. Exports increased $0.4 billion to $9.8 billion and imports increased $1.8 billion to $39.2 billion.

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

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Who is the USPPI? It could be YOU!

Written by: Maurice Hinton, International Trade Management Division

Questions about who the U.S. Principal Party in Interest (USPPI) is often come up when reporting exports. The USPPI is the person or legal entity in the United States that receives the primary benefit, monetary or otherwise, from an export transaction. The following parties can be the USPPI:

  • U.S. seller (wholesaler or distributor) of goods for export
  • U.S. manufacturer (if selling the goods for export)
  • U.S. order party (if directly negotiated between the U.S. seller and foreign buyer and received the order for the export of the goods)
  • U.S. customs broker (obtains clearance of goods through customs)
  • Foreign entity (if physically in the United States to purchase or obtain the goods)

Helpful tips to identify the USPPI 

  • The USPPI remains the same regardless of whether the transaction is standard or routed. For more information on the differences between standard and routed transactions, please see Clarification of Routed Transactions.
  • The exchange of funds does not need to occur for an entity to be the USPPI. For example, a U.S. company exporting goods at no cost (i.e., donations, replacement parts) to a subsidiary abroad would be the USPPI.

Identification scenarios ̶

 Scenario 1:

Company A in the United States manufactures lamps. Once assembled, the lamps are sold to Company B in the United States. Company C in Canada places an order with Company B and authorizes Company B to export the lamps to the ultimate consignee in France. Who is the USPPI and why?

Company B is the USPPI because it received the primary benefit from the foreign buyer. The transaction between Companies A and B is a domestic transaction.

Scenario 2:

A representative from Company A in Mexico is in the United States buying electronics from Company B. After making the purchase, Company A’s representative authorizes Company C in the United States to file Electronic Export Information in the Automated Export System and move the electronics on Company A’s behalf. Company A’s representative returns to Mexico. Who is the USPPI and why?  

Company A’s representative is the USPPI because they were physically in the United States at the time the goods were purchased. 

Scenario 3:

Company A in the United States stores bamboo stalks in a warehouse on behalf of a Foreign Principal Party in Interest. While in the warehouse, Company A converts the bamboo stalks into fishing rods. Who is the USPPI and why?

Company A is the USPPI because it was responsible for converting the bamboo stalks into fishing rods, changing the classification.

I hope this information provides more clarity on who the USPPI is in an export transaction. For assistance, please call 800-549-0595, Option 3 to contact the Trade Regulations Branch of the U.S. Census Bureau.

 

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The Goods and Services Deficit Increased to $44.5 billion in June 2016

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 $44.5 billion in June, up $3.6 billion from $41.0 billion in May, revised. June exports were $183.2 billion, $0.6 billion more than May exports. June imports were $227.7 billion, $4.2 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $3.8 billion to $66.0 billion and an increase in the services surplus of $0.3 billion to $21.5 billion.

Year-to-date, the goods and services deficit decreased $3.8 billion, or 2.3 percent, from the same period in 2015. Exports decreased $54.2 billion or 4.7 percent. Imports decreased $60.0 billion or 4.3 percent.

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Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods increased $0.5 billion to $120.4 billion in June.

 Exports of goods on a Census basis increased $0.7 billion.

  • Foods, feeds, and beverages increased $0.6 billion.
    • Corn increased $0.3 billion.
    • Wheat increased $0.2 billion.
  • Consumer goods increased $0.4 billion.
    • Artwork, antiques, stamps, and other collectibles increased $0.2 billion.
  • Capital goods increased $0.3 billion.
    • Civilian aircraft increased $1.1 billion.

 Net balance of payments adjustments decreased $0.2 billion.

 Exports of services increased $0.1 billion to $62.8 billion in June.

  • Financial services and maintenance and repair services each increased $0.1 billion.
  • Travel (for all purposes including education) decreased $0.1 billion.

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods increased $4.4 billion to $186.4 billion in June.

 Imports of goods on a Census basis increased $4.2 billion.

  • Industrial supplies and materials increased $2.3 billion.
    • Crude oil increased $1.4 billion.
  • Consumer goods increased $1.9 billion.
    • Pharmaceutical preparations increased $1.4 billion.
    • Cell phones and other household goods increased $1.1 billion.
  • Capital goods increased $1.0 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services decreased $0.2 billion to $41.2 billion in June.

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

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

The June figures show surpluses, in billions of dollars, with Hong Kong ($2.6), South and Central America ($2.3), Singapore ($0.4), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($28.0), European Union ($12.7), Japan ($6.0), Germany ($5.6), Mexico ($4.7), South Korea ($2.5), Italy ($2.3), India ($2.0), France ($1.6), OPEC ($1.2), Taiwan ($1.1), Canada ($0.6), Saudi Arabia ($0.5), and United Kingdom ($0.2).

  • The deficit with Japan increased $1.0 billion to $6.0 billion in June. Exports decreased $0.4 billion to $5.0 billion and imports increased $0.6 billion to $11.0 billion.
  • The deficit with the European Union increased $0.8 billion to $12.7 billion in June. Exports increased $0.9 billion to $22.9 billion and imports increased $1.7 billion to $35.6 billion.
  • The deficit with Mexico decreased $0.8 billion to $4.7 billion in June. Exports increased $0.3 billion to $19.0 billion and imports decreased $0.5 billion to $23.7 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 Economic Indicators Report

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

New Advance Economic Indicators Report Available This Month

Written by John H. Thompson

Later this month, the U.S. Census Bureau will release the first-ever Advance Economic Indicators Report. Last July, we began issuing the Advance Report: U.S. International Trade in Goods in order to release international trade data to the public as quickly as possible. Continuing our commitment to make our quality statistics as accessible and timely as possible, this new report will expand the advance report by including advance monthly retail and wholesale trade inventories for select aggregate levels in addition to the advance international trade data.

Business leaders, policymakers and other data users rely on Census Bureau statistics to make important decisions. These advance estimates not only give them earlier access to a “snapshot” of key economic data, but also provide more quality inputs for calculating our nation’s Gross Domestic Product (GDP). The new Advance Economic Indicators Report will allow the Bureau of Economic Analysis to make a more precise initial estimate of this major economic indicator, and potentially reduce the size of later revisions. When BEA began incorporating our advance trade report into the advance estimate of GDP last year, it reduced revisions to GDP, on average, by 0.1 to 0.2 percentage points – or by $6 billion – on an annualized basis. 

 

The Census Bureau is constantly looking for ways to improve your access to our statistics, and this new report is a great example of our dedication to releasing the timeliest, accurate and most trusted information about our nation’s economy. We will continue to identify other quality indicators that are suitable for acceleration to expand the Advance Economic Indicators Report. 

The first Advance Economic Indicators Report will be available on July 28 at http://www.census.gov/econ/indicators/index.html.

 

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The Goods and Services Deficit Increased to $41.4 billion in May 2016

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 $41.1 billion in May, up $3.8 billion from $37.4 billion in April, revised. May exports were $182.4 billion, $0.3 billion less than April exports. May imports were $223.5 billion, $3.4 billion more than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $3.7 billion to $62.2 billion and a decrease in the services surplus of $0.1 billion to $21.1 billion.

Year-to-date, the goods and services deficit decreased $7.2 billion, or 3.5 percent, from the same period in 2015. Exports decreased $47.2 billion or 4.9 percent. Imports decreased $54.3 billion or 4.7 percent.

 

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Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $0.2 billion to $119.8 billion in May.

 Exports of goods on a Census basis decreased $0.4 billion.

  • Capital goods decreased $0.8 billion.
    • Civilian aircraft decreased $0.4 billion.
    • Computer accessories decreased $0.3 billion.
  • Automotive vehicles, parts, and engines decreased $0.3 billion.
    • Other parts and accessories decreased $0.3 billion.
  • Foods, feeds, and beverages increased $0.5 billion.

 Net balance of payments adjustments increased $0.1 billion.

 Exports of services decreased $0.1 billion to $62.5 billion in May.

  • Travel (for all purposes including education) decreased $0.2 billion.
  • Financial services increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $3.4 billion to $182.1 billion in May.

 Imports of goods on a Census basis increased $3.3 billion.

  • Industrial supplies and materials increased $2.3 billion.
    • Nonmonetary gold increased $1.0 billion.
    • Crude oil increased $0.7 billion.
  • Consumer goods increased $1.3 billion.
  • Capital goods decreased $0.9 billion.
    • Civilian aircraft decreased $0.9 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services were nearly unchanged at $41.4 billion in May.

  • Financial services increased less than $0.1 billion.

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

The May figures show surpluses, in billions of dollars, with South and Central America ($2.9), Hong Kong ($1.9), Singapore ($0.5), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($11.9), Germany ($5.5), Mexico ($5.5), Japan ($5.0), Italy ($2.6), India ($2.1), South Korea ($2.0), Taiwan ($1.2), France ($1.1), Canada ($0.9), OPEC ($0.4), United Kingdom ($0.3), and Saudi Arabia ($0.2).

  • The deficit with China increased $1.7 billion to $28.3 billion in May. Exports decreased $0.1 billion to $9.3 billion and imports increased $1.6 billion to $37.6 billion.
  • The balance with the United Kingdom shifted from a surplus of $0.7 billion to a deficit of $0.3 billion in May. Exports decreased $1.2 billion to $4.0 billion and imports decreased $0.2 billion to $4.3 billion.
  • The deficit with Japan decreased $0.9 billion to $5.0 billion in May. Exports increased $0.6 billion to $5.4 billion and imports decreased $0.3 billion to $10.4 billion.

 

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

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The Goods and Services Deficit Increased to $37.4 billion in April 2016

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 $37.4 billion in April, up $1.9 billion from $35.5 billion in March, revised. April exports were $182.8 billion, $2.6 billion more than March exports. April imports were $220.2 billion, $4.5 billion more than March imports.

The April increase in the goods and services deficit reflected an increase in the goods deficit of $1.4 billion to $58.8 billion and a decrease in the services surplus of $0.5 billion to $21.4 billion.

Year-to-date, the goods and services deficit decreased $8.1 billion, or 4.8 percent, from the same period in 2015. Exports decreased $39.0 billion or 5.1 percent. Imports decreased $47.1 billion or 5.1 percent.

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Exports (Exhibits 3, 6, and 7)

Exports of goods increased $2.9 billion to $120.1 billion in April.

 Exports of goods on a Census basis increased $2.8 billion.

  • Industrial supplies and materials increased $1.8 billion.
    • Fuel oil increased $0.3 billion.
    • Other petroleum products increased $0.2 billion.
    • Organic chemicals increased $0.2 billion.
  • Automotive vehicles, parts, and engines increased $0.8 billion.
    • Other parts and accessories increased $0.4 billion.

 Net balance of payments adjustments increased $0.1 billion.

 Exports of services decreased $0.3 billion to $62.7 billion in April.

  • Travel (for all purposes including education) decreased $0.2 billion.
  • Transport, which includes freight and port services and passenger fares, decreased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $4.3 billion to $178.9 billion in April.

 Imports of goods on a Census basis increased $4.3 billion.

  • Capital goods increased $2.5 billion.
    • Civilian aircraft increased $0.8 billion.
    • Computers increased $0.5 billion.
    • Electric apparatus increased $0.3 billion.
  • Industrial supplies and materials increased $1.1 billion.
    • Other petroleum products increased $0.3 billion.
    • Crude oil increased $0.2 billion.

 Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.3 billion to $41.4 billion in April.

  • Transport increased $0.2 billion.

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

The April figures show surpluses, in billions of dollars, with South and Central America ($2.9), Hong Kong ($1.6), Singapore ($0.9), United Kingdom ($0.7), OPEC ($0.5), Brazil ($0.4), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($26.6), European Union ($11.8), Japan ($6.0), Germany ($5.8), Mexico ($5.1), South Korea ($3.0), Italy ($2.5), France ($1.7), India ($1.6), Taiwan ($1.1), and Canada ($0.1).

  • The deficit with France increased $0.7 billion to $1.7 billion in April. Exports decreased $0.3 billion to $2.5 billion and imports increased $0.4 billion to $4.2 billion.
  • The surplus with Hong Kong decreased $0.6 billion to $1.6 billion in April. Exports decreased $0.4 billion to $2.2 billion and imports increased $0.2 billion to $0.7 billion.

Revisions to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services: Annual Revision for 2015” release (FT-900 Annual Revision), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on trade in goods and services for January 2013 to March 2016. The revised statistics will also be reflected in the “U.S. International Transactions: First Quarter 2016 and Annual Revisions” report and in the international transactions interactive database, both to be released by BEA on June 16, 2016.

This annual revision has not changed the overall trend in the goods and services balance. On an annual basis, the goods and services deficit was revised downward 3.5 percent for 2013, downward 3.6 percent for 2014, and downward 7.3 percent for 2015. The goods deficit was nearly unrevised for 2013 and was revised upward for 2014 and 2015; the services surplus was revised upward for all three years.

 

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

 

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The Goods and Services Deficit Decreased to $40.4 billion in March 2016

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 $40.4 billion in March, down $6.5 billion from $47.0 billion in February, revised. March exports were $176.6 billion, $1.5 billion less than February exports. March imports were $217.1 billion, $8.1 billion less than February imports.

 

The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.0 billion to $58.5 billion and an increase in the services surplus of $0.5 billion to $18.1 billion.

 

Year-to-date, the goods and services deficit decreased $1.0 billion, or 0.8 percent, from the same period in 2015. Exports decreased $30.5 billion or 5.4 percent. Imports decreased $31.6 billion or 4.5 percent.

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Exports (Exhibits 3, 6, and 7)

 

Exports of goods decreased $1.8 billion to $116.8 billion in March.

 

Exports of goods on a Census basis decreased $1.7 billion.

  • Consumer goods decreased $1.6 billion.
    • Pharmaceutical preparations decreased $0.8 billion.
    • Gem diamonds decreased $0.7 billion.
  • Industrial supplies and materials decreased $0.8 billion.
    • Other petroleum products decreased $0.5 billion.
  • Capital goods increased $1.0 billion.
    • Civilian aircraft increased $1.3 billion.

 

Net balance of payments adjustments decreased $0.1 billion.

 

Exports of services increased $0.3 billion to $59.8 billion in March.

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

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $7.9 billion to $175.3 billion in March.

 

Imports of goods on a Census basis decreased $7.8 billion.

  • Consumer goods decreased $5.1 billion.
    • Toys, games, and sporting goods decreased $1.1 billion.
    • Other textile apparel and household goods decreased $0.6 billion.
    • Cotton apparel and household goods decreased $0.6 billion.
  • Capital goods decreased $1.6 billion.
    • Computer accessories decreased $0.8 billion.

 

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

 

Imports of services decreased $0.2 billion to $41.7 billion in March.

  • Transport, which includes freight and port services and passenger fares, decreased $0.4 billion.

 

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

The March figures show surpluses, in billions of dollars, with South and Central America ($3.2), OPEC ($0.7), United Kingdom ($0.5), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($26.0), European Union ($11.1), Germany ($5.9), Japan ($5.9), Mexico ($5.2), South Korea ($3.0), Italy ($2.4), India ($1.7), France ($0.9), Brazil ($0.2), and Canada ($0.1).

  • The deficit with China decreased $6.2 billion to $26.0 billion in March. Exports increased $0.1 billion to $8.5 billion and imports decreased $6.1 billion to $34.4 billion.
  • The balance with the United Kingdom shifted from a deficit of $0.5 billion to a surplus of $0.5 billion in March. Exports increased $0.6 billion to $4.8 billion and imports decreased $0.3 billion to $4.4 billion.
  • The surplus with Saudi Arabia decreased $1.2 billion to $0.1 billion in March. Exports decreased $0.9 billion to $1.4 billion and imports increased $0.3 billion to $1.3 billion.

 

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

 

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ACE Export Reports in a Nutshell

Written by: Theresa Gordon, Trade Ombudsman, International Trade Management Division

Automated Commercial Environment (ACE) Export Reports were deployed on June 27, 2015, along with ACE Export Accounts functionality. These reports serve as a replacement to the export data that was previously provided to the filer and/or U.S. Principal Party in Interest (USPPI) per request. ACE Export Reports give users the flexibility to access an official record of their exports at any time, free of charge. This capability provides for customizable reports (dynamic and scheduled) for export data filed in the last five years, in addition to the current year.

The available reports can be run by Employer Identification Number (EIN) and either an export date range or a filing date range. There are three different export reports provided in the ACE system: the 201 Filer Report, the 202 USPPI Report and the 203 USPPI Routed Report.

  • The 201 Filer: This report will return all shipments submitted by the filer requesting the report for the given date range.
  • The 202 USPPI: This report will return all shipments submitted on behalf of the U.S. Principal Party in Interest (USPPI) requesting the report for the given date range (including self-filed reports, if applicable.)
  • The 203 Routed: This report will return a data dump of only the subset of data elements approved by the Foreign Trade Regulations (FTR) for five years plus current year for shipments flagged as routed export transactions. Note: A change to the FTR has been proposed to include the Internal Transaction Number (ITN) and date of export to this subset of data elements to make this report searchable by date range.

An ACE Exporter Account is required to access these reports. If you have an ACE Importer Account, no further vetting is required. However, if you are new to ACE, you must be vetted to obtain export reports authorization after establishing an account. If you are new to ACE and need to apply for an account, please complete the ACE Exporter Account application.

We have step-by-step videos available that cover requesting export reports authorization by EIN as well as the process applying for ACE accounts. We also have a webinar on Export Reports and Accounts available for viewing at your convenience. 

NOTE: Vetting is NOT required to file Electronic Export Information (EEI) in the new AESDirect system in ACE or to access shipment data in the AESDirect Shipment Manager.

See the graphic below for more information on applying for and requesting authorization to ACE Export Reports. For more information, visit here or call the Census Bureau’s Trade Outreach Branch at 800-549-0595, option 5 or email exportreports@census.gov.

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The Goods and Services Deficit Increased to $47.1 billion in February 2016

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 $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $64.7 billion and a decrease in the services surplus of $0.3 billion to $17.7 billion.

Year-to-date, the goods and services deficit increased $10.8 billion, or 13.1 percent, from the same period in 2015. Exports decreased $20.5 billion or 5.5 percent. Imports decreased $9.7 billion or 2.1 percent.

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Exports (Exhibits 3, 6, and 7)

Exports of goods increased $1.8 billion to $118.6 billion in February.

Exports of goods on a Census basis increased $1.9 billion.

  • Consumer goods increased $1.1 billion.
    • Gem diamonds increased $0.6 billion.
    • Pharmaceutical preparations increased $0.3 billion.
  • Other goods increased $0.6 billion.

 Net balance of payments adjustments decreased $0.1 billion.

 Exports of services decreased less than $0.1 billion to $59.5 billion in February.

  • Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.
  • Financial services decreased $0.1 billion.
  • Travel (for all purposes including education) increased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $183.3 billion in February.

Imports of goods on a Census basis increased $2.7 billion.

  • Consumer goods increased $3.6 billion.
    • Pharmaceutical preparations increased $1.3 billion.
    • Toys, games, and sporting goods increased $0.6 billion.
  • Automotive vehicles, parts, and engines decreased $1.5 billion.
    • Passenger cars decreased $1.3 billion.

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

Imports of services increased $0.3 billion to $41.8 billion in February.

  • Travel (for all purposes including education) 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.
  • Transport increased $0.1 billion.

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

The February figures show surpluses, in billions of dollars, with South and Central America ($2.7), OPEC ($1.9), Saudi Arabia ($1.3), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($32.1), European Union ($10.6), Japan ($5.4), Germany ($5.2), Mexico ($5.1), South Korea ($2.8), India ($2.4), Italy ($2.4), France ($1.5), Canada ($1.0), and United Kingdom ($0.5).

  • The deficit with China increased $1.0 billion to $32.1 billion in February. Exports decreased $0.3 billion to $8.4 billion and imports increased $0.8 billion to $40.5 billion.
  • The balance with Saudi Arabia shifted from a deficit of $0.2 billion to a surplus of $1.3 billion in February. Exports increased $0.9 billion to $2.3 billion and imports decreased $0.6 billion to $1.0 billion.

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

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The Building Blocks of Gross Domestic Product Webinar

By Erwin (Randy) Parson, International Trade Management Division

You may already know that the gross domestic product (GDP) produced by the Bureau of Economic Analysis measures economic activity, but do you know how the U.S. Census Bureau’s economic indicators data are included? Join us March 30 at 1 p.m. (EDT) for this joint webinar with the Bureau of Economic Analysis on “The Building Blocks of Gross Domestic Product.” This webinar will explore how the Census Bureau’s economic indicators contribute to the Gross Domestic Product.

This webinar is part of the “Investigating Economic Indicators” webinar series that discusses how economic indicators keep the world informed by providing the first official measures of the changing U.S. economy.

To register, click here.

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