By: Lam Nguyen
Overall, the deficit of goods and services is down from $43.8 billion (-$2.3 billion) in August (revised) to $41.5 billion in September. Specifically, exports increased from $181.4 billion (+$5.6 billion) in August (revised) to $187.0 billion in September. Imports went from $225.2 billion in August (revised) to $228.5 billion in September resulting in a +$3.4 billion increase.
Major contributors to the increase of goods exports include industrial supplies and materials (+$3.4 billion) and foods, feeds, and beverages (+$1.1 billion). For goods imports, the major contributors to the increase in September were consumer goods (+$2.7 billion) and industrial supplies and materials (+$1.2 billion). We also saw a decrease of automotive vehicles, parts, and engines for both exports (-$0.3 billion) and imports (-$0.9 billion).
For more detail, click here.
Liquefied Natural Gas Exports
Recently, Ambassador Ron Kirk, United States Trade Representative, discussed the impact of natural gas on the U.S. economy and its potential to decrease dependence on external energy sources. Out of the 234 U.S. trading partners, liquefied natural gas companies in the United States are only exporting to 31 countries. So far, in 2012 the world’s biggest consumer of U.S. Liquefied Natural Gas (LNG) is Japan with $160.1 million dollars worth of LNG imported from the United States alone. Other top consumers of LNG exports from the U.S. are Canada, India, Brazil, and Spain. In December, the United States will engage in negotiations with a dozen countries to forge an Asia-Pacific trade deal, which could potentially increase the number of LNG trading partners. So stay tuned!
The data mentioned in this post (and much more) can be found on USA Trade Online.
*Note: LNG is defined as imports and exports of Harmonized System (HS) code 271111.