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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
AUGUST 1997
The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $78.0 billion and imports of $88.3 billion resulted in a goods and services deficit of $10.4 billion, $0.3 billion more than the $10.0 billion in July, revised. August exports were $0.2 billion more than July exports of $77.8 billion. August imports were $0.5 billion more than July imports of $87.8 billion.
In August, the goods deficit increased $0.5 billion from July to $17.4 billion, and the services surplus increased $0.2 billion to $7.0 billion. Exports of goods increased to $56.8 billion from $56.7 billion, and imports of goods increased to $74.2 billion from $73.6 billion. Exports of services increased to $21.1 billion from $21.0 billion, and imports of services decreased to $14.1 billion from $14.2 billion.
The July to August change in exports of goods reflected increases in foods, feeds, and beverages of $0.4 billion (primarily soybeans, wheat, and corn) and industrial supplies and materials ($0.2 billion). Decreases occurred in other goods ($0.3 billion); capital goods $0.2 billion (primarily civilian aircraft); and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods were virtually unchanged.
The July to August change in imports of goods reflected increases in capital goods of $0.7 billion (primarily computer accessories) and industrial supplies and materials ($0.5 billion). A decrease occurred in automotive vehicles, parts, and engines of $0.5 billion. Other goods; consumer goods; and foods, feeds, and beverages were virtually unchanged.
Note: Total goods are reported on a balance of payments basis; commodity and country detail for goods are on a Census basis.
For the three months ending in August, exports of goods and services averaged $78.1 billion, while imports of goods and services averaged $87.6 billion, resulting in an average trade deficit of $9.6 billion. For the three months ending in July, the average trade deficit was $9.3 billion, reflecting average exports of $78.0 billion and average imports of $87.3 billion.
Services exports increased $0.1 billion from July to August. Small increases in some categories of services exports more than offset small decreases in others.
Services imports decreased $0.1 billion from July to August, reflecting small decreases in several categories.
Selected Not Seasonally Adjusted Goods
Details
The August figures showed surpluses, in billions of dollars, with Australia $0.6 (for July $0.6), Egypt $0.5 ($0.4), Brazil $0.5 ($0.4), Hong Kong $0.4 ($0.2), and Argentina $0.3 ($0.3). Deficits were recorded, in billions of dollars, with China —$5.2 (—$4.7), Japan —$4.5 (—$5.2), OPEC —$2.0 (—$1.8), Western Europe —$2.0 (—$4.3), Canada —$1.6 (—$1.3), Taiwan —$1.1 (—$1.0), Mexico —$1.0 (—$1.0), and Singapore —$0.2 (—$0.2).
Advanced technology products (ATP) exports were $14.3 billion in August and imports were $12.6 billion, resulting in a surplus of $1.7 billion, $0.2 billion less than the July surplus of $1.9 billion. August exports were $0.6 billion less than the $14.9 billion in July, while imports were $0.4 billion less than the $13.0 billion in July.
Carry-over in August was $0.7 billion (1.2 percent) for exports and $1.0 billion (1.4 percent) for imports. For July, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.5 billion (0.9 percent). For July, revised import carry-over was $0.2 billion (0.3 percent), revised down from $1.0 billion (1.3 percent).
U.S. International Trade
In Goods And Services-Y
Total Goods-X Services Balance Aug '97 —10,358 —17,375 7,017 Jul '97-R —10,019 —16,849 6,830 Jan-Aug '97 —76,318 —131,144 54,826 Exports Aug '97 77,957 56,819 21,138 Jul '97-R 77,787 56,745 21,042 Jan-Aug '97 614,046 447,503 166,543 Imports Aug '97 88,315 74,194 14,121 Jul '97-R 87,805 73,593 14,212 Jan-Aug '97 690,364 578,647 111,717
R"Revised.
X"Data presented on a Balance of Payments (BOP) Basis.
Y"In millions of dollars. Details may not equal totals due seasonal adjustment and rounding.
October 21, 1997 U.S. Department of Commerce
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