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 October exports of $179.2 billion and imports of $222.6

billion resulted in a goods and services deficit of $43.5 billion, down from $44.2 billion in

September, revised.  October exports were $1.5 billion less than September exports of $180.6 billion.  October imports were $2.2 billion less than September imports of $224.8 billion.

In October, the goods deficit decreased $0.7 billion from September to $58.8 billion, and the services surplus was virtually unchanged at $15.3 billion.  Exports of goods decreased $1.5 billion to $127.8 billion, and imports of goods decreased $2.2 billion to $186.6 billion.

Exports of services were virtually unchanged at $51.4 billion, and imports of services increased $0.1 billion to $36.1 billion.

The goods and services deficit increased $4.0 billion from October 2010 to October 2011.  Exports were up $19.7 billion, or 12.3 percent, and imports were up $23.7 billion, or 11.9 percent.

Goods (Census Basis)

The September to October decrease in exports of goods reflected decreases in industrial supplies and materials ($1.3 billion); consumer goods ($0.6 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). Increases occurred in capital goods ($0.5 billion) and other goods ($0.2 billion).

The September to October decrease in imports of goods reflected decreases in industrial supplies and materials ($3.6 billion); automotive vehicles, parts, and engines ($0.6 billion); and other goods ($0.1 billion). Increases occurred in capital goods ($1.1 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.2 billion).

The October 2010 to October 2011 increase in exports of goods reflected increases in industrial supplies and materials ($8.5 billion); capital goods ($3.8 billion); automotive vehicles, parts,

and engines ($1.5 billion); consumer goods ($0.8 billion); and foods, feeds, and beverages ($0.1 billion).  A decrease occurred in other goods ($0.3 billion).

The October 2010 to October 2011 increase in imports of goods reflected increases in industrial

supplies and materials ($12.0 billion); capital goods ($4.4 billion); automotive vehicles, parts,

and engines ($2.2 billion); foods, feeds, and beverages ($1.7 billion); and consumer goods ($0.9 billion). A decrease occurred in other goods ($0.1 billion).

Services

Exports of services were virtually unchanged from September to October.  Increases in royalties and license fees and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) were mostly offset by decreases in travel, other transportation (which includes freight and port services), and passenger fares.  Changes in the other categories of services exports were small.

Imports of services increased $0.1 billion from September to October.  An increase in other private services was partly offset by a decrease in passenger fares.  Changes in the other categories of services imports were small.

The October 2010 to October 2011 increase in exports of services was $4.4 billion. The largest increases were in royalties and license fees ($1.5 billion), travel ($1.1 billion), and other private services ($1.0 billion).  Within other private services, the largest increase was in business, professional, and technical services.

The October 2010 to October 2011 increase in imports of services was $2.0 billion. The largest increases were in other private services ($1.0 billion), travel ($0.3 billion), and royalties and license fees ($0.3 billion).  Within other private services, the largest increase was in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in October, exports of goods and services averaged $179.3 billion,

while imports of goods and services averaged $223.6 billion, resulting in an average trade deficit of $44.3 billion.  For the three months ending in September, the average trade deficit was $45.2 billion, reflecting average exports of $178.8 billion and average imports of $224.0 billion.

Selected Not Seasonally Adjusted Goods Details

The October figures show surpluses, in billions of dollars, with Hong Kong $3.0 ($4.3 for September), Australia $2.1 ($1.4), Singapore $1.0 ($1.3), and Egypt $0.2 ($0.1).  Deficits were

recorded, in billions of dollars, with China $28.1 ($28.1), OPEC $8.3 ($10.4), European Union

$8.0 ($6.4), Japan $6.2 ($5.2), Mexico $5.3 ($5.0), Germany $4.3 ($4.3), Ireland $2.8 ($2.3),

Venezuela $2.3 ($2.0), Canada $2.2 ($3.5), Nigeria $1.9 ($1.9), Taiwan $1.7 ($1.5), and Korea

$1.4 ($1.5).

Advanced technology products exports were $25.4 billion in October and imports were $35.9 billion, resulting in a deficit of $10.4 billion.  October exports were $1.2 billion more than

the $24.2 billion in September, while October imports were $3.3 billion more than the $32.5 billion in September.

Revisions

Census Basis (not seasonally adjusted)

For September, exports of goods were virtually unrevised and imports of goods were revised up $0.6 billion. Goods carry-over in October was $0.1 billion (0.0 percent) for exports and $1.6 billion (0.8 percent) for imports.  For September, revised export carry-over was virtually zero.

For September, revised import carry-over was $0.3 billion (0.2 percent).

Balance of Payments Basis (seasonally adjusted)

For April 2011 through September 2011, exports and imports of goods and services were revised to incorporate more comprehensive and updated quarterly and monthly data.

For September, exports of goods were virtually unrevised, and imports of goods were revised up $0.6 billion.  Exports of services were revised up $0.3 billion; upward revisions in royalties and license fees and travel were partly offset by a downward revision in other private services.

Imports of services were revised up $0.7 billion, reflecting upward revisions in other private services and travel.