U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
January 2009

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 January exports of $124.9 billion and imports of $160.9 billion resulted in a goods and services deficit of $36.0 billion, down from $39.9 billion in December, revised. January exports were $7.6 billion less than December exports of $132.5 billion. January imports were $11.5 billion less than December imports of $172.4 billion.

In January, the goods deficit decreased $4.3 billion from December to $47.0 billion, and the services surplus decreased $0.4 billion to $10.9 billion. Exports of goods decreased $6.5 billion to $82.2 billion, and imports of goods decreased $10.9 billion to $129.2 billion. Exports of services decreased $1.1 billion to $42.7 billion, and imports of services decreased $0.6 billion to $31.8 billion.

In January, the goods and services deficit decreased $23.1 billion from January 2008. Exports were down $24.4 billion, or 16.4 percent, and imports were down $47.6 billion, or 22.8 percent.

Goods

The December to January change in exports of goods reflected decreases in capital goods ($3.0 billion); automotive vehicles, parts, and engines ($2.2 billion); consumer goods ($0.9 billion); industrial supplies and materials ($0.7 billion); and other goods ($0.3 billion). An increase occurred in foods, feeds, and beverages ($0.1 billion).

The December to January change in imports of goods reflected decreases in industrial supplies and materials ($4.6 billion); automotive vehicles, parts, and engines ($3.3 billion); capital goods ($1.9 billion); consumer goods ($0.4 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.3 billion).

The January 2008 to January 2009 change in exports of goods reflected decreases in industrial supplies and materials ($7.8 billion); capital goods ($6.4 billion); automotive vehicles, parts, and engines ($4.8 billion); consumer goods ($1.9 billion); foods, feeds, and beverages ($1.5 billion); and other goods ($0.4 billion).

The January 2008 to January 2009 change in imports of goods reflected decreases in industrial supplies and materials ($26.0 billion); automotive vehicles, parts, and engines ($9.7 billion); capital goods ($5.7 billion); consumer goods ($3.4 billion); other goods ($0.6 billion); and foods, feeds, and beverages ($0.2 billion).

Services

Services exports decreased $1.1 billion from December to January. The decrease was mostly accounted for by decreases in travel, other transportation (which includes freight and port services), and passenger fares. Changes in other categories of services exports were small.

Services imports decreased $0.6 billion from December to January. The decrease was mostly accounted for by decreases in other transportation, travel, and passenger fares. Changes in other categories of services imports were small.

The January 2008 to January 2009 decrease in exports of services was $2.0 billion. The largest decreases were in other transportation ($1.0 billion), travel ($0.8 billion), and transfers under U.S. military sales contracts ($0.6 billion). Increases in royalties and license fees ($0.2 billion) and other private services ($0.1 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, were partly offsetting. Within other private services, the largest increase was in business, professional, and technical services, and the largest decrease was in financial services.

The January 2008 to January 2009 decrease in imports of services was $1.5 billion. The largest decreases were in other transportation ($1.0 billion), travel ($0.5 billion), and royalties and license fees ($0.2 billion). An increase in other private services ($0.3 billion) was partly offsetting. Within other private services, the largest increase was in business, professional, and technical services, and the largest decrease was in financial services.

Goods and Services Moving Average

For the three months ending in January, exports of goods and services averaged $132.7 billion, while imports of goods and services averaged $172.2 billion, resulting in an average trade deficit of $39.5 billion. For the three months ending in December, the average trade deficit was $46.8 billion, reflecting average exports of $141.0 billion and average imports of $187.8 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures showed surpluses, in billions of dollars, with Hong Kong $1.0 ($1.0 for December), Singapore $0.7 ($0.7), Australia $0.6 ($0.7), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China $20.6 ($19.9), Japan $4.3 ($5.3), OPEC $4.0 ($4.7), the European Union $3.5 ($7.0), Mexico $2.7 ($4.1), Canada $2.5 ($2.8), Korea $1.9 ($1.4), Taiwan $1.3 ($1.3), and Venezuela $1.1 ($1.2).

Advanced technology products (ATP) exports were $18.7 billion in January and imports were $20.7 billion, resulting in a deficit of $2.0 billion. January exports were $3.3 billion less than the $22.1 billion in December, while imports were $3.6 billion less than the $24.3 billion in December.

Revisions

Goods carry-over in January was $0.1 billion (0.1 percent) for exports and $0.8 billion (0.6 percent) for imports. For December, revised export carry-over was $0.1 billion (0.1 percent), virtually unrevised. For December, revised import carry-over was $0.3 billion (0.2 percent), revised down from $1.1 billion (0.8 percent).

Goods and services exports and imports for all months in 2008 were revised in order to align the seasonally adjusted monthly estimates with the annual totals.

Services exports and imports for July through December 2008 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest monthly revisions were in royalties and license fees and other private services. For services imports, the largest monthly revisions were in other transportation, other private services, and royalties and license fees.

Services exports for December were revised down $1.3 billion to $43.8 billion. The revision was mostly accounted for by downward revisions in royalties and license fees and other private services.

Services imports for December were revised down $1.0 billion to $32.4 billion. The largest downward revisions were in other transportation, other private services, and royalties and license fees.