Imports as well as exports of goods & services fall in Sept

14 Nov '08

5 min read

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total September exports of $155.4 billion and imports of $211.9 billion resulted in a goods and services deficit of $56.5 billion, down from $59.1 billion in August, revised.

September exports were $9.9 billion less than August exports of $165.3 billion. September imports were $12.5 billion less than August imports of $224.4 billion.

In September, the goods deficit decreased $1.5 billion from August to $69.6 billion, and the services surplus increased $1.1 billion to $13.1 billion. Exports of goods decreased $9.8 billion to $108.1 billion, and imports of goods decreased $11.3 billion to $177.7 billion. Exports of services decreased $0.1 billion to $47.3 billion, and imports of services decreased $1.2 billion to $34.2 billion.

In September 2008, the goods and services deficit increased $1.0 billion from September 2007. Exports were up $12.6 billion, or 8.8 percent, and imports were up $13.6 billion,
or 6.9 percent.

Goods:
The August to September change in exports of goods reflected decreases in capital goods ($4.2 billion); industrial supplies and materials ($4.1 billion); foods, feeds, and beverages ($1.1 billion); consumer goods ($0.5 billion); other goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.1 billion).

The August to September change in imports of goods reflected decreases in industrial supplies and materials ($8.1 billion); consumer goods ($3.4 billion); automotive vehicles, parts, and engines ($0.7 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). An increase occurred in capital goods ($0.5 billion).

The September 2007 to September 2008 change in exports of goods reflected increases in industrial supplies and materials ($5.7 billion); foods, feeds, and beverages ($1.0 billion); consumer goods ($0.9 billion); and other goods ($0.7 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion). Capital goods were virtually unchanged.

The September 2007 to September 2008 change in imports of goods reflected increases in industrial supplies and materials ($12.2 billion); capital goods ($0.8 billion); consumer goods ($0.8 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($3.5 billion).

Services:
Services exports decreased $0.1 billion from August to September. The decrease was more than accounted for by decreases in travel, other transportation (which includes freight and port services), and transfers under U.S. military sales contracts. An increase in other private services (which includes items such as business, professional, and technical
services, insurance services, and financial services) was partly offsetting.

Services imports decreased $1.2 billion from August to September. The decrease was mostly due to a $0.9 billion decrease in royalties and license fees, which had been boosted in August by payments for the rights to broadcast the 2008 Summer Olympic Games. Travel, other transportation, and passenger fares also decreased and other private services increased.

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