FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, Thursday, October 5, 2017
CB 17-165
BEA 17—54
FT-900 (17-08)



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                                      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

                                         August 2017


The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce,
announced today that the goods and services deficit was $42.4 billion in August, down $1.2 billion
from $43.6 billion in July, revised. August exports were $195.3 billion, $0.8 billion more than
July exports. August imports were $237.7 billion, $0.4 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of
$0.9 billion to $64.4 billion and an increase in the services surplus of $0.3 billion to $22.0 billion.

Year-to-date, the goods and services deficit increased $29.1 billion, or 8.8 percent, from the
same period in 2016. Exports increased $84.9 billion or 5.8 percent. Imports increased $114.0 billion
or 6.4 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $1.3 billion to $43.2 billion for the three months
ending in August.
     * Average exports of goods and services increased $1.0 billion to $194.9 billion in August.
     * Average imports of goods and services decreased $0.3 billion to $238.1 billion in August.

Year-over-year, the average goods and services deficit increased $1.1 billion from the three months
ending in August 2016.
     * Average exports of goods and services increased $9.4 billion from August 2016.
     * Average imports of goods and services increased $10.5 billion from August 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $0.6 billion to $129.2 billion in August.
    Exports of goods on a Census basis increased $0.1 billion.
         * Consumer goods increased $1.0 billion.
             o Pharmaceutical preparations increased $0.6 billion.
         * Capital goods increased $0.4 billion.
             o Telecommunications equipment increased $0.4 billion.
         * Industrial supplies and materials decreased $1.0 billion.
             o Fuel oil decreased $0.7 billion.
         * Foods, feeds, and beverages decreased $0.4 billion.
    Net balance of payments adjustments increased $0.5 billion.

Exports of services increased $0.2 billion to $66.1 billion in August.
         * Travel (for all purposes including education), other business services (which includes
	   research and development services; professional and management services; and technical,
	   trade-related, and other services), and financial services each increased $0.1 billion.
         * Transport, which includes freight and port services and passenger fares, decreased $0.2
	   billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.3 billion to $193.6 billion in August.
    Imports of goods on a Census basis decreased $0.4 billion.
         * Industrial supplies and materials decreased $0.5 billion.
             o Finished metal shapes decreased $0.2 billion.
             o Copper decreased $0.2 billion.
         * Capital goods decreased $0.5 billion.
             o Computer accessories decreased $0.3 billion.
             o Civilian aircraft decreased $0.2 billion.
         * Automotive vehicles, parts, and engines increased $0.7 billion.
             o Passenger cars increased $0.5 billion.
    Net balance of payments adjustments increased $0.1 billion.

Imports of services decreased $0.1 billion to $44.1 billion in August.
         * Transport decreased $0.2 billion.
         * Travel (for all purposes including education) increased $0.1 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased less than $0.1 billion to $61.8 billion in August.
         * Real exports of goods decreased $1.1 billion to $125.2 billion.
         * Real imports of goods decreased $1.1 billion to $187.0 billion.

Revisions

Revisions to July exports
     * Exports of goods were revised up less than $0.1 billion.
     * Exports of services were revised up $0.1 billion.
Revisions to July imports
     * Imports of goods were revised down less than $0.1 billion.
     * Imports of services were revised up less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The August figures show surpluses, in billions of dollars, with South and Central America ($2.7),
Hong Kong ($2.5), Singapore ($0.8), United Kingdom ($0.6), and Brazil ($0.4). Deficits were recorded,
in billions of dollars, with China ($29.7), European Union ($10.9), Japan ($6.3), Mexico ($5.8),
Germany ($4.8), Italy ($2.5), South Korea ($2.1), India ($1.6), Taiwan ($1.5), France ($0.8),
OPEC ($0.8), Canada ($0.4), and Saudi Arabia ($0.1).

     * The deficit with China decreased $2.1 billion to $29.7 billion in August. Exports increased
       $0.8 billion to $11.6 billion and imports decreased $1.2 billion to $41.3 billion.
     * The deficit with the European Union decreased $1.2 billion to $10.9 billion in August. Exports
       increased $1.4 billion to $24.2 billion and imports increased $0.2 billion to $35.1 billion.

NOTICE

Effects of 2017 Atlantic Hurricanes on U.S. International Trade in Goods and Services

The effects of the recent hurricanes will be embedded in source data that the U.S. Bureau of Economic
Analysis (BEA) and the U.S. Census Bureau use to produce trade in goods and services statistics.
However, these effects generally cannot be isolated, and, thus, BEA and the Census Bureau cannot
separately quantify the impacts of the hurricanes. Some of the initial effects of Hurricane Harvey,
which made landfall in southeastern Texas on August 25, 2017, are likely reflected in the source
data underlying this “U.S. International Trade in Goods and Services: August 2017” report. The
impacts of Hurricanes Harvey, Irma, and Maria will likely be reflected in subsequent reports until
normal trade activities resume in affected areas.

Goods

Below is information on the collection of statistics on trade in goods by U.S. Customs and Border
Protection (CBP) and possible scenarios for shipments directly impacted by the hurricanes, along
with information regarding statistical procedures used to produce trade statistics.

   * Transactions that are cleared through a customs port are included in the trade statistics
     per normal procedures. However, there may be instances in which power outages or inaccessibility
     to buildings delay reporting by affected filers.
   * During port closures, export and import shipments may be diverted, amended, or canceled.
     Diverted import shipments may enter through another U.S. port or be transshipped through Mexico.
   * The Census Bureau processes any corrections as usual per Census Bureau revision policy.
   * Exports to and imports from a foreign country that leave or enter the U.S. customs territory
     in the U.S. Virgin Islands or Puerto Rico are included in U.S. international trade statistics.
     For more information, see the “U.S. Trade with Puerto Rico and U.S. Possessions” section
     of the Guide to Foreign Trade Statistics.

For further CBP guidance, please visit CBP’s Cargo Systems Messaging Service and search “hurricane.”

Census Bureau reports on trade through the Gulf Coast ports and on trade through Southeast ports
are available at www.census.gov/foreign-trade/specialreports/gulfcoastports.pdf and
www.census.gov/foreign-trade/specialreports/southeastports.pdf. Additional U.S. port data are available
on USA Trade Online and on the International Trade API.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on
(800) 549-0595, option 4, or at eid.international.trade.data@census.gov.

Services

While BEA cannot separately quantify the impacts of the hurricanes on any specific service category,
there are several possible impacts of the hurricanes on U.S. trade in services. For example, transport
services may be affected by port closures and by diverted shipments. Travel expenditures and other
services trade may be affected to the extent that service activities are interrupted. The effects
of the hurricanes on insurance services, meanwhile, are likely to be small because BEA uses normal
losses, rather than actual losses, to measure insurance services. For more information, see “How are
property and casualty insurance services measured in GDP?” The August trade in services statistics
in this release are based on limited source data. More complete source data will be incorporated
following the schedule outlined in “Revision Procedure (Goods on a BOP Basis and Services)” on page
A-6 of this release.

If you have questions, please contact BEA, Balance of Payments Division, at
InternationalAccounts@bea.gov.

NOTES:

   * All statistics referenced are seasonally adjusted; statistics are on a balance of
     payments basis unless otherwise specified. Additional statistics, including not seasonally
     adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b
     of this release. For information on data sources, definitions, revision procedures, and
     scheduled release dates through December 2017, see the information section on page A-1 of
     this release. The next release is November 3, 2017.

   * For definitions of goods on a balance of payments basis, goods on a Census basis, and net
     balance of payments adjustments, see the information section on page A-1 of this release.