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 $167.7 billion and imports of $214.1 billion resulted in a goods and services deficit of $46.3 billion, up from $40.3 billion in December, revised. January exports were $4.4 billion more than December exports of $163.3 billion. January imports were $10.5 billion more than December imports of $203.6 billion.

In January, the goods deficit increased $6.1 billion from December to $59.8 billion, and the services surplus was virtually unchanged at $13.4 billion. Exports of goods increased $4.0 billion to $120.5 billion, and imports of goods increased $10.1 billion to $180.3 billion. Exports of services increased $0.5 billion to $47.2 billion, and imports of services increased $0.4 billion to $33.8 billion.

The goods and services deficit increased $11.7 billion from January 2010 to January 2011. Exports were up $23.0 billion, or 15.9 percent, and imports were up $34.7 billion, or 19.3 percent.

Goods (Census basis)

The December to January increase in exports of goods reflected increases in industrial supplies and materials ($3.7 billion); automotive vehicles, parts, and engines ($1.3 billion); and foods, feeds, and beverages ($0.1 billion). Decreases occurred in consumer goods ($0.6 billion); capital goods ($0.4 billion); and other goods ($0.3 billion).

The December to January increase in imports of goods reflected increases in industrial supplies and materials ($4.4 billion); automotive vehicles, parts, and engines ($2.7 billion); capital goods ($2.1 billion); consumer goods ($0.9 billion); and foods, feeds, and beverages ($0.5 billion). A decrease occurred in other goods ($0.6 billion).

The January 2010 to January 2011 increase in exports of goods reflected increases in industrial supplies and materials ($10.7 billion); capital goods ($4.4 billion); automotive vehicles, parts, and engines ($2.0 billion); foods, feeds, and beverages ($1.6 billion); other goods ($0.6 billion); and consumer goods ($0.4 billion).

The January 2010 to January 2011 increase in imports of goods reflected increases in industrial supplies and materials ($12.9 billion); capital goods ($8.1 billion); consumer goods ($5.0 billion); automotive vehicles, parts, and engines ($5.0 billion); and foods, feeds, and beverages ($1.3 billion). A decrease occurred in other goods ($0.2 billion).

Services

Services exports increased $0.5 billion from December to January. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), travel, and passenger fares. Changes in the other categories of services exports were small.

Services imports increased $0.4 billion from December to January. The increase was mostly accounted for by increases in other transportation (which includes freight and port services), passenger fares, and other private services. Changes in the other categories of services imports were small.

The January 2010 to January 2011 increase in exports of services was $3.1 billion. The largest increases were in other private services ($1.8 billion), travel ($0.7 billion), and passenger fares ($0.5 billion). Within other private services, the largest increases were in business, professional, and technical services and financial services.

The January 2010 to January 2011 increase in imports of services was $2.1 billion. The largest increases were in other private services ($1.0 billion) and other transportation ($0.7 billion). Within other private services, the largest increases were in business, professional, and technical services and insurance services.

Goods and Services Moving Average

For the three months ending in January, exports of goods and services averaged $163.8 billion, while imports of goods and services averaged $205.4 billion, resulting in an average trade deficit of $41.6 billion. For the three months ending in December, the average trade deficit was $38.9 billion, reflecting average exports of $160.7 billion and average imports of $199.6 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures show surpluses, in billions of dollars, with Hong Kong $2.2 ($2.2 for December), Australia $1.2 ($1.2), Singapore $0.8 ($1.3), and Egypt $0.5 ($0.7). Deficits were recorded, in billions of dollars, with China $23.3 ($20.7), OPEC $9.9 ($8.3), European Union $5.6 ($6.6), Japan $5.0 ($5.9), Mexico $4.9 ($4.7), Canada $3.7 ($3.9), Germany $3.1 ($3.3), Nigeria $2.9 ($2.5), Venezuela $2.8 ($2.0), Ireland $1.9 ($2.6), Korea $1.0 ($0.7), and Taiwan $0.9 ($0.6).

Advanced technology products exports were $21.1 billion in January and imports were $28.3 billion, resulting in a deficit of $7.1 billion. January exports were $4.9 billion less than the $26.1 billion in December, while January imports were $3.3 billion less than the $31.6 billion in December.

Revisions

For December, goods exports and imports on a Census basis, not seasonally adjusted, were virtually unrevised. Goods carry-over in January was $0.2 billion (0.2 percent) for exports and $1.0 billion (0.6 percent) for imports. For December, revised export carry-over was virtually zero. For December, revised import carry-over was $0.2 billion (0.1 percent), revised down from $0.6 billion (0.3 percent).

Goods and services exports and imports for all months in 2010 were revised in order to align the seasonally adjusted months with the annual totals.

Services exports and imports for July through December 2010 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest monthly revisions were in other private services and royalties and license fees. For services imports, the largest monthly revisions were in other private services and travel.

Services exports for December were revised up $0.4 billion to $46.8 billion. The revision was more than accounted for by an upward revision in other private services. Downward revisions in royalties and license fees and transfers under U.S. military sales contracts were partly offsetting. Services imports for December were virtually unrevised at $33.4 billion, as downward revisions in travel, other transportation, royalties and license fees, and passenger fares were mostly offset by an upward revision in other private services.