Academic journal article International Economic Review (Washington, D.C.)

Recent Developments

Academic journal article International Economic Review (Washington, D.C.)

Recent Developments

Article excerpt

U.S. International Trade in Goods and Services

The U.S. Department of Commerce reported that seasonally adjusted exports of $90.4 billion and imports of $132.8 billion in December 2003 resulted in a goods and services deficit of $42.5 billion, $4.1 billion more than the $38.4 billion deficit in November 2003. December 2003 exports of $90.4 billion were $0.2 billion less than November exports of $90.6 billion. (2) December 2003 imports of about $132.9 billion were $3.9 billion more than November imports of $128.9 billion.

December 2003 merchandise exports decreased by about $0.8 billion to $62.9 billion, from November exports of $63.7 billion. Merchandise imports increased by about $3.4 billion to $111.1 billion from November 2003 imports of $107.7 billion. The merchandise trade deficit increased by about $4.2 billion in December 2003 to $48.2 billion from $43.9 billion in November.

For services, exports increased by about $0.6 billion to $27.4 billion in December 2003 from $26.8 billion in November. Imports of services increased to $21.7 billion in December 2003 from $21.3 billion in November. The services trade surplus in December 2003 rose to $5.9 billion from $5.6 billion in November 2003.

Changes in merchandise exports from November to December 2003 reflected increases in industrial supplies and materials ($0.6 billion); and automotive vehicles, parts and engines ($0.3 billion). Decreases occurred in capital goods ($1.2 billion); foods, feeds, and beverages ($0.3 billion); and consumer goods ($0.2 billion). The statistical category "other goods" was virtually unchanged. The November to December 2003 change in imports of goods reflected increases in industrial supplies and materials ($1.3 billion); capital goods ($1.2 billion); automotive vehicles, parts, and engines ($0.5 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.1 billion). The "other goods" statistical category was virtually unchanged. Additional information on U.S. trade developments in agriculture and specified manufacturing sectors during January-December 2003 is highlighted in tables 1 and 2, and figures 1 and 2. Services trade developments are highlighted in table 3.

In December 2003, exports of advanced technology products were around $16.7 billion and imports of the same were about $20.1 billion, resulting in a deficit of $3.4 billion, about $1.5 billion more than the November deficit of $1.9 billion. Exports of these products in December 2003 of $16.7 billion were virtually the same as those recorded in November. But imports of advanced technology products of $20.1 billion in December 2003 were about $1.6 billion more than the $18.6 billion imports in November.

The December 2003 trade data showed U.S. surpluses with the following countries (preceding month in parentheses): Australia, $0.5 billion ($0.5 billion in November 2003); Hong Kong, $0.7 billion ($0.5 billion); Egypt, $0.1 billion ($0.1 billion). Deficits were recorded in December 2003 with China, $9.9 billion ($10.8 billion); Western Europe, $11.1 billion ($7.8 billion); Canada, $4.4 billion ($4.3 billion); Japan, $5.7 billion ($5.7 billion); OPEC member countries, $4.6 billion ($3.9 billion); Mexico $3.1 billion ($3.0 billion); Taiwan, $0.8 billion ($1.1 billion); Korea, $1.4 billion ($1.2 billion); and Brazil, $0.5 billion ($0.4 billion).

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In January-December 2003, exports of goods and services were $1,018.6 billion, about $44.5 billion higher than January-December 2002 exports of $974.1 billion. Imports of goods and services were $1,507.9 billion, about $115.8 billion higher than January-December 2002 imports of $1,392.1 billion. The trade deficit was about $489.4 billion, $74.1 billion higher than the January-December 2002 deficit of $418.0 billion.

The December 2002 to December 2003 change in exports of goods reflected increases in industrial supplies and materials ($1. …

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