Deficit

Trade News: The Latest on U.S. Exports, Imports, Trade Deficits and Trends

From ITA Tradeology: October 2011 Trade Facts and Figures – Autos and Europe. The Commerce Department announced the figures for international trade in goods and services for the month of October. Year-to-date, exports have grown nearly 16 percent. One area that has had particularly strong growth in exports is the auto sector. Exports of passenger cars in the first ten months of 2011 are nearly 25 percent over the same period last year. Those vehicles are finding homes in driveways and garages in Canada, Germany, Saudi Arabia, Mexico and the UK.

As Secretary Bryson remarked:  “Today’s numbers clearly show the positive impact of exports on the American economy. So far this year we have seen six months of record-breaking growth of exports. Our initiatives are working for the American people. Since the President implemented the National Export Initiative in January 2010 monthly exports have increased 25 percent.”

Exports continue to be a bright spot in our still recovering economy.  Europe and the EU have been in the news constantly and it’s worth noting that in 2010, exports to the 27 members of the European Union still represented nearly 19 percent of U.S. merchandise exports.

From U.S. Census /Global Reach: Trade Deficit Decreases in October. Decreases in both exports and imports led to the Nation’s International Trade Deficit in goods and services decreasing to $43.5 billion in October from $44.2 billion (revised) in September. “Exports decreased $1.5 billion to $179.2 billion in October and imports decreased $2.2 billion to $222.6 billion.”

The decrease in imports was primarily due to decreases in imports of crude oil (down $1.5 billion) and passenger cars (down $0.7 billion). Imports from China rose $1.4 billion in October to a record $37.8 billion, eclipsing the previous record of $37.4 billion set two months ago. Exports to China reached their highest level so far in 2011, at $9.7 billion. The record for exports to China in a single month is $10.1 billion set in December 2010.

More on the above from the DOC/ Bureau of Economic Analysis: U.S. INTERNATIONAL TRADE IN GOODS AND SERVICESOctober 2011.

The September to October decrease in exports of goods reflected decreases in industrial supplies and materials ($1.3 billion); consumer goods ($0.6 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). Increases occurred in capital goods ($0.5 billion) and other goods ($0.2 billion).

The September to October decrease in imports of goods reflected decreases in industrial supplies and materials ($3.6 billion); automotive vehicles, parts, and engines ($0.6 billion); and other goods ($0.1 billion). Increases occurred in capital goods ($1.1 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.2 billion).

The October 2010 to October 2011 increase in exports of goods reflected increases in industrial supplies and materials ($8.5 billion); capital goods ($3.8 billion); automotive vehicles, parts, and engines ($1.5 billion); consumer goods ($0.8 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in other goods ($0.3 billion).

The October 2010 to October 2011 increase in imports of goods reflected increases in industrial supplies and materials ($12.0 billion); capital goods ($4.4 billion); automotive vehicles, parts, and engines ($2.2 billion); foods, feeds, and beverages ($1.7 billion); and consumer goods ($0.9 billion). A decrease occurred in other goods ($0.1 billion).

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