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The Goods and Services Deficit Increased to $37.4 billion in April 2016

Fri Jun 03 2016
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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 $37.4 billion in April, up $1.9 billion from $35.5 billion in March, revised. April exports were $182.8 billion, $2.6 billion more than March exports. April imports were $220.2 billion, $4.5 billion more than March imports.

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The April increase in the goods and services deficit reflected an increase in the goods deficit of $1.4 billion to $58.8 billion and a decrease in the services surplus of $0.5 billion to $21.4 billion.

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Year-to-date, the goods and services deficit decreased $8.1 billion, or 4.8 percent, from the same period in 2015. Exports decreased $39.0 billion or 5.1 percent. Imports decreased $47.1 billion or 5.1 percent.

Exports

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Exports of goods increased $2.9 billion to $120.1 billion in April.

Exports of goods on a Census basis increased $2.8 billion.

  • Industrial supplies and materials increased $1.8 billion.
    • Fuel oil increased $0.3 billion.
    • Other petroleum products increased $0.2 billion.
    • Organic chemicals increased $0.2 billion.
  • Automotive vehicles, parts, and engines increased $0.8 billion.
    • Other parts and accessories increased $0.4 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.3 billion to $62.7 billion in April.

  • Travel (for all purposes including education) decreased $0.2 billion.
  • Transport, which includes freight and port services and passenger fares, decreased $0.1 billion.

Imports

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Imports of goods increased $4.3 billion to $178.9 billion in April.

Imports of goods on a Census basis increased $4.3 billion.

  • Capital goods increased $2.5 billion.
    • Civilian aircraft increased $0.8 billion.
    • Computers increased $0.5 billion.
    • Electric apparatus increased $0.3 billion.
  • Industrial supplies and materials increased $1.1 billion.
    • Other petroleum products increased $0.3 billion.
    • Crude oil increased $0.2 billion.

Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.3 billion to $41.4 billion in April.

  • Transport increased $0.2 billion.

Goods by Selected Countries and Areas

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The April figures show surpluses, in billions of dollars, with South and Central America ($2.9), Hong Kong ($1.6), Singapore ($0.9), United Kingdom ($0.7), OPEC ($0.5), Brazil ($0.4), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($26.6), European Union ($11.8), Japan ($6.0), Germany ($5.8), Mexico ($5.1), South Korea ($3.0), Italy ($2.5), France ($1.7), India ($1.6), Taiwan ($1.1), and Canada ($0.1).

  • The deficit with France increased $0.7 billion to $1.7 billion in April. Exports decreased $0.3 billion to $2.5 billion and imports increased $0.4 billion to $4.2 billion.
  • The surplus with Hong Kong decreased $0.6 billion to $1.6 billion in April. Exports decreased $0.4 billion to $2.2 billion and imports increased $0.2 billion to $0.7 billion.

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Revisions to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services: Annual Revision for 2015” release (FT-900 Annual Revision), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on trade in goods and services for January 2013 to March 2016. The revised statistics will also be reflected in the “U.S. International Transactions: First Quarter 2016 and Annual Revisions” report and in the international transactions interactive database, both to be released by BEA on June 16, 2016.

This annual revision has not changed the overall trend in the goods and services balance. On an annual basis, the goods and services deficit was revised downward 3.5 percent for 2013, downward 3.6 percent for 2014, and downward 7.3 percent for 2015. The goods deficit was nearly unrevised for 2013 and was revised upward for 2014 and 2015; the services surplus was revised upward for all three years.

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NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

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