The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced on February 13 that total December exports of $125.5 billion and imports of $186.7 billion resulted in a goods and services deficit of $61.2 billion, $3.1 billion more than the $58.1 billion in November, revised.
December exports were $700 million more than November exports of $124.8 billion. December imports were $3.8 billion more than November imports of $182.9 billion.
In December, the goods deficit increased $3.4 billion from November to $68.2 billion, and the services surplus increased $300 million to $7.0 billion. Exports of goods increased $400 million to $89.4 billion, and imports of goods increased $3.8 billion to $157.6 billion. Exports of services increased $300 million to $36.1 billion, and imports of services were virtually unchanged at $29.1 billion.
In December, the goods and services deficit was down $3.0 billion from December 2005. Exports were up $13.0 billion (11.5 percent), and imports were up $10.0 billion (5.6 percent).
Goods
The November to December change in exports of goods reflected increases in automotive vehicles, parts and engines ($500 million); foods, feeds and beverages ($300 million); and consumer goods ($100 million). Decreases occurred in other goods ($300 million); industrial supplies and materials ($200 million); and capital goods ($100 million).
The November to December change in imports of goods reflected increases in industrial supplies and materials ($1.6 billion); automotive vehicles, parts and engines ($1.5 billion); consumer goods ($800 million); foods, feeds and beverages ($100 million); and other goods ($100 million). A decrease occurred in capital goods ($300 million).
The December 2005 to December 2006 change in exports of goods reflected increases in capital goods ($3.5 billion); industrial supplies and materials ($3.5 billion); consumer goods ($1.0 billion); other goods ($900 million); foods, feeds and beverages ($800 million); and automotive vehicles, parts and engines ($600 million).
The December 2005 to December 2006 change in imports of goods reflected increases in consumer goods ($4.7 billion); capital goods ($2.5 billion); automotive vehicles, parts and engines ($1.5 billion); other goods ($600 million); and foods, feeds and beverages ($500 million). A decrease occurred in industrial supplies and materials ($1.8 billion).
Services
Services exports increased $300 million from November to December. 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) and transfers under
Services imports were virtually unchanged from November to December. A decrease in other transportation (which includes freight and port services) was mostly offset by an increase in other private services. Changes in other categories of services imports were small.
From December 2005 to December 2006, services exports increased $3.0 billion. The largest increases were in other private services ($1.8 billion) and travel ($600 million).
From December 2005 to December 2006, services imports increased $2.0 billion. The largest increases were in other private services ($1.4 billion) and travel ($400 million).
Goods and Services Moving Average
For the three months ending in December, exports of goods and services averaged $124.6 billion, while imports of goods and services averaged $184.0 billion, resulting in an average trade deficit of $59.4 billion. For the three months ending in November, the average trade deficit was $60.5 billion, reflecting average exports of $123.8 billion and average imports of $184.2 billion.
Selected Not Seasonally Adjusted Goods Details
The December figures showed surpluses, in billions of dollars, with
Advanced technology products (ATP) exports were $23.0 billion in December and imports were $25.2 billion, resulting in a deficit of $2.2 billion. December exports were $200 million more than the $22.8 billion in November, while imports were $2.0 billion less than the $27.2 billion in November.
Annual Summary for 2006
Goods and Services
For 2006, exports of $1,437.8 billion and imports of $2,201.4 billion resulted in a goods and services deficit of $763.6 billion, $46.9 billion more than the 2005 deficit of $716.7 billion. For goods, exports were $1,023.7 billion and imports were $1,859.8 billion, resulting in a goods deficit of $836.1 billion, $53.3 billion more than the 2005 deficit of $782.7 billion. For services, exports were $414.1 billion and imports were $341.6 billion, resulting in a services surplus of $72.5 billion, $6.5 billion more than the 2005 surplus of $66.0 billion.
The goods and services deficit in 2006 was a record $763.6 billion. As a percentage of
Goods
For 2006, on a Census basis, exports of goods were up $131.3 billion from 2005. Increases occurred in capital goods ($51.4 billion); industrial supplies and materials ($42.7 billion); consumer goods ($13.5 billion); automotive vehicles, parts and engines ($8.6 billion); other goods ($8.2 billion); and foods, feeds and beverages ($6.9 billion).
For 2006, on a Census basis, imports of goods were up $182.0 billion from 2005. Increases occurred in industrial supplies and materials ($79.1 billion); capital goods ($39.3 billion); consumer goods ($35.7 billion); automotive vehicles, parts and engines ($17.1 billion); foods, feeds and beverages ($6.8 billion); and other goods ($3.9 billion).
Services
For 2006, exports of services were $414.1 billion, up $33.5 billion from 2005. Increases occurred in other private services, which includes items such as business, professional and technical services, insurance services, and financial services ($20.2 billion); other transportation, which includes freight and port services ($5.9 billion); royalties and license fees ($4.5 billion); travel ($4.1 billion); passenger fares ($700 million); and
For 2006, imports of services were $341.6 billion, up $27.0 billion from 2005. Increases occurred in other private services ($16.1 billion); travel ($3.7 billion); other transportation ($3.6 billion); royalties and license fees ($1.4 billion); passenger fares ($1.1 billion); direct defense expenditures ($1.1 billion); and U.S. government miscellaneous services ($100 million).
