In addition to the U.S. International Trade in Goods and Services report (FT-900), which is released jointly with BEA, the Census Bureau also releases advance statistics on international trade in goods, along with advance estimates on retail and wholesale inventories, in the Advance Economic Indicators Report (Advance Report). 1. The deficit with China increased $21.4 billion to $75.8 billion in the second quarter. Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Construction maintenance and repair are included under construction. Deductions for equipment repairs (parts and labor), repairs to U.S. vessels abroad, and developed motion picture film. The U.S. economy remains the technological leader in many service sectors, most notably finance, insurance, education, IT, health, design, marketing, engineering, and many areas of research and development. The GATS aims to ensure increased transparency and predictability of relevant rules and regulations and to promote progressive liberalisation through successive rounds of negotiation. The U.S. is actually a net exporter of services and has experienced a sharp increase in the surplus of trade services since … The surplus with South and Central America decreased $8.1 billion to $13.0 billion in the second quarter. In 2016, the U.S. trade deficit with the rest of the world was $416.7 billion. (not included elsewhere) - Consists of maintenance and repair services performed by residents of one country on goods that are owned by residents of another country. [PDF] or denotes a file in Adobe’s Portable Document Format.To view the file, you will need the Adobe® Reader® available free from Adobe. Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($13.1), Mexico ($11.5), Japan ($3.4), Germany ($3.0), Taiwan ($2.8), France ($2.5), India ($2.0), Italy ($1.8), South Korea ($1.5), Singapore ($1.0), and Canada ($0.5). Personal travel covers travel for all non-business purposes, including for medical or educational purposes. Exhibit 19 shows goods (Census basis) that are seasonally adjusted for selected countries and world areas. essentially mode 3). 7 As the leading exporter of services, the U.S. holds about 15 percent of the global cross-border services market; the … These revisions are reflected in totals, end-use, commodity, and country summary data. Travel excludes air passenger services for travel between countries, which are included in transport, and goods for resale, which are included in goods. The ‘right to establish’ is an essential aspect of free trade in services. These revisions result from forcing the seasonally adjusted months to equal the annual totals. Additions for non-reported imports of locomotives and railcars, imports of electricity from Mexico, conversion of vessels for commercial use, valuation of software imports at market value, and low-value (below reporting threshold) transactions for 1999–2009 to phase in a revised Census Bureau low-value methodology that was implemented for goods on a Census basis beginning with statistics for 2010. The Census Bureau and the Bureau of Economic Analysis continue to monitor data quality and have determined estimates in this release meet publication standards. Generators and accessories increased $0.4 billion. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports. Imports decreased $251.3 billion or 13.8 percent. The exception is exhibit 17a, which shows CIF import value. These adjusted data are then summed to the six end-use aggregates for publication (see exhibit 6). Business travel covers goods and services acquired for use by persons whose primary purpose for travel is for business (including goods and services for which business travelers are reimbursed by employers). Real imports of goods increased $23.2 billion to $224.2 billion. Services are seasonally adjusted when statistically significant seasonal patterns are present. Import duties, freight, insurance, and other charges incurred in bringing merchandise to the United States are excluded. These categories are used as the basis for computing the seasonal and trading-day adjusted data. However, they can affect the detailed commodity statistics. Technical, trade-related, and other business services include architectural and engineering, waste treatment, operational leasing, trade-related, and other business services. Sales of customized software and related use licenses, as well as licenses to use non-customized software with a periodic license fee, are also included, as is software downloaded or otherwise electronically delivered. Seasonally adjusted data are also revised to reflect recalculated seasonal and trading-day adjustments. Goods trade in the Advance Economic Indicators Report. Please see our, EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, September 3, 2020, Seasonal Adjustment by Selected Countries and Areas, Frequently Asked Questions. Other business services increased $0.3 billion. The FT-900 is the primary source for the goods trade data used in BEA’s quarterly gross domestic product (GDP) statistics. Undocumented shipments: Federal regulations require importers, exporters, or their agents to report all merchandise shipments above established exemption levels. In the following month, this estimate is replaced, in the news release exhibits only, with the actual value of late receipts and corrections. Merchandise Trade Statistics: A Quality Profile” (October 2014) for a detailed discussion of errors affecting the goods data. Services often require the physical proximity of a supplier and a customer, for example: if somebody decides to spend a night in a hotel; if they call a tradesman to redecorate their house; or if they have to take their car to the garage for it to be repaired. Civilian aircraft increased $1.7 billion. Quarterly and annual statistics for goods on a BOP basis and for services are included in the U.S. international transactions accounts (ITAs), which are published by BEA in news releases in March, June, September, and December and in the Survey of Current Business in the January, April, July, and October issues. Net balance of payments adjustments increased $0.1 billion. or use our feedback form! Additions for sales of fish caught in U.S. territorial waters, exports of electricity to Mexico, private gift parcels, vessels and oil rigs for which ownership changes, valuation of software exports at market value, low-value (below reporting threshold) transactions for 1999–2009 to phase in a revised Census Bureau low-value methodology that was implemented for goods on a Census basis beginning with statistics for 2010, and, for periods prior to 2010, FMS goods exports reported to BEA by the U.S. Department of Defense. The interactive figures focus on cross-border trade in services, which occurs when suppliers in one country sell services to consumers in another country, with people, information, or money crossing national boundaries in the process. Other revisions: The release for December statistical month contains revisions to goods for January through November of the most recent year; the release for January statistical month contains revisions to both goods and services for all months of the most recent year. Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR): Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua. Gold imports, nonmonetary - This addition is made for gold sold by foreign official agencies to private purchasers out of stock held at the Federal Reserve Bank of New York. Furniture and household items increased $0.7 billion. U.S. Census Bureau, Economic Indicators Division, International Trade, U.S. Census Bureau, Public Information Office, 4600 Silver Hill Road • Suitland, MD 20746, www.census.gov/foreign-trade/Press-Release/current_press_release/index.html, www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services, U.S. Trade in Goods and Services, 1960-present, U.S. Trade in Goods and Services by Selected Countries and Areas, 1999-present, U.S. Charges for the use of intellectual property n.i.e. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports. Jointly produced with UNCTAD and ITC, it includes exports and imports of commercial services broken down by sector and partner country when available. They have a negligible effect on aggregate import, export, and balance of trade statistics. Trade in services. Trade in services records the value of services exchanged between residents and non-residents of an economy, including services provided through foreign affiliates established abroad. Deficits were recorded, in billions of dollars, with China ($75.8), European Union ($24.8), Mexico ($15.0), Germany ($12.4), Japan ($6.9), Taiwan ($6.7), India ($6.4), Italy ($4.9), South Korea ($4.5), and France ($2.7). It lays out a methodology for identifying restrictions to trade and investment in services within a country, assessing the impact of those restrictions, and developing suitable regulatory alternatives. Trade in services. For total exports and imports, data users should refer to the commodity-based totals shown in the other exhibits. Auxiliary insurance services include agents’ commissions, brokerage services, insurance consulting services, actuarial services, and other insurance services. Imports of goods increased $21.5 billion to $196.4 billion in July. This adjustment for price change is done using the Fisher chain-weighted methodology. Africa: Algeria, Angola, Benin, Botswana, British Indian Ocean Territories, Burkina Faso, Burundi, Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Congo (Brazzaville), Congo (Kinshasa), Djibouti, Egypt, Equatorial Guinea, Eritrea, Eswatini, Ethiopia, French Southern and Antarctic Lands, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mayotte, Morocco, Mozambique, Namibia, Niger, Nigeria, Reunion, Rwanda, St. Helena, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zambia, Zimbabwe. Exports are valued at the f.a.s. The United States generated a cross-border trade surplus in these industries of nearly $7.1 billion in 2012. The deficit with Mexico increased $2.5 billion to $11.5 billion in July. The United States had a services trade surplus of an estimated $36 billion with China in 2019, down 4.1% from 2018. For June, revised export carry-over was less than $0.1 billion (less than 0.1 percent) and revised import carry-over was less than $0.1 billion (less than 0.1 percent). The deficit with Mexico decreased $13.2 billion to $15.0 billion in the second quarter. Travel includes business and personal travel. Documents are collected as shipments arrive and depart, and are processed on a … Seasonally adjusted data are also revised to reflect recalculated seasonal and trading-day adjustments. The Census Bureau recommends that data users incorporate this information into their analyses, as nonsampling errors could impact the conclusion drawn from the results. Real exports of goods increased $13.1 billion to $133.7 billion. Recent Trends in U.S. Services Trade: 2014Annual Report focuses on exports and imports of electronic services—in particular, audiovisual, computer, and telecommunication services. What is the impact of COVID-19 on statistics on trade in services? Inland freight in Canada and Mexico - This addition is made for inland freight in Canada and Mexico. Amounts received by a parent company from its affiliates for general overhead expenses related to these services are included. Investment Data on annual trade in commercial services is available through the WTO Data Portal. U.S. Census Bureau - Economic Indicators Division, International Trade, U.S. Census Bureau - Public Information Office, 4600 Silver Hill Road • Suitland, MD 20746, U.S. Trade in Goods and Services, 1960-present, U.S. Trade in Goods and Services by Selected Countries and Areas, 1999-present, Interactive Data: Trade in Goods and Services, BEA International Trade and Investment Country Facts, U.S. International Economic Accounts: Concepts and Methods, International Trade in Goods and Services. The U.S. monthly international trade deficit increased in October 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. See “U.S. Goods (BOP basis) and services by country and area. The repairs may be performed at the site of the repair facility or elsewhere. International Trade in Goods and Services” report (FT-900), statistics for OPEC exclude Ecuador, which withdrew from OPEC effective January 1, 2020. However, the customs value for imports for certain Canadian and Mexican goods is the point of origin in Canada or Mexico. Background: The United States produces roughly 30 percent of the world’s services, the largest portion in the world. U.S. International Trade in Goods and Services, October 2020, Seasonal Adjustment by Selected Countries and Areas, Frequently Asked Questions. Trade in services differs from trade in goods in a number of ways. Exports increased $0.1 billion to $9.5 billion and imports increased $1.7 billion to $37.8 billion. This estimate improves the current month data for exports to Canada and treats late receipts for exports to Canada in a manner that is more consistent with the treatment of late receipts for exports to other countries. Excludes such services in which the cost is included in the price of the goods and is not billed separately or is declared as a part of the price of the goods on the import or export declaration filed with U.S. Customs and Border Protection. The Census data only include imports of goods by U.S. military agencies that enter the U.S. customs territory. Gold exports, nonmonetary - This addition is made for gold that is purchased by foreign official agencies from private dealers in the United States and held at the Federal Reserve Bank of New York. Business travel also includes expenditures by border, seasonal, and other short-term workers in their economy of employment. The goods deficit increased $0.6 billion in October to $81.4 billion. For goods on a BOP basis and for services, European Union and OPEC reflect the composition of the areas at the time of reporting. Exports of services were revised down $3.1 billion. These data have been superseded. See "An Empirical Review of Methods for Temporal Distribution and Interpolation in the National Accounts" (May 2008) for more information. Charges for end-user rights to use general-use computer software and outright sales of customized computer software are included under computer services. Financial services include services for which an explicit commission or fee is charged as well as implicit charges, such as (1) implicit fees for bond transactions, measured as the difference between bid and ask prices; (2) margins on buying and selling transactions (called market-making services); and (3) margins between interest payable and the reference rate on loans and deposits (called financial intermediation service charges indirectly measured, abbreviated as FISIM). Maintenance and repair of computers are included under computer services, and some maintenance and repair of ships, aircraft, and other transport equipment are included under transport. Premium supplements represent investment income from insurance reserves, which are attributed to policyholders who are treated as paying the income back to the insurer.

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