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| Commentary on the November 2001 Trade Figures |
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Thursday, March 7th, 2002
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See December report for Unsustainable.org�s commentary on 2001 outturn. Below is the U.S. Government�s official commentary on the figures.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES/November 2001
Goods and Services
The Bureau of the Census and the Bureau of Economic Analysis, through the
Department of Commerce, announced today that total November exports of
$78.2 billion and imports of $106.1 billion resulted in a goods and services
deficit of $27.9 billion, $1.4 billion less than the $29.3 billion in October,
revised. November exports were $0.6 billion more than October exports of
$77.6 billion. November imports were $0.9 billion less than October imports
of $107.0 billion.
In November, the goods deficit decreased $1.1 billion from October to $34.0
billion, and the services surplus increased $0.4 billion to $6.1 billion.
Exports of goods decreased to $56.2 billion from $56.6 billion, and imports
of goods decreased to $90.2 billion from $91.6 billion. Exports of services
increased to $22.0 billion from $21.1 billion, and imports of services
increased to $15.9 billion from $15.3 billion.
Goods
The October to November change in exports of goods reflected decreases in
industrial supplies and materials ($0.3 billion); consumer goods ($0.1
billion); other goods ($0.1 billion); and automotive vehicles, parts, and
engines ($0.1 billion). Increases occurred in capital goods ($0.1 billion)
and foods, feeds, and beverages ($0.1 billion).
The October to November change in imports of goods reflected a decrease
in industrial supplies and materials ($1.7 billion). Increases occurred in
automotive vehicles, parts, and engines ($0.2 billion) and consumer goods
($0.1 billion). Capital goods; foods, feeds, and beverages; and other goods
were virtually unchanged.
Services
The increase in the services surplus in November reflected a larger rebound
in travel and passenger fare receipts--from post-September 11 lows recorded
in October--than in travel and passenger fare payments.
Services exports increased $0.9 billion from October to November. The
increase was accounted for by a $0.9 billion increase in travel and passenger
fares. Changes in the other categories of services exports were small.
Services imports increased $0.6 billion from October to November. The
increase was accounted for by a $0.6 billion increase in travel and
passenger fares. Changes in the other categories of services imports were
small.
Goods and Services Moving Average
For the three months ending in November, exports of goods and services
averaged $77.5 billion, while imports of goods and services averaged
$103.0 billion, resulting in an average trade deficit of $25.4 billion.
For the three months ending in October, the average trade deficit was
$25.5 billion, reflecting average exports of $79.4 billion and average
imports of $104.9 billion.
Selected Not Seasonally Adjusted Goods Details
The November figures showed surpluses, in billions of dollars, with Egypt
$0.3 (for October $0.6), Australia $0.3 ($0.3), Hong Kong $0.3 ($0.1),
Singapore $0.2 ($0.5), and Brazil $0.2 (deficit of $0.1). Deficits were
recorded, in billions of dollars, with China $7.2 ($9.2), Western Europe
$6.3 ($7.6), Japan $5.9 ($7.0), Canada $3.8 ($3.8), Mexico $2.5 ($2.6),
OPEC $2.1 ($3.1), Taiwan $1.2 ($1.5), and Korea $1.2 ($1.6).
Advanced technology products (ATP) exports were $15.0 billion in November
and imports were $16.2 billion, resulting in a deficit of $1.2 billion.
November exports were $0.7 billion less than the $15.7 billion in October,
while imports were $0.7 billion less than the $16.9 billion in October.
Revisions
Goods carry-over in November was $0.4 billion (0.7 percent) for exports and
$0.9 billion (1.0 percent) for imports. For October, revised export
carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion
(0.5 percent). For October, revised import carry-over was $0.2 billion
(0.2 percent), revised down from $0.9 billion (0.9 percent).
Services exports for October were revised up $0.3 billion to $21.1 billion;
the revision was more than accounted for by upward revisions in travel and
passenger fares. Services imports for October were revised up $0.2 billion
to $15.3 billion; the revision was more than accounted for by upward
revisions in travel and passenger fares.
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Contact Eamonn Fingleton |
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