When most people think of free trade, they think of trade in goods such as coffee, cars and chemicals. Canadian estimates: Effective with January 2001 statistics, the current month data for exports to Canada contain an estimate for late arrivals and corrections. However, this total does not cover services delivered via foreign affiliates (i.e. Statistics are also reported on a year-to-date basis. However, they can affect the detailed commodity statistics. Quarterly revisions: The releases in March, June, September, and December contain revised estimates for the previous six months to incorporate more comprehensive and updated source data. October exports were $182.0 billion, $4.0 billion more than September exports. 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. The full economic effects of the COVID-19 pandemic cannot be quantified in the trade statistics because the impacts are generally embedded in source data and cannot be separately identified. Average exports decreased $55.7 billion from July 2019. See the Advance Report Frequently Asked Questions for more information. U.S. International Trade in Goods, Balance of Payments Adjustments and in the January, April, July, and October issues of the Survey of Current Business. The services surplus decreased $0.4 billion in October to $18.3 billion. Generators and accessories increased $0.4 billion. For categories for which monthly data are not available, monthly statistics are derived from quarterly statistics through temporal distribution, or interpolation. Euro Area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain. Low-valued transactions: The total values of transactions valued as much as or below $2,500 for exports and $2,000 ($250 for certain quota items) for imports are estimated for each country, using factors based on the ratios of low-valued shipments to individual country totals for past periods. Information services include news agency services, database services, and web search portals. The interpolation methodology used by BEA is the modified Denton proportional first difference method. These services do not include the value of the information transmitted. These revisions result from forcing the seasonally adjusted months to equal the annual totals. The right to establish also involves the right to employ people without restrictions on the nationality. What is the impact of COVID-19 on statistics on trade in services? Data users should use caution drawing comparisons between the two sets of seasonally adjusted series. U.S. sales are exports and U.S. purchases are imports. Exports of services were revised down $3.1 billion. The United States generated a cross-border trade surplus in these industries of nearly $7.1 billion in 2012. Construction - Consists of the services provided to create, renovate, repair, or extend buildings, land improvements, and civil engineering constructions, such as roads and bridges. The Census Bureau provides these data to BEA for use in the NIPAs and in the U.S international transactions accounts (balance of payments accounts). The goods deficit increased $0.6 billion in October to $81.4 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. Re-exports, which are included in overall export totals, appear as separate line items in exhibit 15. July exports were $168.1 billion, $12.6 billion more than June exports. Charges for end-user rights to use general-use computer software and outright sales of customized computer software are included under computer services. Call us: (301)763-2311 or 1-800-549-0595 option 4 [PDF] or denotes a file in Adobe’s Portable Document Format . International trade in services statistics are a part of the balance of payments framework, and are also used for National Accounts. Adjustments for seasonal and trading-day variations. Unlike the seasonal adjustments by commodity and by service type that are applied to the global totals, these adjustments are developed and applied directly at the country and world area levels. 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). Finished metal shapes increased $1.3 billion. Quality assurance procedures are performed at every stage of collection, processing, and tabulation. 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). Trade in services that takes place between a producer and consumer that are, in legal terms, based in different countries is called International Trade in … Monthly revisions: Each month, a preliminary estimate for the current month and a revised estimate for the immediately preceding month are released. The deflators are primarily based on the monthly price indexes published by the BLS using techniques developed for the NIPAs by BEA. Balance of payments international trade in services statistics are also closely related to the statistics on the Activities of Multinational Enterprises (AMNE): while balance of payments trade in services data reflect those international trade transactions that are delivered via WTO GATS Modes of Supply 1 (cross-border supply), 2 (consumption abroad) and 4 (presence of natural persons)… Documents may be lost, and data may be incorrectly keyed, coded, or recorded. Deductions for equipment repairs (parts and labor), developed motion picture film, military grant-aid, and, for periods prior to 2010, goods identified in the Census data as exports under the Foreign Military Sales (FMS) program. An official website of the United States government. Services are seasonally adjusted when statistically significant seasonal patterns are present. Data for goods on a Census basis are compiled from the documents collected by U.S. Customs and Border Protection (CBP) and reflect the movement of goods between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and U.S. Foreign Trade Zones. Travel is a transactor-based component that covers a variety of goods and services, primarily lodging, meals, transportation in the country of travel, amusement, entertainment, and gifts. USTR’s work to promote open and transparent services trade takes many forms, including through: • U.S. free trade agreements (Cross-Border Trade in Services and Financial Services chapters) • Covered Agreements relating to insurance and reinsurance (co-lead with U.S. Treasury Department) Goods carry-over in July was $0.1 billion (0.1 percent) for exports and $0.4 billion (0.2 percent) for imports. In 2016, the U.S. trade deficit with the rest of the world was $416.7 billion. Exports increased $1.3 billion to $9.7 billion and imports increased $0.1 billion to $6.8 billion. Box 1 — Services trade statistics by modes of supply. Most errors involve missing or invalid commodity classification codes and missing or incorrect quantities or shipping weights. The difference between the exports and imports is the trade balance. Net balance of payments adjustments increased $0.1 billion. (°) Statistical significance is not applicable or not measurable. The average goods and services deficit increased $3.3 billion to $58.3 billion for the three months ending in July. Real exports of goods increased $13.1 billion to $133.7 billion. Goods data appearing in exhibit 15 are classified in terms of the SITC Revision 4, with the exception of agricultural and manufactured goods. Industrial supplies and materials increased $2.5 billion. Other petroleum products increased $0.4 billion. Contact the International Trade Macro Analysis Branch: Email us! For imports, the value reported is the CBP-appraised value of merchandise—generally, the price paid for merchandise for export to the United States. It is computed by adding import charges to the customs value and therefore excludes U.S. import duties. Exports increased $2.5 billion to $36.8 billion and imports increased $23.9 billion to $112.6 billion. The Regulatory Assessment on Services Trade and Investment (RASTI) toolkit offers a practical guide to assess the impact of services regulations. The FT-900 and the FT-900 Supplement are available at www.census.gov/ft900 or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports. Financial services - Includes financial intermediary and auxiliary services, except insurance services. Average exports increased $6.9 billion to $155.1 billion in July. This method preserves the pattern of the monthly indicator series, if available, while satisfying the annual aggregation constraints. Net exports of goods under merchanting - This addition is made to include the net value of the purchase and subsequent resale of goods abroad without the goods entering the United States. Postal and courier services and port services, which cover cargo handling, storage and warehousing, and other related transport services, are also included. Because these goods do not cross the U.S. customs frontier, their value is not recorded in the Census data. Exports decreased $21.9 billion to $46.4 billion and imports decreased $13.8 billion to $33.4 billion. 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. 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). Data users should use caution drawing comparisons between the two sets of seasonally adjusted series. Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19). Import duties, freight, insurance, and other charges incurred in bringing merchandise to the United States are excluded. The Harmonized System describes and measures the characteristics of the goods and is the basis for the systems used in the United States: Schedule B for exports and Harmonized Tariff Schedule for imports. Imports of goods on a Census basis increased $21.5 billion. The surplus helps offset the deficit in goods. The following is a brief description of the types of services included in each category: Maintenance and repair services n.i.e. Imports of services increased $1.2 billion to $35.3 billion in July. 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. For total exports and imports, data users should refer to the commodity-based totals shown in the other exhibits. 1. FT900 US International Trade in Goods and Services. Monthly country and area detail is not available for goods on a BOP basis or for services. Trade in services (% of GDP) International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates. Charges for the use of intellectual property n.i.e. Trade in services is a key aspect of the U.S.-China economic relationship, and one with multiple benefits for the United States. However, the customs value for imports for certain Canadian and Mexican goods is the point of origin in Canada or Mexico. Exports of goods on a Census basis increased $12.3 billion. Other business services - Consists of research and development services, professional and management consulting services, and technical, trade-related, and other business services. 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. The United States had a services trade surplus of an estimated $36 billion with China in 2019, down 4.1% from 2018. Graph and download economic data for Trade Balance: Goods and Services, Balance of Payments Basis (BOPGSTB) from Jan 1992 to Oct 2020 about balance, BOP, headline figure, trade, services, goods, and USA. Unlike the commodity-based adjustments discussed above, these adjustments are developed and applied directly at the country and world area levels. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.1 billion in October, up $1.0 billion from $62.1 billion in September, revised. If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at firstname.lastname@example.org. Trade in services differs from trade in goods in a number of ways. Undocumented shipments: Federal regulations require importers, exporters, or their agents to report all merchandise shipments above established exemption levels. essentially mode 3). Goods (BOP basis) and services by country and area. or use our feedback form! Industrial supplies and materials increased $4.4 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. Automotive vehicles, parts, and engines increased $7.7 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. Additionally, in concept, inputs purchased by foreign construction contractors for projects in the United States are included in construction exports, and inputs purchased abroad by U.S. construction contractors are included in construction imports. The surplus with South and Central America increased $1.2 billion to $2.9 billion in July. Annual revisions: Each June, historical data are revised to incorporate newly available and revised source data, changes in definitions and classifications, and changes in estimation methods. Background: The United States produces roughly 30 percent of the world’s services, the largest portion in the world. The seasonally adjusted country and world area data will not sum to the seasonally adjusted by-commodity and by-service type totals because the two sets of statistics are derived from different aggregations of the export and import data and from different seasonal adjustment models. The U.S. goods trade deficit with China was $345.0 billion in 2019, a 17.6% decrease ($73.7 billion) from 2018. That created a trade surplus of $287.4 billion. As well as country data, several regional and economic groupings are available. The exception is exhibit 17a, which shows CIF import value. Imports of goods were revised down $0.2 billion. + View Full Report Professional and management consulting services include legal services, accounting, management consulting, managerial services, public relations services, advertising, and market research. This means U.S. services are very competitive in the global market. Agricultural goods are defined by the U.S. Department of Agriculture (USDA); they consist of non-marine food products and other products of agriculture that have not passed through complex processes of manufacture. They have a negligible effect on aggregate import, export, and balance of trade statistics. However, in practice, data are not available to estimate inputs purchased by foreign contractors for projects in the United States, so BEA statistics on construction exports do not include this component. Business travel also includes expenditures by border, seasonal, and other short-term workers in their economy of employment. 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). Insurance is measured as gross premiums earned plus premium supplements less claims payable, with an adjustment for claims volatility. However, for the advance GDP estimate, FT-900 data for the third month are not yet available, so BEA uses data from the Advance Report. Sponsored Links. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. Services supplied by and to governments are classified to specific services categories when source data permit.