Computer services consist of hardware- and software-related services and data processing services. Japan Goods procured in foreign ports by U.S. carriers - This addition is made for U.S. air and ocean carriers' fuel purchases in foreign ports. What are special provision exports and imports? In 2018 United States imported $2.41T, making it the number 1 trade destination in the world. This change will affect exhibits 14, 17a, and 19 of the FT-900 and exhibit 4 of the FT-900 Supplement. United States International Trade Commission The Year in Trade 2018 . 2015 Trade University Archive. Imports of services were revised up less than $0.1 billion.  USITC DataWeb/USDOC, digest MS009 (accessed March 15, 2019). Average imports decreased $0.4 billion to $263.7 billion in December. Further, U.S. exports of steel mill products were $954 million (7.1 percent) lower in 2018 than in 2017, driven by lower exports to Canada and Mexico. Organization of Petroleum Exporting Countries (OPEC): Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. An open and transparent process for the submission and consideration of requests for temporary duty suspensions and reductions. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports. Details may not equal totals due to rounding. New: US trade deficit grew $69 billion in 2018, hitting a 10-year high. Access information about USITC investigations regarding claims of intellectual property rights infringement, including patent, copyright and trademarks, and other forms of unfair competition involving imported products under Section 337 of the Tariff Act of 1930. , At the sector level, U.S. imports of merchandise in 2018, like U.S. exports, were concentrated in the energy-related products, chemicals, and transportation equipment sectors (table US.1).  USITC DataWeb/USDOC, digest CH033 (accessed March 15, 2019). 70th Report . 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). United States Trade Representative Robert Lighthizer gratefully acknowledges the The Census data only include gold that leaves the U.S. customs territory. These categories are used as the basis for computing the seasonal and trading-day adjusted data. Government goods and services n.i.e. USITC’s current Strategic Plan, along with previous editions and related documents including USITC’s Budget Justifications and Performance Plans, Annual Performance Reports and Performance and Accountability Reports. Europe: Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Svalbard-Jan Mayen Island, Sweden, Switzerland, Tajikistan, Turkey, Turkmenistan, Ukraine, United Kingdom, Uzbekistan, Vatican City. Search for more papers by this author. Census Bureau's application programming interface (API): The Census Bureau's API, available at www.census.gov/developers/, lets developers create custom apps to reach new users and makes key demographic, socio-economic, and housing statistics more accessible than ever before. Data users should use caution drawing comparisons between the two sets of seasonally adjusted series. BEA makes an addition for the inland freight charges of transporting these goods to the U.S. border to make the value comparable to the customs value reported for imports from other countries. Exports increased $0.6 billion to $3.3 billion and imports increased $0.3 billion to $4.7 billion. The December figures show surpluses, in billions of dollars, with South and Central America ($3.5), Hong Kong ($2.2), Brazil ($0.8), United Kingdom ($0.6), and Singapore ($0.4). In addition, revisions are made to reflect corrections received subsequent to the monthly revisions. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $59.8 billion in December, up $9.5 billion from $50.3 billion in November, revised. Agricultural Products Imports of goods increased $5.1 billion to $217.2 billion in December. Strategic Plan. Data adjusted for seasonality but not price changes, Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 6, 2019, Exports, Imports, and Balance (exhibit 1).  USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at email@example.com. See the "Key Source Data and Assumptions" table that accompanies each GDP release for more information. 2018 Trade Shifts Home South/Central America: Anguilla, Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia, Costa Rica, Cuba, Curacao, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands (Islas Malvinas), French Guiana, Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Jamaica, Martinique, Montserrat, Netherlands Antilles, Nicaragua, Panama, Paraguay, Peru, Sint Maarten, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, Uruguay, Venezuela. As of 2018, the United States had a trade deficit of about 616.8 billion U.S. dollars. us to better provide them with relevant statistical data. 1. Print. Travel (for all purposes including education) increased $10.1 billion. Adjustments that exhibit significant seasonal patterns are seasonally adjusted. Services are seasonally adjusted when statistically significant seasonal patterns are present. The deficit with Mexico increased $2.1 billion to $8.8 billion in December. The U.S. goods trade deficit with China was $345.0 billion in 2019, a 17.6% decrease ($73.7 billion) from 2018. (For more information, see the Energy-related Products, Transportation Equipment, and Chemicals and Related Products chapters. The Census data only include imports of goods by U.S. military agencies that enter the U.S. customs territory. The United States did not experience deficit growth in all merchandise sectors.  USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). News and analysis of US trade policy, including the evolution and impact of US free-trade agreements (such as the revised free-trade agreement between the United States, Mexico and Canada), and important trade disputes involving violations of international law. The December increase in the goods and services deficit reflected an increase in the goods deficit of $9.0 billion to $81.5 billion and a decrease in the services surplus of $0.5 billion to $21.8 billion.  The main markets for U.S. exports of these products were major U.S. trading partners, including Canada and Mexico, as well as markets such as Taiwan and India. Commodity and country details and statistics for goods trade on a balance of payments (BOP) basis and for services trade are released several days later in the FT-900. Exports increased $35.4 billion to $318.6 billion and imports increased $53.3 billion to $487.9 billion. (For more information, see the Transportation Equipment and Agricultural Products chapters.). The US and China have been exchanging threats and imposing tariffs in a ‘trade war’ since early 2018. The United States and Chile Hold the Twelfth Meeting of the Free Trade Commission under the U.S.-Chile Free Trade Agreement 2018-10-16 U.S.  USITC DataWeb/USDOC, digest EP004 (accessed March 15, 2019). The Commission is a highly regarded forum for the adjudication of intellectual property and trade disputes. Cross-border transactions in non-customized packaged software with a license for perpetual use are included in goods. These investigations often concern the likely impact of changes in trade policy such as trade agreements on the U.S. economy, industries, and workers or provide assessments of U.S. industries. The next release of the ITAs is scheduled for March 27, 2019. Statement on the United States - Central Asia Trade and Investment Framework Agreement 2016 Trade Webinars Archive. In 2018, the biggest trade deficits were recorded with China, Mexico, Germany, Japan, Ireland, Vietnam and Italy and the biggest trade surpluses with Hong Kong, Netherlands, Australia, United Arab Emirates, Belgium, Brazil and Panama. Merchandise Trade Statistics: A Quality Profile, Advance Report Frequently Asked Questions, ITA Table 2.4. 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. Timeliness and data capture errors: The Census Bureau captures import and export information from administrative documents and through various automated collection programs.  USITC DataWeb/USDOC, digest MM038 (accessed March 15, 2019). These products represent leading edge technology in that field. Imports of goods on a Census basis increased $200.8 billion. Auxiliary insurance services include agents' commissions, brokerage services, insurance consulting services, actuarial services, and other insurance services. Country detail data and commodity detail data, based on the Standard International Trade Classification (SITC) Revision 4 and the North American Industry Classification System (NAICS), are not revised monthly. Quality assurance procedures are performed at every stage of collection, processing, and tabulation.  USITC DataWeb/USDOC, digest EL017 (accessed March 15, 2019). Goods trade in the Advance Economic Indicators Report. or use our feedback form! Copy link. Other industrial machines increased $5.1 billion. Exports of goods increased $118.5 billion to $1,671.8 billion in 2018.  General imports increased at a higher rate, reaching their highest levels since 2014 (table US.1), while U.S. total exports rose by $117 billion (7.6 percent) to nearly $1.7 trillion from 2017 to 2018. For 2018, the goods and services deficit increased $68.8 billion, or 12.5 percent, from 2017. Insurance services - Includes the direct insurance services of providing life insurance and annuities, non-life (property and casualty) insurance, reinsurance, freight insurance, and auxiliary insurance services. U.S. International Trade in Goods, Balance of Payments Adjustments, An Empirical Review of Methods for Temporal Distribution and Interpolation in the National Accounts, U.S. International Trade in Goods and Services, December 2018. The US is a major trade and investment partner for the UK - … Exports of services decreased less than $0.1 billion to $69.5 billion in December. For more information on trade terminology, please refer to USITC, “Special Topic: Trade Metrics,” Shifts in U.S. News and analysis of US trade policy, including the evolution and impact of US free-trade agreements (such as the revised free-trade agreement between the United States, Mexico and Canada), and important trade disputes involving violations of international law. The decrease in U.S. exports to China was driven by a sharp drop in exports of oilseeds, which were $9.1 billion (74 percent) lower than in 2017. For 2018, the goods and services deficit was $621.0 billion, up $68.8 billion from $552.3 billion in 2017. Manufactured goods conform to the NAICS; they consist of goods that have been mechanically, physically, or chemically transformed. These services do not include the value of the information transmitted. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's Web site at www.bea.gov/news/schedule. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release.  USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). However, the customs value for imports for certain Canadian and Mexican goods is the point of origin in Canada or Mexico. For 2018, the goods and services deficit increased $68.8 billion, or 12.5 percent, from 2017. 2018 : U.S. trade in goods with India . Information services include news agency services, database services, and web search portals.  USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). Combined, U.S. exports to these two countries accounted for one-third of all U.S. exports of merchandise in 2018. EU investment in the US is around eight times the amount of EU investment in India and China together. However, this increase was tempered by a decrease in exports of two product groups within this sector—motor vehicles (down $1.2 billion, or 1.5 percent) and aircraft engines and gas turbines (down $766 million, or 7.7 percent) (table US.2). Financial services - Includes financial intermediary and auxiliary services, except insurance services. Exports increased $13.6 billion to $163.8 billion and imports increased $6.3 billion to $122.3 billion. Tariffs threaten nearly 7 percent of China-US container trade 05 Apr 2018 U.S. exports of agricultural products experienced the smallest aggregate increase in 2018. Share page. The Advance Report contains advance statistics for goods trade on a Census basis by principal end-use category, thus providing users an earlier high-level snapshot of U.S. international trade for the featured month. Imports from Mexico rose $32.3 billion (10.3 percent), while imports from Canada grew by $19.2 billion (6.4 percent) in the same period (table US.3). U.S. foreign direct investment (FDI) in China (stock) was $116.2 billion in 2019, a 6.3% increase from 2018. 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. In fact, the trade deficit in energy-related products continued to fall in 2018, as it had during 2014–17, declining 13.1 billion (24.5 percent) from the previous year. This adjustment for price change is done using the Fisher chain-weighted methodology.