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. US-China trade war: 'We're all paying for this' Negotiations are ongoing but have proven difficult. Agricultural Products Imports of goods on a Census basis increased $200.8 billion. The seasonal adjustment procedure (X-13ARIMA-SEATS) is based on a model that estimates the monthly movements as percentages above or below the general level of series (unlike other methods that redistribute the actual series values over the calendar year). 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. A World Trade Organization panel said Tuesday that the United States violated its rules by imposing tariffs on China in 2018, drawing an angry response from the Trump administration. The USITC (Office of Tariff Affairs and Trade Agreements) is responsible for publishing the Harmonized Tariff Schedule of the United States Annotated (HTSA). Other industrial machines increased $5.1 billion. Exports are valued at the f.a.s. The U.S. merchandise trade deficit with the rest of the world grew by $83.0 billion (10.4 percent) to $878.7 billion in 2018. 2018 US-China Trade Conflict after 40 Years of Special Protection Goods are initially classified under the Harmonized Commodity Description and Coding System (Harmonized System), which is an internationally accepted standard for the commodity classification of traded goods.  USITC DataWeb/USDOC, digest EP004 (accessed March 15, 2019). 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 particular, exports of oilseeds dropped $4.3 billion (19.9 percent), driven by a reduction in exports to China (table US.2). In addition, U.S. imports of coffee and tea decreased $596 million (8.3 percent), driven by lower imports of these products from Canada, Vietnam, Colombia, and Brazil. This product- and commodity-based measure of advanced technology differs from broader NAICS-based measures, which include all goods produced by a particular industry group, regardless of the level of technology embodied in the goods.  USITC DataWeb/USDOC, digest MM020 (accessed March 15, 2019). What are sectors? Share. These services do not include the value of the information transmitted. The two economic superpowers have been locked in a trade war since 2018 … 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. Forest Products Cross-border transactions in non-customized packaged software with a license for perpetual use are included in goods. Real imports of goods increased $7.9 billion to $238.4 billion. The first two scenarios are based on announced tariff increases by the US and China, the third scenario includes imaginary additional tariff increases on automobile This method preserves the pattern of the monthly indicator series, if available, while satisfying the annual aggregation constraints. Travel excludes air passenger services for travel between countries, which are included in transport, and goods for resale, which are included in goods. During the last five reported years the imports of United States changed by $245B from $2.16T in 2013 to $2.41T in 2018. December imports were $264.9 billion, $5.5 billion more than November imports. The Largest U.S. Deficit Is With China. Net balance of payments adjustments increased $0.6 billion. The US, the world's biggest economy, slipped seven places to 10th, while China fell six places to 20th. Exports increased $35.4 billion to $318.6 billion and imports increased $53.3 billion to $487.9 billion. Research and development services include services associated with basic and applied research and experimental development of new products and processes. Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a). Exports of services decreased less than $0.1 billion to $69.5 billion in December. 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. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The Census data only include gold that leaves the U.S. customs territory. Average exports increased $6.2 billion from December 2017. At Ports of Entry. 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. Net balance of payments adjustments decreased $0.2 billion. See the "Key Source Data and Assumptions" table that accompanies each GDP release for more information. Country Shifts (Interactive Graphics) Canada Telecommunications, computer, and information services - Telecommunications services include the broadcast or transmission of sound, images, data, or other information by electronic means. Monthly revisions: Each month, a preliminary estimate for the current month and a revised estimate for the immediately preceding month are released. us to better provide them with relevant statistical data. Imports by U.S. military agencies - This addition is made for purchases of goods abroad by U.S. military agencies, which are reported to BEA by the Department of Defense. The trade relationship of the United States with Canada is the second largest in the world after China and the United States. The services statistics cover transactions between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and other U.S. territories and possessions. 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. 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 services. The growth in exports of medicinal chemicals ($3.9 billion, 7.1 percent) was mostly due to increases in exports to European countries, particularly Italy, Germany, the Netherlands, Belgium, and the United Kingdom. Imports of goods on a Census basis increased $5.2 billion. Re-exports, which are included in overall export totals, appear as separate line items in exhibit 15. For 2018, the goods and services deficit increased $68.8 billion, or 12.5 percent, from 2017. Travel (for all purposes including education) increased $10.1 billion. (°) Statistical significance is not applicable or not measurable. Print. Border Patrol History. The U.S. runs the biggest trade deficits with China, Mexico, and Japan. The deficit with China increased $43.6 billion to $419.2 billion in 2018. Informational listing regarding the Harmonized Tariff. Postal and courier services and port services, which cover cargo handling, storage and warehousing, and other related transport services, are also included. Trade in services 2016-2018, € billions Year EU imports EU exports Balance; 2016: 192.5: 160.0-32.4: 2017: 194.7: 172.8-21.8: 2018: 196.2: 179.4-16.8 New dates are as follows: The "U.S. International Trade in Goods and Services, April 2019" and "U.S. International Trade in Goods and Services, Annual Revision" reports will be released as originally scheduled on Thursday, June 6, 2019. (For more information, see the Transportation Equipment and Agricultural Products chapters.). Annual revisions: Each June, not seasonally adjusted goods data are revised to redistribute monthly data that arrived too late for inclusion in the month of transaction. 11 The main U.S. imports from China in 2018 were electrical machinery, machinery, and furniture and bedding. Imports of goods were revised up $0.2 billion. Imports from these three countries saw the largest increases during this period and accounted for about 42 percent of the total increase in the value of U.S. general imports. This was the second year in a row of export growth, after two years of declining exports in 2015 and 2016. Quick lookup; data for individual tariff lines. Data adjusted for seasonal variation on a real, or chained-dollar, basis (2012 reference year) are presented in exhibits 10 and 11. Information about the U. S. International Trade Commission’s mission and history as an independent, quasi-judicial federal agency with broad investigative responsibilities on matters of trade.  In 2018, China, Canada, and Mexico, combined, accounted for 45 percent of the total U.S. trade. China The United States had a services trade surplus of an estimated $36 billion with China in 2019, down 4.1% from 2018. However, they can affect the detailed commodity statistics. The U.S. merchandise trade deficit with the rest of the world grew by $83.0 billion (10.4 percent) to $878.7 billion in 2018. South Korea Imports of services increased $0.5 billion to $47.7 billion in December. The General Imports value reflects the total arrival of merchandise from foreign countries that immediately enters consumption channels, warehouses, or Foreign Trade Zones. What are special provision exports and imports?  USITC DataWeb/USDOC, digest EL017 (accessed March 15, 2019). See "U.S. Trade Measure Definitions 2017 Features of ACE Exports Archive.  These increases in U.S. imports from Mexico were partially offset by a decrease in imports of consumer electronics and motor vehicles. 1337). At the same time, exports of motor vehicles were down $1.1 billion (1.5 percent), resulting from a substantial decrease in exports to China. In the remaining sectors, however, the trade deficit widened. Average imports decreased $0.4 billion to $263.7 billion in December. The Census data only include imports of goods by U.S. military agencies that enter the U.S. customs territory.  USITC DataWeb/USDOC, digest FP002 (accessed March 15, 2019).  Unless otherwise noted, the export data used in this investigation are for domestic exports. (For more information, see the Agricultural Products chapter. Financial services - Includes financial intermediary and auxiliary services, except insurance services. Deficits were recorded, in billions of dollars, with China ($419.2), European Union ($169.3), Mexico ($81.5), Germany ($68.3), Japan ($67.6), Ireland ($46.8), Italy ($31.6), Malaysia ($26.5), India ($21.3), OPEC ($21.2), Canada ($19.8), Thailand ($19.3), Switzerland ($18.9), South Korea ($17.9), France ($16.2), Taiwan ($15.5), Russia ($14.1), Indonesia ($12.6), and Saudi Arabia ($10.5). Civilian aircraft decreased $1.0 billion. Imports increased $217.7 billion or 7.5 percent.  USITC DataWeb/USDOC, digest MS009 (accessed March 15, 2019). 2015 Trade University Archive. For example, exports of transportation equipment saw an increase of $12.4 billion (3.8 percent) in 2018. Data for U.S. exports to Canada are derived from import data compiled by Canada. The largest declines were in U.S. imports of two main product groups: telecommunications equipment, down $4.1 billion (3.6 percent), and coffee and tea, down $596 million (8.3 percent) (table US.2). Real Goods in 2012 Dollars – Census Basis (exhibit 11). Sound statistical and holistic economic analysis of the trade dispute’s consequences is difficult due to data limitations. We provide high-quality, leading-edge analysis of international trade issues to the President and the Congress.  USITC DataWeb/USDOC, digest EL002 (accessed March 15, 2019).  USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). For goods on a BOP basis and for services, European Union and OPEC reflect the composition of the areas at the time of reporting. All 10 major merchandise sectors experienced aggregate increases in U.S. total exports in 2018. The FT-900 is the primary source for the goods trade data used in BEA's quarterly gross domestic product (GDP) statistics. Other revisions: For December and January statistical month releases, each prior month of the most recent full year is revised so that the totals of the seasonally adjusted months equal the annual totals. On the other hand, the U.S. trade deficit with Japan, South Korea, and India in 2018 decreased by $1.2 billion (1.8 percent), $5.1 billion (22.4 percent), and $1.6 billion (7.1 percent), respectively. Other business services increased $7.0 billion. Upcoming Outreach Activities. Download the Brief The Issue Sub-Saharan African countries are experiencing economic distress from the U.S.-China trade war. Trade Balance. More than 42.1% of the U.S. trade deficit in goods is with China. 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. Imports of goods increased $202.2 billion to $2,563.1 billion in 2018. U.S. merchandise trade and tariff data web interface, Retrieve U.S. merchandise trade data using the data request tool. The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. Deductions for equipment repairs (parts and labor), repairs to U.S. vessels abroad, and developed motion picture film. Each month, the U.S. Census Bureau revises the aggregate seasonally adjusted (current and real, or chained-dollar) and unadjusted export, import, and trade balance figures, as well as the end-use totals for the prior month. Contact Us. After the initial revision, no further revisions are made to a month until more complete source data become available in March, June, September, and December. Merchandise Trade Statistics: A Quality Profile, Advance Report Frequently Asked Questions, ITA Table 2.4. 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). United States International Trade Commission The Year in Trade 2018 . 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. An official website of the United States government. The United States International Trade Commission is an independent, nonpartisan, quasi-judicial federal agency that fulfills a range of trade-related mandates. For imports, the value reported is the CBP-appraised value of merchandise—generally, the price paid for merchandise for export to the United States. About sharing. Computer accessories increased $5.4 billion. Miscellaneous Tariff Bill (MTB) Information Page, Office of Industries Industrial supplies and materials increased $68.4 billion. 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. Opinions and Reports that include Trade Shifts, Recent Trends, Services Trade,Year in Trade, Safeguards. 10 US trade policy issues to monitor in 2018 Susan Kohn Ross, International Trade Attorney, Mitchell Silberberg & Knupp | Jan 19, 2018 6:23PM EST . Real exports of goods decreased $2.2 billion to $146.8 billion. 2018 Special 301 Report . Total US investment in the EU is three times higher than in all of Asia. ), The increase in overall U.S. exports of merchandise was somewhat offset by a drop in the value of exports in several sectors. The United States-Nepal Council on Trade and Investment, under the United States-Nepal Trade and Investment Framework Agreement (TIFA) View Full Release. ), Table US.3 All merchandise sectors: U.S. total exports, general imports, and merchandise trade balance, by selected trading partners and groups, 2014–18.  USITC DataWeb/USDOC, digest EL003 (accessed March 15, 2019). Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $8.5 billion. 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. Goods procured in U.S. ports by foreign carriers - This addition is made for foreign air and ocean carriers' fuel purchases in U.S. ports. Similarly, the United States’ imports of transportation equipment came mostly from major trading partners that are also large exporters of transportation equipment—Mexico, Japan, Canada, Germany, South Korea, and China. 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). 10 The $346 billion deficit with China was created by $452 billion in imports. This increase in U.S. imports from Canada was partially offset by a decrease in imports of motor vehicles, lumber, and precious metals and non-numismatic coins. For services, CAFTA-DR is not available because trade with this area's member countries cannot be separately identified. 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. These revisions result from forcing the seasonally adjusted months to equal the annual totals. Seasonally adjusted data are also revised to reflect recalculated seasonal and trading-day adjustments. Goods on a Census basis are adjusted by BEA to a BOP basis to align the data with the concepts and definitions used to prepare the international and national economic accounts.  USITC DataWeb/USDOC, digest CH033 (accessed March 15, 2019). Exports decreased $9.6 billion to $120.3 billion and imports increased $34.0 billion to $539.5 billion.  Exports of U.S. merchandise to other major trading partners such as Japan, Germany, South Korea, and the United Kingdom also experienced gains over the previous year (table US.3). 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. The HTSA provides the applicable tariff rates and statistical categories for all merchandise imported into the United States.  However, the drop in exports of U.S. oilseeds (down $4.3 billion, or 19.9 percent) partly offset the gains in exports of other agricultural products. Footwear Cell phones and other household goods increased $0.6 billion. Transportation Equipment, Special Topic: Section 232 and 301 Trade Actions in 2018, Companion Data Set [XLSX] - Includes charges for the use of proprietary rights, such as patents, trademarks, and copyrights, and charges for licenses to use, reproduce, distribute, and sell or purchase intellectual property. They reflect the opinions and research of individual authors and are not the views of the U.S. International Trade Commission or any of its individual Commissioners. 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. Re-exports are foreign merchandise entering the country as imports and then exported in substantially the same condition as when imported. Other petroleum products increased $14.4 billion. Amounts received by a parent company from its affiliates for general overhead expenses related to these services are included. Similarly, U.S. exports of transportation equipment—particularly aircraft, spacecraft, and related equipment ($8.4 billion, 6.5 percent)—went mostly to the United Kingdom, China, France, and Germany. EU investment in the US is around eight times the amount of EU investment in India and China together. 2018 International Trade Webinars Archive. Table reflects only those months for which there was trade. China–US Trade Disputes in 2018: An Overview. Table reflects only those months for which there was trade. For categories for which monthly data are not available, monthly statistics are derived from quarterly statistics through temporal distribution, or interpolation.