Showing posts with label trade balance. Show all posts
Showing posts with label trade balance. Show all posts
Tuesday, August 14, 2012
Is Germany a bull in the Eurozone's China Store?
Some thoughts of mine on PressEurop's very interesting report: Berlin still selling too much (14/8/2012)
1) The FAZ comments IMO, at best, show (let's call it) "non-systemic thinking".
2) Is Germany exporting too much or importing and in general consuming too little? Too little from the Eurozone?
3) In terms of trade surplus, Germany is a bull in a China Store. Funny thing is, Germany's inflation phobia makes China another bull in the Eurozone and EU's "stores"/mkts for goods.
4) Germany saves "a lot" which means it has to find outlets for its investments. No wonder Germany had invested "a lot" in the PIIGS (while selling "a lot" to them too). The rest is not "rocket science"!
5) But the strategic/systemic question is: Is Germany too big to be part of the EU/EZ but too small to be a power on its own? And if Germany is too small to be a world power on its own, what do that say for eg UK's ambitions? France, sometimes arrogant, nevertheless knows it needs "Europe". UK and Germany (and others) act as if they do not.
6) Marketing: What exactly is Germany exporting that the Eurozone (40%), EU (60%), the world, a) cannot substitute or b) always need/want?
7) So with Germany having cornered the high quality market, China the low price one & US the new tech one, what's left for (most of) the rest?
8) Problem not only that Berlin still selling too much but its policy/philosophy not selling (in many parts of Europe/EU/Eurozone)
Saturday, August 11, 2012
The UK should leave the WTO instead of the EU!
The UK's June trade balance (goods and services) from £ billion -2.9 in 2011 to -4.3 in 2012! Without services, it would be worse!
The deficit in goods trade of the UK is greater with the rest of the world than with the EU (June 2012): -5.2 vs -4.9 (£ billion, source: ONS).
Also: June UK exports to EU fell 7.2%, but to rest of the world they fell 9.6%, thus debunking the myth that the UK is better off outside the EU and focusing on trade with the non-EU rest of the world!
So maybe the UK should leave the WTO instead of the EU!
Actually, since the UK is a member of the WTO directly and via the EU's membership, the UK should stay in the EU and convince it to leave the WTO (and replace it with existing and new bilateral agreements).
The deficit in goods trade of the UK is greater with the rest of the world than with the EU (June 2012): -5.2 vs -4.9 (£ billion, source: ONS).
Also: June UK exports to EU fell 7.2%, but to rest of the world they fell 9.6%, thus debunking the myth that the UK is better off outside the EU and focusing on trade with the non-EU rest of the world!
So maybe the UK should leave the WTO instead of the EU!
Actually, since the UK is a member of the WTO directly and via the EU's membership, the UK should stay in the EU and convince it to leave the WTO (and replace it with existing and new bilateral agreements).
Monday, August 6, 2012
Some things are not the Greeks' fault!
The Greeks/Greece have in the last 2.5 years been blamed by many analysts, commentators, media etc for the Eurocrisis. The main premise for the blame is their perennial government deficits and resulting national debt. One can debate that, but that's not the point of this post.
The point is:
So many allegedly "successful" country (national) economic models are actually based on gimmicks, "piggybacking" on other countries, myths/stereotypes, etc!
For example:
Some countries over-rely on exports (trade surplus). While some exporting is of course a very good thing, there are limits. A country cannot and should not rely too much on the consumers of other countries (that a perennial trade surplus indicates). All in moderation.
Some countries rely on tax competition (too low tax rates, off-shore tax heavens, etc). Nothing to be proud of. On the contrary.
'Some countries' economic model takes advantage of nuclear energy, putting into risk their neighbours and the whole planet!
The same, but to a different extent and nature, applies to CO2 emitting industry. Past and present mega polluters (see global warming).
Sunday, September 26, 2010
How many countries committed "economic suicide"
Many countries suffocated their own productive forces in their economy via red tape etc thus paving the way for imports to come in and rule!
Consider: What are the real causes - factors that turned eg the US & the UK from net mega exporters to net mega importers in only a few decades?
In many countries it started making much more sense to import than to produce (due to red tape and other conditions) = "economic suicide"
Consider: What are the real causes - factors that turned eg the US & the UK from net mega exporters to net mega importers in only a few decades?
In many countries it started making much more sense to import than to produce (due to red tape and other conditions) = "economic suicide"
Monday, August 9, 2010
Some thoughts on world dynamics
Some thoughts on world dynamics
Too many CEOs in 2010 still have the mindset of military leaders, in that they are preoccupied with beating the competition instead of focusing on client needs, wants and satisfaction. Too many analysts as well.
On the other hand, world dynamics in recent years have turned countries into players in a global economic game where the goals are scored via exports and trade surpluses!
Hence corporations are failing in satisfying clients, shareholders and ... analysts, countries are failing to satisfy their populations and have allowed populists to create scapegoats out of political and economic immigrants (see recent proposals re immigrants and "new" citizens in USA, France and Belgium).
In short, the world (Earth) is anything but uniting, in spite of the positive effect of the Internet and social media!
Too many CEOs in 2010 still have the mindset of military leaders, in that they are preoccupied with beating the competition instead of focusing on client needs, wants and satisfaction. Too many analysts as well.
On the other hand, world dynamics in recent years have turned countries into players in a global economic game where the goals are scored via exports and trade surpluses!
Hence corporations are failing in satisfying clients, shareholders and ... analysts, countries are failing to satisfy their populations and have allowed populists to create scapegoats out of political and economic immigrants (see recent proposals re immigrants and "new" citizens in USA, France and Belgium).
In short, the world (Earth) is anything but uniting, in spite of the positive effect of the Internet and social media!
Thursday, July 22, 2010
If the Germans spend more, who will benefit, the rest of the Eurozone or China and other WTO economies?
So the savers must become spenders, the spenders savers, the exporters importers and the importers exporters?
If the German consumers spend more while the EU is in the WTO, most of the benefit will go to:
1) The Chinese and other non-EU (in WTO) "super cheap" exports
or
2) The exports of other Eurozone economies?
I suspect the former (1).
Does that mean that the EU should leave the WTO for the benefit of more balance in the Eurozone?
If the German consumers spend more while the EU is in the WTO, most of the benefit will go to:
1) The Chinese and other non-EU (in WTO) "super cheap" exports
or
2) The exports of other Eurozone economies?
I suspect the former (1).
Does that mean that the EU should leave the WTO for the benefit of more balance in the Eurozone?
Wednesday, April 14, 2010
February US trade balances in goods and services
February US trade stats:
a) goods deficit up $1.9 billion from January to $51.3 billion
b) services surplus down $0.8 billion to $11.6 billion
Source: US Dept of Commerce
a) goods deficit up $1.9 billion from January to $51.3 billion
b) services surplus down $0.8 billion to $11.6 billion
Source: US Dept of Commerce
EU trade surplus with the US in goods
EU trade surplus with the US in goods:
February 2010: $5.3
January 2010: $2.8
Source: US Dept. of Commerce
February 2010: $5.3
January 2010: $2.8
Source: US Dept. of Commerce
Sunday, April 11, 2010
Large rise in China's imports behind trade deficit in March
Chinese officials have today announced a $7.2bn trade deficit for March 2010, the first since a $2.3bn deficit in April 2004.
Yesterday, Yi Xiaozhun, vice-minister in the Chinese Ministry of Commerce had hinted that China is likely to announce a trade deficit for March.
But these are a good reason behind that: The growth of China's imports that is largely due to rising prices for commodities as well as the huge demand for raw materials to power China's economy. In the last few months China has been importing huge amounts of iron ore, copper, crude oil, coal and steel!
And whereas the US and European markets for Chinese goods are still weak, even though Chinese exports are recovering, they are not recovering, yet, as fast as China's imports are growing.
What is also noteworthy is that according to Mr. Yi Xiaozhun, China doesn't want a trade surplus or a trade deficit.
Yesterday, Yi Xiaozhun, vice-minister in the Chinese Ministry of Commerce had hinted that China is likely to announce a trade deficit for March.
But these are a good reason behind that: The growth of China's imports that is largely due to rising prices for commodities as well as the huge demand for raw materials to power China's economy. In the last few months China has been importing huge amounts of iron ore, copper, crude oil, coal and steel!
And whereas the US and European markets for Chinese goods are still weak, even though Chinese exports are recovering, they are not recovering, yet, as fast as China's imports are growing.
What is also noteworthy is that according to Mr. Yi Xiaozhun, China doesn't want a trade surplus or a trade deficit.
Sunday, January 17, 2010
US Trade Statistics for August 2009 and Jan-Aug 2009
With the release of August 2009 U.S. International Trade in Goods and Services report by the Department of Commerce’s U.S. Census Bureau and the Bureau of Economic Analysis:
Thus in August 2009, the monthly U.S. goods and services trade deficit decreased by 3.6% to $30.7 billion when compared to July 2009.
Although the decline in year-to-date figures from 2008 to 2009 has been significant, the monthly figures show signs of stabilization.
On a monthly basis, August represents the fourth consecutive month that goods and services exports have increased, with monthly exports rising from $120.6 billion in April 2009 to $128.2 billion in August 2009.
Export Markets:
The largest export markets for U.S. goods year-to-date through August 2009 were:
Canada ($130.3 billion),
Mexico ($80.9 billion),
China ($41.2 billion),
Japan ($32.9 billion), and
the United Kingdom ($30.2 billion).
Export sectors
In August, U.S. good exports continued to improve, with exports increasing:
January-August
Exports:
Through the first eight months of 2009 (January – August), U.S. goods and services exports totaled $996.2 billion, a 20.3% decline from the $1,250.5 billion exported through the same period of 2008.
Imports:
U.S. goods and service imports fell faster than exports, with imports declining 29.1% through the first eight months of 2009 (when compared to the year earlier period).
The Oil effect on imports and exports:
The decline in trade in nominal terms is partly due to the drastic decline in crude oil prices.
Since the peak reached in July 2008 of $124.6, the price of crude oil has declined 48.0% to a value of $64.8 in August 2009.
Imports: The total value of U.S. imports of petroleum have fallen to $152.5 billion year-to-date through August 2009, compared to $330.4 billion from the year earlier period.
Exports: U.S. exports of petroleum have fallen to $30.0 billion year-to-date through August 2009, down 39.4% from the same period of last year.
Trade with developing countries:
Although trade with most of its major trading partners has fallen, U.S. goods exports continue to grow to developing areas.
The effect of Free Trade Agreements:
Free Trade Agreements have also helped the U.S. to maintain a foothold for U.S. manufactured goods exports:
The U.S. manufactured goods trade balance with the US' FTA partners has improved from a surplus of $12.7 billion through the first eight months of 2008, to a surplus of $19.3 billion through the first eight months of 2009.
NAFTA: The most dramatic improvement in the manufactured goods trade balance has been with NAFTA partner Canada, where the U.S. manufactured goods trade balance has increased to a $19.4 billion surplus!
- U.S. exports of goods and services increased by 0.2% in August 2009 to $128.2 billion since July 2009,
- while imports declined 0.6% to $158.9 billion over the same period.
Thus in August 2009, the monthly U.S. goods and services trade deficit decreased by 3.6% to $30.7 billion when compared to July 2009.
Although the decline in year-to-date figures from 2008 to 2009 has been significant, the monthly figures show signs of stabilization.
On a monthly basis, August represents the fourth consecutive month that goods and services exports have increased, with monthly exports rising from $120.6 billion in April 2009 to $128.2 billion in August 2009.
Export Markets:
The largest export markets for U.S. goods year-to-date through August 2009 were:
Canada ($130.3 billion),
Mexico ($80.9 billion),
China ($41.2 billion),
Japan ($32.9 billion), and
the United Kingdom ($30.2 billion).
Export sectors
In August, U.S. good exports continued to improve, with exports increasing:
- of pharmaceutical preparations (up $458 million from July 2009),
- steel-making materials (up $356 million),
- and passenger cars (up $285 million).
January-August
Exports:
Through the first eight months of 2009 (January – August), U.S. goods and services exports totaled $996.2 billion, a 20.3% decline from the $1,250.5 billion exported through the same period of 2008.
Imports:
U.S. goods and service imports fell faster than exports, with imports declining 29.1% through the first eight months of 2009 (when compared to the year earlier period).
The Oil effect on imports and exports:
The decline in trade in nominal terms is partly due to the drastic decline in crude oil prices.
Since the peak reached in July 2008 of $124.6, the price of crude oil has declined 48.0% to a value of $64.8 in August 2009.
Imports: The total value of U.S. imports of petroleum have fallen to $152.5 billion year-to-date through August 2009, compared to $330.4 billion from the year earlier period.
Exports: U.S. exports of petroleum have fallen to $30.0 billion year-to-date through August 2009, down 39.4% from the same period of last year.
Trade with developing countries:
Although trade with most of its major trading partners has fallen, U.S. goods exports continue to grow to developing areas.
The effect of Free Trade Agreements:
Free Trade Agreements have also helped the U.S. to maintain a foothold for U.S. manufactured goods exports:
The U.S. manufactured goods trade balance with the US' FTA partners has improved from a surplus of $12.7 billion through the first eight months of 2008, to a surplus of $19.3 billion through the first eight months of 2009.
NAFTA: The most dramatic improvement in the manufactured goods trade balance has been with NAFTA partner Canada, where the U.S. manufactured goods trade balance has increased to a $19.4 billion surplus!
Friday, January 15, 2010
US Trade balance in November 2009
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced on January 12:
US International Trade in Goods and Services:
Goods and Services
Total November exports of $138.2 billion and imports of $174.6 billion resulted in a goods and services deficit of $36.4 billion, up from $33.2 billion in October, revised.
November exports were $1.2 billion more than October exports of $137.0 billion.
November imports were $4.4 billion more than October imports of $170.2 billion.
In November, the goods deficit increased $3.2 billion from October to $48.4 billion, and the services surplus was virtually unchanged at $12.0 billion.
Exports of goods increased $1.2 billion to $94.6 billion, and imports of goods increased $4.4 billion to $143.0 billion.
Exports of services increased $0.1 billion to $43.6 billion, and imports of services increased $0.1 billion to $31.6 billion.
In November, the goods and services deficit decreased $6.8 billion from November 2008.
Exports were down $3.3 billion, or 2.3 percent, and imports were down $10.1 billion, or
5.5 percent.
Goods (Census basis)
The October to November increase in exports of goods reflected increases in foods, feeds, and beverages ($1.3 billion); automotive vehicles, parts, and engines ($0.7 billion); and capital goods ($0.4 billion). Decreases occurred in consumer goods ($0.7 billion), industrial supplies and materials ($0.5 billion), and other goods ($0.4 billion).
The October to November increase in imports of goods reflected increases in industrial supplies and materials ($2.1 billion), consumer goods ($1.4 billion), and capital goods ($1.2 billion). Decreases occurred in foods, feeds, and beverages ($0.2 billion) and automotive vehicles, parts, and engines ($0.1 billion). Other goods were virtually unchanged.
The November 2008 to November 2009 decrease in exports of goods reflected decreases
in capital goods ($2.3 billion); automotive vehicles, parts, and engines ($0.6 billion); industrial supplies and materials ($0.5 billion); other goods ($0.5 billion); and consumer goods ($0.2 billion). An increase occurred in foods, feeds, and beverages ($1.1 billion).
The November 2008 to November 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($5.7 billion); capital goods ($2.2 billion); other goods ($0.7 billion); and foods, feeds, and beverages ($0.6 billion). Increases occurred in consumer goods ($0.6 billion) and automotive vehicles, parts, and engines ($0.1 billion).
Services
Services exports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation (which includes freight and port services). A decrease in travel was partly offsetting. Changes in the other categories of services exports were small.
Services imports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation. A decrease in travel was partly offsetting. Changes in the other categories of services imports were small.
Services exports decreased $0.4 billion from November 2008 to November 2009. The largest decreases were in travel ($0.5 billion), royalties and license fees ($0.4 billion), and passenger fares ($0.3 billion). Increases in other private services ($0.5 billion), which includes items such as business, professional, and technical services; insurance services; and financial services, and transfers under U.S. military sales contracts ($0.5 billion) were partly offsetting.
Services imports decreased $1.3 billion from November 2008 to November 2009. Decreases in other transportation ($0.8 billion), passenger fares ($0.7 billion), and travel ($0.5 billion) were partly offset by an increase in other private services ($0.4 billion).
Goods and Services Moving Average
For the three months ending in November, exports of goods and services averaged $136.2 billion, while imports of goods and services averaged $171.3 billion, resulting in an average trade deficit of $35.1 billion. For the three months ending in October, the average trade deficit was $33.1 billion, reflecting average exports of $133.4 billion and average imports of $166.4 billion.
Selected Not Seasonally Adjusted Goods Details
The November figures show surpluses, in billions of dollars, with Hong Kong $1.4 ($1.6 for October), Australia $1.0 ($1.3), Singapore $0.7 ($0.9), and Egypt $0.2 ($0.4). Deficits were recorded, in billions of dollars, with China $20.2 ($22.7), European Union $6.4 ($4.9), OPEC $6.1 ($5.8), Japan $5.4 ($4.4), Mexico $5.1 ($4.6), Nigeria $2.1 ($1.4), Venezuela $1.6 ($1.7), Canada $1.4 ($2.1), Taiwan $0.9 ($0.7), and Korea $0.7 ($0.5).
Advanced technology products exports were $21.0 billion in November and imports were $29.3 billion, resulting in a deficit of $8.3 billion. November exports were $2.7 billion less than the $23.7 billion in October, while November imports were virtually unchanged.
Revisions
For October, goods exports were revised down $0.1 billion and goods imports were revised up $0.3 billion. Goods carry-over in November was $0.1 billion (0.1 percent) for exports and $0.9 billion (0.7 percent) for imports. For October, revised export carry-over was virtually zero. For October, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.6 billion (0.4 percent).
Services exports for October were revised up $0.2 billion to $43.5 billion, reflecting upward revisions in most categories. Services imports for October were revised up $0.1 billion to $31.6 billion, reflecting upward revisions in most categories.
US International Trade in Goods and Services:
Goods and Services
Total November exports of $138.2 billion and imports of $174.6 billion resulted in a goods and services deficit of $36.4 billion, up from $33.2 billion in October, revised.
November exports were $1.2 billion more than October exports of $137.0 billion.
November imports were $4.4 billion more than October imports of $170.2 billion.
In November, the goods deficit increased $3.2 billion from October to $48.4 billion, and the services surplus was virtually unchanged at $12.0 billion.
Exports of goods increased $1.2 billion to $94.6 billion, and imports of goods increased $4.4 billion to $143.0 billion.
Exports of services increased $0.1 billion to $43.6 billion, and imports of services increased $0.1 billion to $31.6 billion.
In November, the goods and services deficit decreased $6.8 billion from November 2008.
Exports were down $3.3 billion, or 2.3 percent, and imports were down $10.1 billion, or
5.5 percent.
Goods (Census basis)
The October to November increase in exports of goods reflected increases in foods, feeds, and beverages ($1.3 billion); automotive vehicles, parts, and engines ($0.7 billion); and capital goods ($0.4 billion). Decreases occurred in consumer goods ($0.7 billion), industrial supplies and materials ($0.5 billion), and other goods ($0.4 billion).
The October to November increase in imports of goods reflected increases in industrial supplies and materials ($2.1 billion), consumer goods ($1.4 billion), and capital goods ($1.2 billion). Decreases occurred in foods, feeds, and beverages ($0.2 billion) and automotive vehicles, parts, and engines ($0.1 billion). Other goods were virtually unchanged.
The November 2008 to November 2009 decrease in exports of goods reflected decreases
in capital goods ($2.3 billion); automotive vehicles, parts, and engines ($0.6 billion); industrial supplies and materials ($0.5 billion); other goods ($0.5 billion); and consumer goods ($0.2 billion). An increase occurred in foods, feeds, and beverages ($1.1 billion).
The November 2008 to November 2009 decrease in imports of goods reflected decreases in industrial supplies and materials ($5.7 billion); capital goods ($2.2 billion); other goods ($0.7 billion); and foods, feeds, and beverages ($0.6 billion). Increases occurred in consumer goods ($0.6 billion) and automotive vehicles, parts, and engines ($0.1 billion).
Services
Services exports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation (which includes freight and port services). A decrease in travel was partly offsetting. Changes in the other categories of services exports were small.
Services imports increased $0.1 billion from October to November. The increase was more than accounted for by an increase in other transportation. A decrease in travel was partly offsetting. Changes in the other categories of services imports were small.
Services exports decreased $0.4 billion from November 2008 to November 2009. The largest decreases were in travel ($0.5 billion), royalties and license fees ($0.4 billion), and passenger fares ($0.3 billion). Increases in other private services ($0.5 billion), which includes items such as business, professional, and technical services; insurance services; and financial services, and transfers under U.S. military sales contracts ($0.5 billion) were partly offsetting.
Services imports decreased $1.3 billion from November 2008 to November 2009. Decreases in other transportation ($0.8 billion), passenger fares ($0.7 billion), and travel ($0.5 billion) were partly offset by an increase in other private services ($0.4 billion).
Goods and Services Moving Average
For the three months ending in November, exports of goods and services averaged $136.2 billion, while imports of goods and services averaged $171.3 billion, resulting in an average trade deficit of $35.1 billion. For the three months ending in October, the average trade deficit was $33.1 billion, reflecting average exports of $133.4 billion and average imports of $166.4 billion.
Selected Not Seasonally Adjusted Goods Details
The November figures show surpluses, in billions of dollars, with Hong Kong $1.4 ($1.6 for October), Australia $1.0 ($1.3), Singapore $0.7 ($0.9), and Egypt $0.2 ($0.4). Deficits were recorded, in billions of dollars, with China $20.2 ($22.7), European Union $6.4 ($4.9), OPEC $6.1 ($5.8), Japan $5.4 ($4.4), Mexico $5.1 ($4.6), Nigeria $2.1 ($1.4), Venezuela $1.6 ($1.7), Canada $1.4 ($2.1), Taiwan $0.9 ($0.7), and Korea $0.7 ($0.5).
Advanced technology products exports were $21.0 billion in November and imports were $29.3 billion, resulting in a deficit of $8.3 billion. November exports were $2.7 billion less than the $23.7 billion in October, while November imports were virtually unchanged.
Revisions
For October, goods exports were revised down $0.1 billion and goods imports were revised up $0.3 billion. Goods carry-over in November was $0.1 billion (0.1 percent) for exports and $0.9 billion (0.7 percent) for imports. For October, revised export carry-over was virtually zero. For October, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.6 billion (0.4 percent).
Services exports for October were revised up $0.2 billion to $43.5 billion, reflecting upward revisions in most categories. Services imports for October were revised up $0.1 billion to $31.6 billion, reflecting upward revisions in most categories.
EU Trade results for January-October 2009
According to Eurostat, the statistical office of the European Union:
EU Trade results for January-October 2009Categories:
The EU deficit decreased for energy (-191.8 bn euro in January-October 2009 compared with -323.5 bn in January-October 2008) and for raw materials (-15.5 bn compared with -36.1 bn).
The surplus fell for machinery and vehicles (+88.6 bn compared with +130.1 bn), but rose for chemicals (+66.9 bn compared with +63.6 bn).
Trade Partners:
EU trade flows with all of its major partners fell, except for exports to China which remained stable.
The largest decreases were recorded
a) for exports to Russia (-40% in January-October 2009 compared with January-October 2008), Turkey (-25%), Brazil (-23%), South Korea (-21%) and the USA (-20%), and
b) for imports from Russia (-40%), Norway (-30%), Brazil (-29%), Japan (-28%) and Turkey (-25%).
The smallest decreases were observed for trade with Switzerland , for both exports (-12%) and imports (-9%).
The EU trade surplus fell with the USA (+35.9 bn euro in January-October 2009 compared with +55.9 bn in January-October 2008) and Switzerland (+11.0 bn compared with +15.0 bn).
The EU27 trade deficit decreased with China (-111.3 bn compared with -138.8 bn), Russia (-39.5 bn compared with -65.2 bn), Norway (-26.4 bn compared with -43.8 bn ) and Japan (-16.7 bn compared with -28.6 bn ).
Member States:
Concerning the total trade of Member States, the largest surplus was observed in Germany (+105.2 bn euro in January-October 2009), followed by Ireland (+32.6 bn), the Netherlands (+32.1 bn) and Belgium (+11.4 bn).
The United Kingdom (-77.9 bn) registered the largest deficit, followed by France (-42.5 bn), Spain (-40.7 bn), Greece (-23.7 bn) and Portugal (-15.2 bn).
more
EU and Eurozone trade balance stats for November 2009 (first estimate)
EU and Eurozone trade stats released today by Eurostat, the statistical office of the European Union (first estimate for November 2009):
Eurozone:
The first estimate for the Eurozone trade balance with the rest of the world in November 2009 gave a 4.8 bn euro surplus, compared with -7.0 bn in November 2008.
The October 2009 balance was +6.6 bn, compared with -1.2 bn in October 2008. In November 2009 compared with October 2009, seasonally adjusted exports fell by 0.4%, while imports rose by 0.3%.
EU:
The first estimate for the November 2009 extra-EU trade balance was a 5.8 bn euro deficit, compared with -24.4 bn in November 2008. In October 2009 2 the balance was -4.8 bn, compared with -18.3 bn in October 2008. In November 2009 compared with October 2009, seasonally adjusted exports rose by 1.9% and imports by 1.5%.
more
Eurozone:
The first estimate for the Eurozone trade balance with the rest of the world in November 2009 gave a 4.8 bn euro surplus, compared with -7.0 bn in November 2008.
The October 2009 balance was +6.6 bn, compared with -1.2 bn in October 2008. In November 2009 compared with October 2009, seasonally adjusted exports fell by 0.4%, while imports rose by 0.3%.
EU:
The first estimate for the November 2009 extra-EU trade balance was a 5.8 bn euro deficit, compared with -24.4 bn in November 2008. In October 2009 2 the balance was -4.8 bn, compared with -18.3 bn in October 2008. In November 2009 compared with October 2009, seasonally adjusted exports rose by 1.9% and imports by 1.5%.
more
Sunday, January 10, 2010
Chinese exports rebound, +17.7%, in December 2009
China's exports rebound, rising to $130.7bn, in December 2009, up 17.7% when compared with December 2008!
Total exports in 2009 were $1.2tn, -16% that of 2008 and imports were $1.01tn, down 11.2% from 2008, resulting in a total trade surplus of $196.1bn, down 34.2% from 2008.
Total exports in 2009 were $1.2tn, -16% that of 2008 and imports were $1.01tn, down 11.2% from 2008, resulting in a total trade surplus of $196.1bn, down 34.2% from 2008.
Friday, January 8, 2010
German trade balance in November 2009
According to provisional data of the German Federal Statistical Office (Destatis) released on Jan. 8, Germany's good exports were Euro 73.7 billion and goods imports Euro 56.3 billion in November 2009.
Compared with November 2008: exports decreased by 3.1% and imports by 14.8% in November 2009
Compared with the October 2009: the calendar and seasonally adjusted exports rose 1.6% on October 2009, while imports fell by 5.9%.
The foreign trade balance showed a surplus of Euro 17.4 billion in November 2009.
In November 2008, the surplus amounted to Euro 10.0 billion. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of Euro 17.2 billion in November 2009.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 18.1 billion in November 2009, which included the balance of services (+ Euro 0.5 billion), factor income net (+ Euro 4.9 billion), current transfers (– Euro 3.9 billion), and supplementary trade items (– Euro 0.8 billion).
In November 2008, the German current account had showed a surplus of Euro 9.4 billion.
Trade flows with the rest of the EU
In November 2009, Germany dispatched commodities to the value of Euro 44.3 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 36.3 billion from those countries.
Compared with November 2008, dispatches to and arrivals from the EU countries decreased by 6.7% and 10.7%, respectively.
Trade flows with the rest of the Eurozone
Commodities to the value of Euro 30.4 billion (–4.4%) were dispatched to the Eurozone countries in November 2009, while the value of the commodities received from those countries was Euro 25.6 billion (–7.9%).
Trade flows with 11 non-Eurozone EU member states:
In November 2009, commodities to the value of Euro 13.9 billion (–11.2%) were exported to EU countries not belonging to the Eurozone, while the value of the commodities imported from those countries was Euro 10.7 billion (–16.8%).
Trade flows with the rest of the world (outside the EU):
Exports of commodities to countries outside the European Union (third countries) amounted to Euro 29.5 billion in November 2009, while imports from those countries amounted to Euro 20.1 billion. Compared with November 2008, exports to third countries increased by 2.9% and imports from those countries decreased by 21.3%.
Compared with November 2008: exports decreased by 3.1% and imports by 14.8% in November 2009
Compared with the October 2009: the calendar and seasonally adjusted exports rose 1.6% on October 2009, while imports fell by 5.9%.
The foreign trade balance showed a surplus of Euro 17.4 billion in November 2009.
In November 2008, the surplus amounted to Euro 10.0 billion. Upon calendar and seasonal adjustment, the foreign trade balance recorded a surplus of Euro 17.2 billion in November 2009.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 18.1 billion in November 2009, which included the balance of services (+ Euro 0.5 billion), factor income net (+ Euro 4.9 billion), current transfers (– Euro 3.9 billion), and supplementary trade items (– Euro 0.8 billion).
In November 2008, the German current account had showed a surplus of Euro 9.4 billion.
Trade flows with the rest of the EU
In November 2009, Germany dispatched commodities to the value of Euro 44.3 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 36.3 billion from those countries.
Compared with November 2008, dispatches to and arrivals from the EU countries decreased by 6.7% and 10.7%, respectively.
Trade flows with the rest of the Eurozone
Commodities to the value of Euro 30.4 billion (–4.4%) were dispatched to the Eurozone countries in November 2009, while the value of the commodities received from those countries was Euro 25.6 billion (–7.9%).
Trade flows with 11 non-Eurozone EU member states:
In November 2009, commodities to the value of Euro 13.9 billion (–11.2%) were exported to EU countries not belonging to the Eurozone, while the value of the commodities imported from those countries was Euro 10.7 billion (–16.8%).
Trade flows with the rest of the world (outside the EU):
Exports of commodities to countries outside the European Union (third countries) amounted to Euro 29.5 billion in November 2009, while imports from those countries amounted to Euro 20.1 billion. Compared with November 2008, exports to third countries increased by 2.9% and imports from those countries decreased by 21.3%.
Tuesday, December 22, 2009
UK Q3 2009 GDP revised upwards
According to the Office of National Statistics (December 22), the Gross Domestic Product for Q3 has been revised upwards to -0.2%.
The previous estimate was -0.3%, whereas the initial estimate had been -0.4%. In spite this improvement, which is due to better than previously measured growth in the construction sector (partly offset by downward revisions to production and services), this means that the UK economy remained in recession in Q3 after all. It has been in recession (negative GDP growth), since Q2 of 2008.
Q3 2009 GDP remains at -5.1% compared to Q3 2008.
According to the ONS, construction output rose by 1.9% over the quarter, revised up from a fall of 1.1% reported in the previous estimate.
Output of the production industries fell by 0.9% compared with a fall of 0.6% in the previous quarter, with output of mining, oil and gas falling by 5.7%. GVA excluding oil and gas extraction was flat over the quarter.
Output in the service industries fell by 0.2% in the third quarter, compared with a fall of 0.8% in Q2.
Household expenditure growth rose 0.1%, although remains 3.3% lower than the third quarter of 2008.
General government final consumption expenditure rose by 0.3% and is now 2.1% higher than the third quarter of 2008.
Gross fixed capital formation rose by 2.2% although it remains 13.3% lower than the third quarter of 2008.
Inventories continued to be reduced, down £4.6 billion on the quarter.
The trade deficit in real terms rose to £7.1 billion in the third quarter of 2009. Exports of goods and services rose 0.8% while imports rose 1.5 per cent.
The GDP expenditure deflator rose by 2.1% compared with the third quarter of 2008, up from 1.1% in the previous quarter.
Compensation of employees at current prices fell by 0.1% and is now 1.0% below the level seen a year ago.
Total gross operating surplus of corporations rose by 2.7% and is now 2.7% lower than a year ago.
The previous estimate was -0.3%, whereas the initial estimate had been -0.4%. In spite this improvement, which is due to better than previously measured growth in the construction sector (partly offset by downward revisions to production and services), this means that the UK economy remained in recession in Q3 after all. It has been in recession (negative GDP growth), since Q2 of 2008.
Q3 2009 GDP remains at -5.1% compared to Q3 2008.
According to the ONS, construction output rose by 1.9% over the quarter, revised up from a fall of 1.1% reported in the previous estimate.
Output of the production industries fell by 0.9% compared with a fall of 0.6% in the previous quarter, with output of mining, oil and gas falling by 5.7%. GVA excluding oil and gas extraction was flat over the quarter.
Output in the service industries fell by 0.2% in the third quarter, compared with a fall of 0.8% in Q2.
Household expenditure growth rose 0.1%, although remains 3.3% lower than the third quarter of 2008.
General government final consumption expenditure rose by 0.3% and is now 2.1% higher than the third quarter of 2008.
Gross fixed capital formation rose by 2.2% although it remains 13.3% lower than the third quarter of 2008.
Inventories continued to be reduced, down £4.6 billion on the quarter.
The trade deficit in real terms rose to £7.1 billion in the third quarter of 2009. Exports of goods and services rose 0.8% while imports rose 1.5 per cent.
The GDP expenditure deflator rose by 2.1% compared with the third quarter of 2008, up from 1.1% in the previous quarter.
Compensation of employees at current prices fell by 0.1% and is now 1.0% below the level seen a year ago.
Total gross operating surplus of corporations rose by 2.7% and is now 2.7% lower than a year ago.
Sunday, December 20, 2009
EU trade balance for January-September 2009
EU trade stats for January-September 2009, detailed resultsm by Eurostat (released December 18):
Products:
The EU trade deficit decreased for energy (-172.4 bn euro in January-September 2009 compared with -293.7 bn in January-September 2008) and for raw materials (-14.1 bn compared with -31.8 bn).
The surplus fell for machinery and vehicles (+77.0 bn compared with +115.3 bn), but rose for chemicals (+58.8 bn compared with +56.8 bn).
Trade Partners:
EU trade flows with all of its major partners fell.
The largest decreases were recorded for exports to Russia (-40% in January-September 2009 compared with January-September 2008), Turkey (-27%), Brazil (-23%), South Korea (-22%) and the USA (-20%), and for imports from Russia (-42%), Norway (-30%), Japan and Brazil (both -28%) and Turkey (-26%). The smallest falls were observed for exports to China (-1%) and imports from Switzerland (-8%).
The EU trade surplus fell with the USA (+30.7 bn euro in January-September 2009 compared with +48.9 bn in January-September 2008) and Switzerland (+10.1 bn compared with +13.6 bn).
The EU trade deficit decreased with China (-99.1 bn compared with -120.4 bn), Russia (-34.6 bn compared with -61.2 bn), Norway (-24.6 bn compared with -40.5 bn) and Japan (-14.9 bn compared with -25.8 bn).
Concerning the total trade of Member States:
The largest surplus was observed in Germany (+91.7 bn euro in January-September 2009), followed by Ireland (+29.7 bn), the Netherlands (+27.9 bn) and Belgium (+11.0 bn).
The United Kingdom (-69.9 bn) registered the largest deficit, followed by France (-38.6 bn), Spain (-36.8 bn), Greece (-21.6 bn) and Portugal (-13.5 bn).
Products:
The EU trade deficit decreased for energy (-172.4 bn euro in January-September 2009 compared with -293.7 bn in January-September 2008) and for raw materials (-14.1 bn compared with -31.8 bn).
The surplus fell for machinery and vehicles (+77.0 bn compared with +115.3 bn), but rose for chemicals (+58.8 bn compared with +56.8 bn).
Trade Partners:
EU trade flows with all of its major partners fell.
The largest decreases were recorded for exports to Russia (-40% in January-September 2009 compared with January-September 2008), Turkey (-27%), Brazil (-23%), South Korea (-22%) and the USA (-20%), and for imports from Russia (-42%), Norway (-30%), Japan and Brazil (both -28%) and Turkey (-26%). The smallest falls were observed for exports to China (-1%) and imports from Switzerland (-8%).
The EU trade surplus fell with the USA (+30.7 bn euro in January-September 2009 compared with +48.9 bn in January-September 2008) and Switzerland (+10.1 bn compared with +13.6 bn).
The EU trade deficit decreased with China (-99.1 bn compared with -120.4 bn), Russia (-34.6 bn compared with -61.2 bn), Norway (-24.6 bn compared with -40.5 bn) and Japan (-14.9 bn compared with -25.8 bn).
Concerning the total trade of Member States:
The largest surplus was observed in Germany (+91.7 bn euro in January-September 2009), followed by Ireland (+29.7 bn), the Netherlands (+27.9 bn) and Belgium (+11.0 bn).
The United Kingdom (-69.9 bn) registered the largest deficit, followed by France (-38.6 bn), Spain (-36.8 bn), Greece (-21.6 bn) and Portugal (-13.5 bn).
EU and Eurozone trade balances in October 2009 (1st estimate)
A) Eurozone: + 8.8 bn Euro
The first estimate by Eurostat, the Statistical Office of the European Communities (released on Friday December 18) for the Eurozone trade balance with the rest of the world in October 2009 show a 8.8 bn euro surplus, compared with -1.2 bn in October 2008.
The September 2009 balance had been +0.9 bn, compared with -6.0 bn in September 2008.
In October 2009, compared with September 2009, seasonally adjusted exports fell by 0.2% and imports by 2.2%.
B) EU: -3.8 bn Euro
The first Eurostat estimate for the October 2009 extra-EU trade balance was a 3.8 bn euro deficit, compared with -18.3 bn in October 2008.
In September 2009 the balance was -11.1 bn, compared with -24.5 bn in September 2008.
In October 2009 compared with September 2009, seasonally adjusted exports rose by 0.2%, while imports fell by 1.0%.
The first estimate by Eurostat, the Statistical Office of the European Communities (released on Friday December 18) for the Eurozone trade balance with the rest of the world in October 2009 show a 8.8 bn euro surplus, compared with -1.2 bn in October 2008.
The September 2009 balance had been +0.9 bn, compared with -6.0 bn in September 2008.
In October 2009, compared with September 2009, seasonally adjusted exports fell by 0.2% and imports by 2.2%.
B) EU: -3.8 bn Euro
The first Eurostat estimate for the October 2009 extra-EU trade balance was a 3.8 bn euro deficit, compared with -18.3 bn in October 2008.
In September 2009 the balance was -11.1 bn, compared with -24.5 bn in September 2008.
In October 2009 compared with September 2009, seasonally adjusted exports rose by 0.2%, while imports fell by 1.0%.
Wednesday, December 16, 2009
Trade in Goods and Services and other US international transactions in Q3 of 2009
According to the Bureau of Economic Analysis of the US Department of Commerce, these are the the stats re U.S. International Transactions in the 3rd Quarter of 2009 (July-September 2009):
Current Account
The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $108.0 billion (preliminary) in the third quarter of 2009 from $98.0 billion (revised) in the second quarter. The increase was more than accounted for by an increase in the deficit on goods. A small increase in net unilateral current transfers to foreigners also contributed to the higher current-account deficit, while increases in
the surpluses on income and on services were partly offsetting.
Breakdown:
Goods and services
The deficit on goods and services increased to $97.4 billion in the third quarter from $81.2 billion in the second.
Goods
The deficit on goods increased to $132.1 billion in the third quarter from $115.5 billion in the second.
Goods exports increased to $263.9 billion from $246.1 billion. The increase was largely accounted for by increases in industrial supplies and materials and in automotive products. Capital goods and consumer goods also increased.
Goods imports increased to $396.1 billion from $361.6 billion. The increase was largely accounted for by increases in industrial supplies and materials, mostly in petroleum and products, and in automotive products. Capital goods and consumer goods also increased.
Services
The surplus on services increased to $34.8 billion in the third quarter from $34.2 billion in the second.
Services exports increased to $128.6 billion from $125.3 billion. The increase was mostly accounted for by increases in travel, in “other” private services (such as business, professional, and technical services, insurance services, and financial services), in “other” transportation (such as freight and port services), and in royalties and license fees.
Services imports increased to $93.9 billion from $91.0 billion. The increase was mostly accounted for by increases in “other” private services, in travel, in “other” transportation, and in direct defense expenditures.
Income
The surplus on income increased to $23.7 billion in the third quarter from $16.7 billion in the second.
Investment income. Income receipts on U.S.-owned assets abroad increased to $139.7 billion from $134.3 billion. An increase in direct investment receipts was partly offset by decreases in “other” private receipts (which consists of interest and dividends) and in U.S. government receipts.
Income payments on foreign-owned assets in the United States decreased to $114.2 billion from $115.9 billion. Decreases in “other” private payments (which consists of interest and dividends) and in U.S. government payments were largely offset by an increase in direct investment payments.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged at $0.7 billion, and payments for compensation of foreign workers in the United States were virtually unchanged at $2.5 billion.
Unilateral current transfers
Net unilateral current transfers to foreigners were $34.4 billion in the third quarter, up from $33.4 billion in the second. The increase was more than accounted for by an increase in U.S. government grants.
Capital Account
Net capital account payments (outflows) were virtually unchanged at $0.7 billion in the third quarter.
Financial Account
Net financial inflows were $38.3 billion in the third quarter, down from $63.3 billion in the second. The slowdown resulted from a shift to an increase from a decrease in U.S.-owned assets abroad (a shift to outflows from inflows) that was mostly offset by a larger increase in foreign-owned assets in the United States in the third quarter than in the second quarter (larger inflows).
U.S.-owned assets abroad
U.S.-owned assets abroad increased $294.1 billion in the third quarter, following a decrease of $37.4 billion in the second.
U.S. claims on foreigners reported by U.S. banks and securities brokers increased $240.1 billion in the third quarter, following an increase of $27.2 billion in the second. (Examples of these claims are U.S. residents’ deposits at banks abroad and loans by U.S. banks and securities brokers to foreigners.)
Net U.S. purchases of foreign securities were $47.8 billion in the third quarter, down from $92.6 billion in the second. Net U.S. purchases of foreign stocks were $26.8 billion, down from $37.7 billion. Net U.S. purchases of foreign bonds were $21.0 billion, down from $54.9 billion.
U.S. direct investment abroad increased $62.7 billion in the third quarter, following an increase of $47.4 billion in the second. Shifts to increases from decreases in net equity capital investment and in net intercompany debt investment abroad were partly offset by a small reduction in reinvested earnings.
U.S. official reserve assets increased $49.0 billion in the third quarter, following an increase of $3.6 billion in the second. The pickup resulted from the allocation of $47.6 billion in special drawing rights (SDRs) to the United States as part of two new allocations of SDRs by the International Monetary Fund to its member countries.
U.S. government assets other than official reserve assets decreased $57.9 billion in the third quarter, following a decrease of $193.8 billion in the second. The decreases in each of the last three quarters resulted from the reversal of swaps initiated under temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $332.4 billion in the third quarter, following an increase of $14.6 billion in the second.
U.S. liabilities to foreigners reported by U.S. banks and securities brokers increased $127.0 billion in the third quarter, following a decrease of $178.9 billion in the second. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks and securities brokers in the United States.)
Net sales of U.S. Treasury securities by private foreigners were $9.2 billion in the third quarter, down from $22.8 billion in the second.
Net purchases of U.S. securities other than U.S. Treasury securities by private foreigners were $24.7 billion in the third quarter, up from $13.9 billion in the second. Net foreign purchases of U.S. stocks were $48.6 billion, up from $35.6 billion. Net foreign purchases of U.S. federally sponsored agency bonds were $6.6 billion, up from $0.3 billion. Net foreign sales of U.S. corporate bonds were $30.4 billion, up from $22.0 billion.
Foreign direct investment in the United States increased $40.0 billion in the third quarter, following an increase of $37.0 billion in the second. The pickup was more than accounted for by larger increases in reinvested earnings and, to a much lesser extent, in net equity capital investment in the United States. In contrast, net intercompany debt investment in the United States slowed.
Foreign official assets in the United States increased $123.6 billion in the third quarter, following an increase of $124.3 billion in the second. The third-quarter increase includes, as part of “other” U.S. government liabilities, a $47.6 billion increase associated with the allocation of SDRs to the United States.
Transactions in U.S. currency shifted to net shipments to foreign countries of $4.2 billion in the third quarter from net shipments to the United States of $1.9 billion in the second.
The statistical discrepancy—errors and omissions in recorded transactions—was $70.4 billion in the third quarter, compared with $35.4 billion in the second.
In the third quarter, the U.S. dollar depreciated 5 percent on a trade-weighted quarterly average basis against a group of 7 major currencies.
Revisions
The second-quarter international transactions are revised from previously published statistics. The current-account deficit was revised to $98.0 billion from $98.8 billion. The goods deficit was unrevised at $115.5 billion; the services surplus was revised to $34.2 billion from $32.5 billion; the income surplus was revised to $16.7 billion from $16.4 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $32.2 billion. Net financial inflows were revised to $63.3 billion from $58.3 billion.
Data Release dates in 2010:
Fourth quarter and year 2009...................March 18, 2010 (Thursday)
First quarter 2010..............................June 17, 2010 (Thursday)
Second quarter 2010........................September 16, 2010 (Thursday)
Third quarter 2010..........................December 16, 2010 (Thursday)
Current Account
The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $108.0 billion (preliminary) in the third quarter of 2009 from $98.0 billion (revised) in the second quarter. The increase was more than accounted for by an increase in the deficit on goods. A small increase in net unilateral current transfers to foreigners also contributed to the higher current-account deficit, while increases in
the surpluses on income and on services were partly offsetting.
Breakdown:
Goods and services
The deficit on goods and services increased to $97.4 billion in the third quarter from $81.2 billion in the second.
Goods
The deficit on goods increased to $132.1 billion in the third quarter from $115.5 billion in the second.
Goods exports increased to $263.9 billion from $246.1 billion. The increase was largely accounted for by increases in industrial supplies and materials and in automotive products. Capital goods and consumer goods also increased.
Goods imports increased to $396.1 billion from $361.6 billion. The increase was largely accounted for by increases in industrial supplies and materials, mostly in petroleum and products, and in automotive products. Capital goods and consumer goods also increased.
Services
The surplus on services increased to $34.8 billion in the third quarter from $34.2 billion in the second.
Services exports increased to $128.6 billion from $125.3 billion. The increase was mostly accounted for by increases in travel, in “other” private services (such as business, professional, and technical services, insurance services, and financial services), in “other” transportation (such as freight and port services), and in royalties and license fees.
Services imports increased to $93.9 billion from $91.0 billion. The increase was mostly accounted for by increases in “other” private services, in travel, in “other” transportation, and in direct defense expenditures.
Income
The surplus on income increased to $23.7 billion in the third quarter from $16.7 billion in the second.
Investment income. Income receipts on U.S.-owned assets abroad increased to $139.7 billion from $134.3 billion. An increase in direct investment receipts was partly offset by decreases in “other” private receipts (which consists of interest and dividends) and in U.S. government receipts.
Income payments on foreign-owned assets in the United States decreased to $114.2 billion from $115.9 billion. Decreases in “other” private payments (which consists of interest and dividends) and in U.S. government payments were largely offset by an increase in direct investment payments.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged at $0.7 billion, and payments for compensation of foreign workers in the United States were virtually unchanged at $2.5 billion.
Unilateral current transfers
Net unilateral current transfers to foreigners were $34.4 billion in the third quarter, up from $33.4 billion in the second. The increase was more than accounted for by an increase in U.S. government grants.
Capital Account
Net capital account payments (outflows) were virtually unchanged at $0.7 billion in the third quarter.
Financial Account
Net financial inflows were $38.3 billion in the third quarter, down from $63.3 billion in the second. The slowdown resulted from a shift to an increase from a decrease in U.S.-owned assets abroad (a shift to outflows from inflows) that was mostly offset by a larger increase in foreign-owned assets in the United States in the third quarter than in the second quarter (larger inflows).
U.S.-owned assets abroad
U.S.-owned assets abroad increased $294.1 billion in the third quarter, following a decrease of $37.4 billion in the second.
U.S. claims on foreigners reported by U.S. banks and securities brokers increased $240.1 billion in the third quarter, following an increase of $27.2 billion in the second. (Examples of these claims are U.S. residents’ deposits at banks abroad and loans by U.S. banks and securities brokers to foreigners.)
Net U.S. purchases of foreign securities were $47.8 billion in the third quarter, down from $92.6 billion in the second. Net U.S. purchases of foreign stocks were $26.8 billion, down from $37.7 billion. Net U.S. purchases of foreign bonds were $21.0 billion, down from $54.9 billion.
U.S. direct investment abroad increased $62.7 billion in the third quarter, following an increase of $47.4 billion in the second. Shifts to increases from decreases in net equity capital investment and in net intercompany debt investment abroad were partly offset by a small reduction in reinvested earnings.
U.S. official reserve assets increased $49.0 billion in the third quarter, following an increase of $3.6 billion in the second. The pickup resulted from the allocation of $47.6 billion in special drawing rights (SDRs) to the United States as part of two new allocations of SDRs by the International Monetary Fund to its member countries.
U.S. government assets other than official reserve assets decreased $57.9 billion in the third quarter, following a decrease of $193.8 billion in the second. The decreases in each of the last three quarters resulted from the reversal of swaps initiated under temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $332.4 billion in the third quarter, following an increase of $14.6 billion in the second.
U.S. liabilities to foreigners reported by U.S. banks and securities brokers increased $127.0 billion in the third quarter, following a decrease of $178.9 billion in the second. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks and securities brokers in the United States.)
Net sales of U.S. Treasury securities by private foreigners were $9.2 billion in the third quarter, down from $22.8 billion in the second.
Net purchases of U.S. securities other than U.S. Treasury securities by private foreigners were $24.7 billion in the third quarter, up from $13.9 billion in the second. Net foreign purchases of U.S. stocks were $48.6 billion, up from $35.6 billion. Net foreign purchases of U.S. federally sponsored agency bonds were $6.6 billion, up from $0.3 billion. Net foreign sales of U.S. corporate bonds were $30.4 billion, up from $22.0 billion.
Foreign direct investment in the United States increased $40.0 billion in the third quarter, following an increase of $37.0 billion in the second. The pickup was more than accounted for by larger increases in reinvested earnings and, to a much lesser extent, in net equity capital investment in the United States. In contrast, net intercompany debt investment in the United States slowed.
Foreign official assets in the United States increased $123.6 billion in the third quarter, following an increase of $124.3 billion in the second. The third-quarter increase includes, as part of “other” U.S. government liabilities, a $47.6 billion increase associated with the allocation of SDRs to the United States.
Transactions in U.S. currency shifted to net shipments to foreign countries of $4.2 billion in the third quarter from net shipments to the United States of $1.9 billion in the second.
The statistical discrepancy—errors and omissions in recorded transactions—was $70.4 billion in the third quarter, compared with $35.4 billion in the second.
In the third quarter, the U.S. dollar depreciated 5 percent on a trade-weighted quarterly average basis against a group of 7 major currencies.
Revisions
The second-quarter international transactions are revised from previously published statistics. The current-account deficit was revised to $98.0 billion from $98.8 billion. The goods deficit was unrevised at $115.5 billion; the services surplus was revised to $34.2 billion from $32.5 billion; the income surplus was revised to $16.7 billion from $16.4 billion; and unilateral current transfers were revised to net outflows of $33.4 billion from $32.2 billion. Net financial inflows were revised to $63.3 billion from $58.3 billion.
Data Release dates in 2010:
Fourth quarter and year 2009...................March 18, 2010 (Thursday)
First quarter 2010..............................June 17, 2010 (Thursday)
Second quarter 2010........................September 16, 2010 (Thursday)
Third quarter 2010..........................December 16, 2010 (Thursday)
Friday, December 11, 2009
US Trade Balance for October 2009
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced on December 10 trade statistics for the month of October 2009:
Good and Services:
Exports: $136.8 billion ($3.5 billion more than September)
Imports: $169.8 billion ($0.7 billion more than September)
Balance: -$32.9 billion (ie deficit), down from $35.7 billion in September (revised stat)
Compared to October 2008, the goods and services deficit in October 2009 decreased $26.5 billion. Exports were down $12.9 billion, or 8.6%, and imports were down $39.3 billion, or 18.8%.
Goods only:
In October, exports of goods increased $3.2 billion to $93.5 billion, and imports of goods increased $0.7 billion to $138.4 billion. Thus the goods trade deficit decreased $2.6 billion from September to $44.8 billion
Services only:
Exports of services increased $0.2 billion to $43.3 billion, and imports of services increased $0.1 billion to $31.4 billion. Thus the services surplus increased $0.2 billion to $11.9 billion.
Goods (by category, Census basis)
The September to October increase in exports of goods reflected increases in capital
goods ($1.2 billion); consumer goods ($1.0 billion); other goods ($0.6 billion);
industrial supplies and materials ($0.4 billion); automotive vehicles, parts, and
engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion).
The September to October increase in imports of goods reflected increases in capital
goods ($1.1 billion); consumer goods ($1.0 billion); automotive vehicles, parts, and
engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). Decreases
occurred in industrial supplies and materials ($1.8 billion) and other goods ($0.4
billion).
The October 2008 to October 2009 decrease in exports of goods reflected decreases in
industrial supplies and materials ($3.9 billion); capital goods ($3.8 billion);
automotive vehicles, parts, and engines ($2.1 billion); and foods, feeds, and beverages
($0.7 billion). Increases occurred in consumer goods ($0.4 billion) and other goods
($0.1 billion).
The October 2008 to October 2009 decrease in imports of goods reflected decreases in
industrial supplies and materials ($25.0 billion); capital goods ($5.2 billion);
consumer goods ($3.7 billion); automotive vehicles, parts, and engines ($1.2 billion);
foods, feeds, and beverages ($0.7 billion); and other goods ($0.7 billion).
Services
Services exports increased $0.2 billion from September to October. The increase was
more than accounted for by increases in other private services (which includes items
such as business, professional, and technical services, insurance services, and
financial services), other transportation (which includes freight and port services),
and passenger fares. A decrease in transfers under U.S. military sales contracts was
partly offsetting.
Services imports increased $0.1 billion from September to October. The increase was
mostly accounted for by an increase in passenger fares. Changes in the other categories
of services imports were small.
The October 2008 to October 2009 decrease in exports of services was $2.6 billion.
The largest decreases were in travel ($1.1 billion), other transportation ($0.8 billion),
and royalties and license fees ($0.6 billion).
The October 2008 to October 2009 decrease in imports of services was $2.5 billion.
Decreases occurred in other transportation ($1.6 billion), passenger fares ($0.8
billion), and travel ($0.5 billion).
Goods Trade by country
The October figures show trade in goods surpluses, in billions of dollars, with Hong Kong $1.6 ($1.9 for September), Australia $1.3 ($0.9), Singapore $0.9 ($0.3), and Egypt $0.4 ($0.3).
Trade in goods deficits were recorded, in billions of dollars, with China $22.7 ($22.1), OPEC countries $5.8 ($7.9), European Union $4.9 ($5.5), Mexico $4.6 ($4.6), Japan $4.4 ($4.1), Canada $2.0 ($1.5), Venezuela $1.7 ($2.0), Nigeria $1.4 ($1.9), Taiwan $0.7 ($0.7), and Korea $0.5 ($0.8).
Plus:
Advanced technology products exports were $23.7 billion in October and imports were
$29.3 billion, resulting in a deficit of $5.6 billion. October exports were $3.2
billion more than the $20.5 billion in September, while October imports were $2.8
billion more than the $26.5 billion in September.
Revisions
Goods exports for September were virtually unrevised. Goods imports for September
were revised down $0.3 billion.
Services exports for September were revised up $1.5 billion to $43.1 billion. The
revision was mostly accounted for by upward revisions in other private services,
transfers under U.S. military sales contracts, and royalties and license fees.
Services imports for September were revised up $0.9 billion to $31.4 billion.
The revision was mostly accounted for by an upward revision in other private services.
Good and Services:
Exports: $136.8 billion ($3.5 billion more than September)
Imports: $169.8 billion ($0.7 billion more than September)
Balance: -$32.9 billion (ie deficit), down from $35.7 billion in September (revised stat)
Compared to October 2008, the goods and services deficit in October 2009 decreased $26.5 billion. Exports were down $12.9 billion, or 8.6%, and imports were down $39.3 billion, or 18.8%.
Goods only:
In October, exports of goods increased $3.2 billion to $93.5 billion, and imports of goods increased $0.7 billion to $138.4 billion. Thus the goods trade deficit decreased $2.6 billion from September to $44.8 billion
Services only:
Exports of services increased $0.2 billion to $43.3 billion, and imports of services increased $0.1 billion to $31.4 billion. Thus the services surplus increased $0.2 billion to $11.9 billion.
Goods (by category, Census basis)
The September to October increase in exports of goods reflected increases in capital
goods ($1.2 billion); consumer goods ($1.0 billion); other goods ($0.6 billion);
industrial supplies and materials ($0.4 billion); automotive vehicles, parts, and
engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion).
The September to October increase in imports of goods reflected increases in capital
goods ($1.1 billion); consumer goods ($1.0 billion); automotive vehicles, parts, and
engines ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). Decreases
occurred in industrial supplies and materials ($1.8 billion) and other goods ($0.4
billion).
The October 2008 to October 2009 decrease in exports of goods reflected decreases in
industrial supplies and materials ($3.9 billion); capital goods ($3.8 billion);
automotive vehicles, parts, and engines ($2.1 billion); and foods, feeds, and beverages
($0.7 billion). Increases occurred in consumer goods ($0.4 billion) and other goods
($0.1 billion).
The October 2008 to October 2009 decrease in imports of goods reflected decreases in
industrial supplies and materials ($25.0 billion); capital goods ($5.2 billion);
consumer goods ($3.7 billion); automotive vehicles, parts, and engines ($1.2 billion);
foods, feeds, and beverages ($0.7 billion); and other goods ($0.7 billion).
Services
Services exports increased $0.2 billion from September to October. The increase was
more than accounted for by increases in other private services (which includes items
such as business, professional, and technical services, insurance services, and
financial services), other transportation (which includes freight and port services),
and passenger fares. A decrease in transfers under U.S. military sales contracts was
partly offsetting.
Services imports increased $0.1 billion from September to October. The increase was
mostly accounted for by an increase in passenger fares. Changes in the other categories
of services imports were small.
The October 2008 to October 2009 decrease in exports of services was $2.6 billion.
The largest decreases were in travel ($1.1 billion), other transportation ($0.8 billion),
and royalties and license fees ($0.6 billion).
The October 2008 to October 2009 decrease in imports of services was $2.5 billion.
Decreases occurred in other transportation ($1.6 billion), passenger fares ($0.8
billion), and travel ($0.5 billion).
Goods Trade by country
The October figures show trade in goods surpluses, in billions of dollars, with Hong Kong $1.6 ($1.9 for September), Australia $1.3 ($0.9), Singapore $0.9 ($0.3), and Egypt $0.4 ($0.3).
Trade in goods deficits were recorded, in billions of dollars, with China $22.7 ($22.1), OPEC countries $5.8 ($7.9), European Union $4.9 ($5.5), Mexico $4.6 ($4.6), Japan $4.4 ($4.1), Canada $2.0 ($1.5), Venezuela $1.7 ($2.0), Nigeria $1.4 ($1.9), Taiwan $0.7 ($0.7), and Korea $0.5 ($0.8).
Plus:
Advanced technology products exports were $23.7 billion in October and imports were
$29.3 billion, resulting in a deficit of $5.6 billion. October exports were $3.2
billion more than the $20.5 billion in September, while October imports were $2.8
billion more than the $26.5 billion in September.
Revisions
Goods exports for September were virtually unrevised. Goods imports for September
were revised down $0.3 billion.
Services exports for September were revised up $1.5 billion to $43.1 billion. The
revision was mostly accounted for by upward revisions in other private services,
transfers under U.S. military sales contracts, and royalties and license fees.
Services imports for September were revised up $0.9 billion to $31.4 billion.
The revision was mostly accounted for by an upward revision in other private services.
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