Posted on 09/11/2003 7:12:06 AM PDT by Starwind
DATA SNAP: US Trade Deficit Expands As Imports Rise
======================================================! International Trade !Surprise: Yes ! . July June !Trend: Deficit! . Deficit: $40.32B $40.04B ! Rises ! . Exports: $86.15B $84.46B !Consensus: ! . Imports: $126.47B $124.49B !$41.0 Bln ! ======================================================!
WASHINGTON (Dow Jones)--The U.S. trade deficit widened in July as purchases of foreign goods and services climbed to their second highest level on record.
The U.S. deficit in international trade of goods and services rose to $40.32 billion from a revised $40.04 billion in June, the Commerce Department said Thursday.
Analysts were expecting a larger deficit figure for July. A Dow Jones Newswires-CNBC panel of 21 economists had predicted the shortfall would be $41.0 billion.
The deficit in June was revised up from a previously reported $39.55 billion.
The July report showed imports advanced to $126.47 billion. The Commerce Department said the level was the highest since September 2000 and the second highest on record. U.S. purchases of foreign-made capital goods rose by $25 million. Imports of foreign automobiles and parts decreased by $148 million. But Americans bought $745 million more foreign consumer goods such as toys, games and apparel. And imports of industrial supplies advanced by $1 billion.
The nation's energy bill climbed to $11.67 billion in July from $10.56 billion in the prior month. There was a $1.20 increase in the average price of a barrel of oil to $26.70 in July. The U.S. imported a total $9.07 billion of crude oil during the month, up from $7.96 billion in June. The quantity of foreign crude purchased was 339.7 million barrels.
U.S. exports rose by 2.0% to $86.15 billion, the highest level since May 2001. Americans sold abroad $634 million more capital goods like civilian aircraft and computers. The U.S. exported $265 million more automobiles and parts, but sold $101 million less consumer goods such as household appliances and jewelry. Foreign sales of industrial supplies were up by $365 million. Foods, feeds and beverages rose by $158 million.
Deficits with major trading partners were mixed in July. The deficit with Canada widened to $4.96 billion from $3.67 billion in June. The deficit with Mexico was $3.22 billion, after $3.42 billion in the previous month.
The trade deficit with Western Europe expanded, widening to a record $11.17 billion from $7.96 billion in June. The deficit with Japan grew to $5.92 billion, compared to a $5.38 billion deficit in June.
The trade gap with China widened to a record $11.34 billion from June's $9.99 billion.
-By Jeff Bater; Dow Jones Newswires; 202 862 6616; jeff.bater@dowjones.com
(END) Dow Jones Newswires
Year To Date JULY JUNE 2003 2002 DEFICIT 40.32 40.04 285.47 229.01 PREVIOUS REPORT 39.55 TOTAL IMPORTS 126.47 124.49 867.20 792.10 PERCENT CHANGE 1.6 0.3 9.5 -3.9 TOTAL EXPORTS 86.15 84.46 581.73 563.10 PERCENT CHANGE 2.0 2.4 3.3 -7.9 MERCHANDISE TRADE 44.21 43.72 311.21 258.15 DEFICIT % CHANGE 1.1 -3.7 20.6 5.0 (DOLLAR FIGURES IN BILLIONS, PERCENT CHANGES IN MONTHLY COLUMNS ARE FROM PREVIOUS MONTH. PERCENT CHANGES IN YEAR-TO-DATE COLUMNS ARE FROM PREVIOUS YEAR.)(MORE) Dow Jones Newswires 09-11-03 0830ET- - 08 30 AM EDT 09-11-03
YEAR TO DATE JULY JUNE 2003 2002 SERVICE IMPORTS 20.66 20.16 139.69 130.12 TRAVEL 4.81 4.61 31.99 33.51 PASSENGER FARES 1.86 1.78 11.74 11.40 OTHER TRANSPORTATION 3.76 3.66 25.81 21.77 ROYALTIES, LICENSE FEES 1.65 1.62 11.19 11.31 OTHER PRIVATE SERVICES 6.35 6.27 43.56 39.73 DIRECT DEFENSE EXPEND 1.98 1.97 13.65 10.70 OTHER U.S. GOVERNMENT 0.25 0.25 1.74 1.71 GOODS IMPORTS (CENSUS) 105.60 103.86 725.57 660.05 FOOD, FEED, BEVERAGE 4.58 4.46 31.90 28.33 INDUSTRIAL (INCL OIL) 26.93 25.93 184.00 147.99 CAPITAL (EXC AUTOS) 24.44 24.41 168.31 164.37 AUTOS, PARTS 18.08 18.23 122.13 116.32 CONSUMER(EXC AUTO,FOOD) 27.42 26.67 191.32 174.32 OTHER 4.15 4.15 27.91 28.71 SERVICE EXPORTS 25.61 25.20 173.60 167.74 TRAVEL 5.43 5.24 36.42 37.65 PASSENGER FARES 1.44 1.35 8.95 9.89 OTHER TRANSPORTATION 2.65 2.69 18.40 16.58 ROYALTIES, LICENSE FEES 3.91 3.89 27.18 25.39 OTHER PRIVATE SERVICES 11.06 10.93 75.28 71.14 MILITARY SALES CONTRACTS 1.06 1.04 6.91 6.62 OTHER U.S. GOVERNMENT 0.07 0.07 0.47 0.46 GOODS EXPORTS (CENSUS) 61.39 60.14 414.36 401.90 FOOD, FEED, BEVERAGE 4.59 4.43 30.60 28.89 INDUSTRIAL (INCL OIL) 14.85 14.48 100.36 89.76 CAPITAL (EXC AUTOS) 24.79 24.16 166.05 169.62 AUTOS, PARTS 6.82 6.55 46.72 45.85 CONSUMER(EXC AUTO,FOOD) 7.59 7.69 51.24 48.93 OTHER 2.77 2.84 19.39 18.85 (DOLLAR FIGURES IN BILLIONS, SEASONALLY ADJUSTED)(MORE) Dow Jones Newswires 09-11-03 0830ET- - 08 30 AM EDT 09-11-03
JULY JUNE TO DATE CANADA -4.962 -3.669 -30.731 MEXICO -3.219 -3.423 -24.250 EUROPEAN UNION -10.471 -7.765 -53.313 AUSTRIA -0.203 -0.201 -1.367 BELGIUM 0.196 0.616 3.033 FINLAND -0.142 -0.201 -1.262 FRANCE -1.301 -0.886 -6.368 GERMANY -3.694 -3.566 -22.501 ITALY -1.733 -1.234 -8.874 NETHERLANDS 0.568 0.732 5.154 SPAIN -0.234 -0.087 -0.506 SWEDEN -0.767 -0.762 -4.562 U.K. -1.099 -0.475 -4.422 NORWAY -0.347 -0.431 -2.280 SWITZERLAND -0.242 0.285 -1.036 HUNGARY -0.134 -0.214 -1.075 POLAND -0.052 -0.052 -0.337 RUSSIA -0.887 -0.653 -4.097 AUSTRALIA 0.831 0.828 3.916 CHINA -11.338 -9.990 -65.312 JAPAN -5.919 -5.384 -38.126 HONG KONG 0.207 0.389 2.602 KOREA -1.291 -0.964 -6.656 SINGAPORE 0.357 -0.028 0.445 TAIWAN -1.115 -1.070 -8.455 ARGENTINA -0.044 -0.081 -0.552 BRAZIL -0.673 -0.565 -3.988 COLOMBIA -0.261 -0.231 -1.642 INDONESIA -0.683 -0.563 -4.085 NIGERIA -0.837 -0.556 -5.356 SAUDI ARABIA -1.345 -1.226 -8.795 VENEZUELA -1.255 -1.377 -7.521 EGYPT 0.119 0.097 0.569 SOUTH AFRICA -0.247 -0.140 -1.084(MORE) Dow Jones Newswires 09-11-03 0830ET- - 08 30 AM EDT 09-11-03
IMPORTS OF PETROLEUM AND RELATED PRODUCTS JULY JUNE BARRELS (MLNS) 426.70 401.21 PERCENT CHANGE 6.4 -1.6 VALUE (BLNS) 11.67 10.56 PERCENT CHANGE 10.5 3.9 AVG PRICE PER BARREL $26.70 $25.50 (DATA FOR PETROLEUM AND GEOGRAPHIC BREAKDOWN ARE REPORTED ON A CUSTOMS BASIS AND ARE NOT SEASONALLY ADJUSTED)(END) Dow Jones Newswires 09-11-03 0830ET- - 08 30 AM EDT 09-11-03
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