Though the Code of Federal Regulations (CFR) and the Federal Register remain the official source for the text of the USITC's rules, these electronic versions are provided as a convenience. We provide high-quality, leading-edge analysis of international trade issues to the President and the Congress. Quarterly revisions: The releases in March, June, September, and December contain revised estimates for the previous six months to incorporate more comprehensive and updated source data. US-China trade war: 'We're all paying for this' Negotiations are ongoing but have proven difficult. Financial services increased $4.6 billion. India, Malaysia, Thailand, and Taiwan all saw upticks in exports to the Average exports increased $6.2 billion from December 2017. Transactions may be included in a subsequent month's statistics if received late. Details may not equal totals due to rounding. Exports of goods were revised down $0.8 billion. Technical, trade-related, and other business services include architectural and engineering, construction, audio-visual, waste treatment, operational leasing, trade-related, and other business services.   Forest Products For November, unadjusted exports of goods were revised down $0.1 billion and unadjusted imports of goods were revised up $0.1 billion. However, the customs value for imports for certain Canadian and Mexican goods is the point of origin in Canada or Mexico. Upcoming Outreach Activities. These investigations often concern the likely impact of changes in trade policy such as trade agreements on the U.S. economy, industries, and workers or provide assessments of U.S. industries. [14] USITC DataWeb/USDOC, digest TE010 (accessed March 15, 2019). 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). (free alongside ship) value of merchandise at the U.S. port of export, based on the transaction price including inland freight, insurance, and other charges incurred in placing the merchandise alongside the carrier at the U.S. port of exportation. The following is a brief description of the types of services included in each category: Maintenance and repair services n.i.e. 2018 : U.S. trade in goods with India . (not included elsewhere) - Consists of maintenance and repair services performed by residents of one country on goods that are owned by residents of another country. Details may not equal totals due to rounding. Exports of goods on a Census basis increased $117.8 billion. The United States International Trade Commission is an independent, nonpartisan, quasi-judicial federal agency that fulfills a range of trade-related mandates. Download the Brief The Issue Sub-Saharan African countries are experiencing economic distress from the U.S.-China trade war. The next release of the ITAs is scheduled for March 27, 2019. S&P 500: +1.00%. Imports of services were revised up less than $0.1 billion. Purchases can be either for own use or for gifts to others. Investigations of market injury to U.S. domestic industry by foreign companies due to product dumping and/or subsidization under Sections 701 or 731 under Title VII of the Tariff Act of 1930 or injury due to substantially increase imports under sections 201 or 202 of the Trade Act of 1974 or section 302 of the NAFTA Implementation Act. Copy link. Operation of the Trade Agreements Program . USITC’s current Strategic Plan, along with previous editions and related documents including USITC’s Budget Justifications and Performance Plans, Annual Performance Reports and Performance and Accountability Reports. Monthly revisions: Each month, a preliminary estimate for the current month and a revised estimate for the immediately preceding month are released. 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. 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. Deductions for equipment repairs (parts and labor), repairs to U.S. vessels abroad, and developed motion picture film. Other industrial machines increased $5.1 billion. An open and transparent process for the submission and consideration of requests for temporary duty suspensions and reductions. See "An Empirical Review of Methods for Temporal Distribution and Interpolation in the National Accounts" (May 2008) for more information. 2 Section 201 tariff-rate quotas for washing machines were effective February 7, 2018, for all countries except Canada and most Generalized System of Preferences (GSP) beneficiary countries (except Thailand). - Includes goods and services supplied by and to enclaves, such as embassies, military bases, and international organizations; goods and services acquired from the host economy by diplomats, consular staff, and military personnel located abroad and their dependents; and services supplied by and to governments that are not included in other services categories. This adjustment for price change is done using the Fisher chain-weighted methodology. In the remaining sectors, however, the trade deficit widened. The most significant of these include reporting errors, undocumented shipments, timeliness, data capture errors, and errors in the estimation of low-valued transactions. December exports were $205.1 billion, $3.9 billion less than November exports. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The 2018 figures show surpluses, in billions of dollars, with South and Central America ($41.5), Hong Kong ($31.1), Netherlands ($24.8), Australia ($15.2), and Belgium ($14.2). The December increase in the goods and services deficit reflected an increase in the goods deficit of $9.0 billion to $81.5 billion and a decrease in the services surplus of $0.5 billion to $21.8 billion. Industry/Commodity Groups The United States-Nepal Council on Trade and Investment, under the United States-Nepal Trade and Investment Framework Agreement (TIFA) View Full Release. Inland freight in Canada and Mexico - This addition is made for inland freight in Canada and Mexico. The largest increase in value occurred in the chemicals and related products sector, which gained $43.1 billion (16.1 percent). About 500 of some 22,000 Schedule B and Harmonized Tariff Schedule classification codes used in reporting U.S. merchandise trade are identified as "advanced technology" codes, and they meet the following criteria: The aggregation of the goods results in a measure of advanced technology trade that appears in exhibits 16 and 16a. 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. [18] These increases were partially offset by decreases in imports of telecommunications equipment;[19] semiconductors and integrated circuits;[20] blank and prerecorded media;[21] and aluminum mill products. The trade deficit is the result of exporting goods and services worth about $2.5 trillion while importing goods and services worth about $3.12 trillion. (For more information, see the Transportation Equipment and Agricultural Products chapters.). Exports increased $35.4 billion to $318.6 billion and imports increased $53.3 billion to $487.9 billion. About sharing. 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. Business travel also includes expenditures by border, seasonal, and other short-term workers in their economy of employment. 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. [22] The increase in U.S. general imports from Canada was led by imports of crude petroleum[23] and motor vehicles,[24] which were at their highest levels in the last five years. Deficits were recorded, in billions of dollars, with China ($38.7), European Union ($15.8), Mexico ($8.8), Germany ($5.7), Japan ($5.5), Italy ($3.0), South Korea ($1.7), Taiwan ($1.6), France ($1.5), India ($1.4), OPEC ($1.3), Saudi Arabia ($1.2), and Canada ($0.7). Cell phones and other household goods increased $0.6 billion. close. BEA's data API: BEA's data API, available at apps.bea.gov/API/signup/index.cfm, provides programmatic access to BEA's published economic statistics using industry-standard methods and procedures. Seasonally adjusted data are also revised to reflect recalculated seasonal and trading-day adjustments. More than 42.1% of the U.S. trade deficit in goods is with China. European Union: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. Exports of services decreased less than $0.1 billion to $69.5 billion in December. Share page. Net balance of payments adjustments increased $0.6 billion. In 2018, the United States was the largest partner for EU exports of goods (21 % of total extra-EU exports) and second largest for EU imports of goods (14 % of total extra-EU imports), after China (20 %). Re-exports are foreign merchandise entering the country as imports and then exported in substantially the same condition as when imported. Re-exports, which are included in overall export totals, appear as separate line items in exhibit 15. Services supplied by and to governments are classified to specific services categories when source data permit. Miscellaneous Tariff Bill (MTB) Information Page, Office of Industries Data adjusted for seasonal variation on a real, or chained-dollar, basis (2012 reference year) are presented in exhibits 10 and 11. This agreed consultation will help to inform our overall approach to our future trade relationship and trade negotiations with the US. 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. [27] The growth in U.S. imports from Mexico was largely driven by a combined $18.3 billion increase in imports of computers, peripherals, and parts;[28] crude petroleum;[29] and motor vehicles. Several topics, in their own way, impact US trade policy, some more immediately than others, some more emphatically than others, and still others less so. The three top markets for U.S. exports—China, Canada, and Mexico—were also the top three suppliers of merchandise to the United States. Pharmaceutical preparations increased $23.7 billion. Statement on the United States - Central Asia Trade and Investment Framework Agreement [12] In 2018, the leading changes in exports to Mexico were higher value and quantity of U.S. exports of petroleum products[13] and an increase in export values of certain motor-vehicle parts. Other industrial machines increased $2.9 billion. Figure US.2 Total trade between the United States and its five largest single-country trading partners, 2018 (billion $), While the value of U.S. exports to China decreased by $9.6 billion (7.4 percent) from 2017 to 2018, the value of exports to Canada and Mexico increased over the same period, gaining $16.5 billion (5.8 percent) and $21.7 billion (8.9 percent), respectively. Trade picture. fenglu@nsd.pku.edu.cn; Professor, National School of Development, Peking University, China. Cross-border transactions in non-customized packaged software with a license for perpetual use are included in goods. 70th Report . 2018 : U.S. trade in goods with World, Seasonally Adjusted . In particular, it grew by $27.2 billion (66.9 percent) for chemicals and related products––the largest increase in 2018. The United States releases a list of $16 billion of Chinese goods to be taxed by 25%. Sales of customized software and related use licenses, as well as licenses to use non-customized software with a periodic license fee, are also included, as is software downloaded or otherwise electronically delivered. [5] USITC DataWeb/USDOC, digest AG013 (accessed March 15, 2019). [14] 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). Imports of goods increased $5.1 billion to $217.2 billion in December. Why are your data different from other trade data? 10  The $346 billion deficit with China was created by $452 billion in imports. U.S. exports of telecommunications equipment decreased $2.1 billion (5.4 percent) due to a decline in exports to France, Hong Kong, and Spain. BEA makes an addition for the inland freight charges of transporting these goods to the U.S. border to make the value comparable to the customs value reported for imports from other countries. 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. Why are your data different from other trade data? Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. Documents may be lost, and data may be incorrectly keyed, coded, or recorded. The U.S. trade deficit with China rises from $273.1 billion in 2010 to an all-time high of $295.5 billion in 2011. Excludes such services in which the cost is included in the price of the goods and is not billed separately or is declared as a part of the price of the goods on the import or export declaration filed with the U.S. Customs and Border Protection. Several recurring reports are published annually as part of the Commission’s mission to provide independent tariff, trade, and competitiveness-related analysis and information. 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. Combining trade into approximately 140 export and 140 import end-use categories makes it possible to examine goods according to their principal uses (see exhibits 7 and 8). Computer accessories increased $2.5 billion. EU and US investments are the real driver of the transatlantic relationship, contributing to growth and jobs on both sides of the Atlantic. The Harmonized System describes and measures the characteristics of the goods and is the basis for the systems used in the United States: Schedule B for exports and Harmonized Tariff Schedule for imports. Informational listing regarding the Harmonized Tariff. The United States has a services trade deficit of an estimated $5.4 billion with India in 2019, down 4.6% from 2018. Upcoming Outreach Activities. Information services include news agency services, database services, and web search portals. These services do not include the value of the information transmitted. [13] USITC DataWeb/USDOC, digest EP005 (accessed March 15, 2019). In 2018, the United States had trade deficits with all of its major trading partners except the United Kingdom, and the trade deficit expanded with six of the United States’ top 10 partners. The deflators are primarily based on the monthly price indexes published by the BLS using techniques developed for the NIPAs by BEA. The deficit increased from $62.1 billion in September (revised) to $63.1 billion in October, as imports increased more than exports. 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). They rule on motions during the trial stage and, following the trial, make an initial determination as to whether a violation of section 337 exists. 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. 1337). Year-over-year, the average goods and services deficit increased $6.2 billion from the three months ending in December 2017. Because the data series for aircraft is highly variable, users studying data trends may wish to analyze trade in aircraft separately from other trade. Canadian estimates: Effective with January 2001 statistics, the current month data for exports to Canada contain an estimate for late arrivals and corrections. Travel excludes air passenger services for travel between countries, which are included in transport, and goods for resale, which are included in goods. The deficit with Mexico increased $2.1 billion to $8.8 billion in December. Search for more papers by this author. The Census data only include imports of goods by U.S. military agencies that enter the U.S. customs territory. Amounts received by a parent company from its affiliates for general overhead expenses related to these services are included. For goods on a BOP basis and for services, European Union and OPEC reflect the composition of the areas at the time of reporting.   Energy and Related Products U.S. foreign direct investment (FDI) in China (stock) was $116.2 billion in 2019, a 6.3% increase from 2018. The bi-partisan USITC Commission is comprised of six Commissioners who are nominated by the President and confirmed by the U.S. Senate. [17] USITC DataWeb/USDOC, digest MS009 (accessed March 15, 2019). Total US investment in the EU is three times higher than in all of Asia. In 2018 United States imported $2.41T, making it the number 1 trade destination in the world. Services include securities brokerage and underwriting, financial management, financial advisory, and custody services; credit and other credit-related services; and securities lending, electronic funds transfer, and other services. The decrease in U.S. exports to China was driven by a sharp drop in exports of oilseeds,[9] which were $9.1 billion (74 percent) lower than in 2017. The U.S. goods trade deficit with China was $345.0 billion in 2019, a 17.6% decrease ($73.7 billion) from 2018. Reporting errors: Reporting errors are mistakes or omissions made by importers, exporters, or their agents in their import or export declarations. See "U.S. [25] USITC DataWeb/USDOC, digest TE009 (accessed March 15, 2019). Imports of energy-related products—particularly crude petroleum, petroleum products, and natural gas and components—were mostly sourced from Canada and Mexico, as well as from three other key exporters of energy-related products: Saudi Arabia, Russia, and Venezuela. United States Trade Representative Robert Lighthizer gratefully acknowledges the Border Patrol History. Sound statistical and holistic economic analysis of the trade dispute’s consequences is difficult due to data limitations. 2018 Trade Shifts Home Covering more than 200 nations; over 400 airports, seaports and border crossings; and more than 900 export and 900 import commodities. Census Bureau's application programming interface (API): The Census Bureau's API, available at www.census.gov/developers/, lets developers create custom apps to reach new users and makes key demographic, socio-economic, and housing statistics more accessible than ever before. Euro Area: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain. During the last five reported years the imports of United States changed by $245B from $2.16T in 2013 to $2.41T in 2018. Net balance of payments adjustments decreased $0.2 billion. Undocumented shipments: Federal regulations require importers, exporters, or their agents to report all merchandise shipments above established exemption levels. U.S. News and analysis of US trade policy, including the evolution and impact of US free-trade agreements (such as the revised free-trade agreement between the United States, Mexico and Canada), and important trade disputes involving violations of international law. Further, U.S. exports of steel mill products were $954 million (7.1 percent) lower in 2018 than in 2017, driven by lower exports to Canada and Mexico. [22] USITC DataWeb/USDOC, digest MM038 (accessed March 15, 2019). Charges for the use of intellectual property n.i.e. The Largest U.S. Deficit Is With China. Civilian aircraft engines increased $7.9 billion. 12 July 2018. 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). Exhibit 19 shows goods (Census basis) that are seasonally adjusted for selected countries and world areas. Table reflects only those months for which there was trade. 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. The exception is exhibit 17a, which shows CIF import value. Goods trade in the Advance Economic Indicators Report. 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. The China–United States trade war (Chinese: 中美 贸易战; pinyin: Zhōngměi Màoyìzhàn) is an ongoing economic conflict between China and the United States.President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are "unfair trade practices". 2018 US-China Trade Conflict after 40 Years of Special Protection [9] USITC DataWeb/USDOC, digest AG032 (accessed March 15, 2019). The deficit with the European Union increased $17.9 billion to $169.3 billion in 2018. 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. Insurance services decreased $13.0 billion. Trade Measure Definitions Data for goods on a Census basis are compiled from the documents collected by U.S. Customs and Border Protection (CBP) and reflect the movement of goods between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and U.S. Foreign Trade Zones. [15] The main markets for U.S. exports of these products were major U.S. trading partners, including Canada and Mexico, as well as markets such as Taiwan and India. The timing adjustment shown in exhibit 14 is the difference between monthly data as originally reported and as recompiled. Country Shifts (Interactive Graphics) Looking at the period 2008 to 2018, the EU had a trade in goods surplus (meaning larger exports than imports) with the United States. However, they can affect the detailed commodity statistics. Because these goods do not cross the U.S. customs frontier, their value is not recorded in the Census data. For 2018, the goods and services deficit increased $68.8 billion, or 12.5 percent, from 2017.