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Last week, we looked at the U.S. balance of trade and its components by the magnitudes of the values of imports and exports in dollar terms. We noted, however, that trade is a dynamic process that will invariably change from year to year.
The charts below show the percent changes in the values of traded goods and services that took place between April 2007 and April 2008. Some of the large changes, such as in Foods and Feeds or Industrial Supplies (which includes oil), can be readily expected. Others are less obvious. For instance, the amount of money foreigners spent traveling in the U.S., excluding the cost of fares, grew 20 percent in this period, signaling a growth in tourism. Overall, between April 2007 and April 2008, the values of imports of goods and services grew by 14 and 10 percent, respectively, while the values of exports of good and services grew by 19 and 17 percent. The largest increase was in Foods and Feeds exports, where the value of exports grew nearly 50 percent, reflecting the magnitude of the price changes seen in the past year. The U.S. is a net exporter in this area. The values of both imports and exports of Industrial Supplies grew by around thirty percent, due largely to increases in oil prices. The value of exports of Consumer Goods grew over 12 percent, while that of imports grew only 2.5 percent, though the trade deficit in this area remains large. In services, the value of all non-governmental exports grew by over 15 percent, which deepened the overall service trade surplus that the U.S. has long maintained. In particular, the value of Royalties and Licensing increased 17 percent while imports fell almost a percent. In all but one category, Military Contracts, the value of exports exceeded that of imports.
Source: Bureau of Economic Analysis, International Economic Accounts.
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