*EPF203 11/19/2002
U.S. Trade Deficit Down in September; Exports, Imports Both Drop
(Deficit for first nine months up 17 percent from same period year earlier) (700)

By Bruce Odessey
**

The U.S. trade deficit remained close to a record but dropped slightly in September as imports decreased more than exports, reflecting in part a labor dispute at U.S. West Coast ports, the Department of Commerce reports.

In a November 19 press release, the department estimated the September deficit at $38,026 million, comprising a goods deficit of $41,801 million and a services surplus of $3,775 million.

The September deficit was down 0.7 percent from a revised August deficit of $38,280 million, a record. Exports were down 0.4 percent from August for the second consecutive monthly decrease.

Imports were down 0.5 percent, partly attributable to the 10-day shutdown of West Coast ports in September and October. The import categories showing some of the biggest drops were in oil, semiconductors, computer accessories, televisions and toys. Oil imports went down even though the price per barrel of crude went up from $24.57 in August to $25.47 in September, the highest level since December 2000.

The January-September trade deficit amounted to $317,305 million, up 17.4 percent from the same period a year earlier.

In September the U.S. deficit with China went down slightly to $10,267 million while that with Japan went up to $5,853 million. The deficit with Canada went up to $4,595 million while that with Mexico went down to $2,952 million.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 -378,681 1,064,239 1,442,920
Jan.-Dec. 2001 -358,290 998,022 1,356,312

Jan.-Sept. 2001 -270,265 765,094 1,035,358
Jan.-Sept. 2002 -317,305 724,320 1,041,625

September 2001 -19,481 77,033 96,514
September 2002 -38,026 82,161 120,187

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 -452,423 771,994 1,224,417
Jan.-Dec. 2001 -427,165 718,762 1,145,927

Jan.-Sept. 2001 -326,503 551,404 877,906
Jan.-Sept. 2002 -352,065 512,803 864,868

September 2001 -35,660 55,725 91,385
September 2002 -41,801 58,344 100,145

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 73,742 292,245 218,503
Jan.-Dec. 2001 68,875 279,260 210,385

Jan.-Sept. 2001 56,238 213,690 157,452
Jan.-Sept. 2002 34,760 211,517 176,757

September 2001 16,179 21,308 5,129
September 2002 3,775 23,817 20,042

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral September September
balance exports imports

Total -42,237 57,533 99,770

North America -7,547 21,798 29,345
Canada -4,595 13,327 17,922
Mexico -2,952 8,471 11,423

Western Europe -7,010 12,488 19,498
Euro Area -5,251 8,445 13,696
European Union -6,412 11,509 17,921
Austria -164 182 346
Belgium 401 1,102 701
Finland -143 105 248
France -646 1,503 2,150
Germany -2,738 2,335 5,073
Italy -1,062 677 1,738
Netherlands 748 1,516 768
Spain -42 364 406
Sweden -383 255 637
United Kingdom -609 2,657 3,267
Other EU -1,772 815 2,587

European Free Trade
Association -450 709 1,159
Norway -282 100 382
Switzerland -158 582 740
Other EFTA -10 27 37
Other Western Eur. -149 269 418

Eastern Europe, Former
Soviet Reps. -771 504 1,275
Hungary -229 60 290
Poland -47 54 101
Former Sov. Reps. -356 308 665
Russia -375 148 522
Other FSR 18 161 142
Other Eastern Europe -139 82 220

Pacific Rim -20,197 14,836 35,032
Australia 454 1,015 561
China -10,267 2,030 12,297
Japan -5,853 4,155 10,008
Newly Industrialized
Countries -2,067 5,862 7,930
Hong Kong 260 1,120 860
South Korea -1,071 1,989 3,060
Singapore -95 1,137 1,233
Taiwan -1,160 1,616 2,777
Other Pacific Rim -2,463 1,773 4,237

South/Central Amer. -2,071 4,318 6,388
Argentina 108 132 239
Brazil -421 1,032 1,453
Colombia -136 356 492
Other S/C America -1,406 2,798 4,204

OPEC -2,859 1,951 4,810
Indonesia -643 207 850
Nigeria -391 81 472
Saudi Arabia -725 419 1,144
Venezuela -1,256 402 1,657
Other OPEC 155 842 686

Other countries -3,767 2,162 5,929
Egypt 89 175 86
South Africa -225 202 427
Other -3,631 1,785 5,416

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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