U.S. Exports Down Slightly in October
The U.S. Department of Commerce’s Census Bureau and the Bureau of Economic Analysis (BEA) announced that total October exports of $179.2 billion and imports of $222.6 billion resulted in a goods and services deficit of $43.5 billion, up from $44.2 billion in September. October exports were $1.5 billion less than September exports of $180.6 billion. October imports were $2.2 billion less than September imports of $224.8 billion.
In October, the goods deficit decreased $0.7 billion from September to $58.8 billion, and the services surplus was virtually unchanged at $15.3 billion. Exports of goods decreased $1.5 billion to $127.8 billion, and imports of goods decreased $2.2 billion to $186.6 billion. Exports of services were virtually unchanged at $51.4 billion, and imports of services increased $0.1 billion to $36.1 billion. The goods and services deficit increased $4 billion from October 2010 to October 2011. Exports were up $19.7 billion, or 12.3 percent, and imports were up $23.7 billion, or 11.9 percent.
The September to October decrease in exports of goods reflected decreases in industrial supplies and materials ($1.3 billion); consumer goods ($0.6 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). Increases occurred in capital goods ($0.5 billion) and other goods ($0.2 billion).
The September to October decrease in imports of goods reflected decreases in industrial supplies and materials ($3.6 billion); automotive vehicles, parts, and engines ($0.6 billion); and other goods ($0.1 billion). Increases occurred in capital goods ($1.1 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.2 billion).
For the three months ending in October, exports of goods and services averaged $179.3 billion, while imports of goods and services averaged $223.6 billion, resulting in an average trade deficit of $44.3 billion. For the three months ending in September, the average trade deficit was $45.2 billion, reflecting average exports of $178.8 billion and average imports of $224.0 billion.
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Additionally, working with other countries to increase international trade is an important part of what the U.S. Small Business Administration Office of International Trade (OIT) do. FY2011 was no exception for OIT, which had a very successful year helping to strengthen small business ownership and the economy, both here in the U.S. and globally.
The number of OIT export working capital loans increased 14.8 percent from 149 (counting Export-Import Bank co-guarantees) to 171 from FY2010 to FY2011. International trade loans were up 440 percent from 5 to 27 and export express increased from 239 to 287, a 20.1 percent rise. Three core export loan programs rose 23.4 percent collectively from 393 to 485 and all SBA loans to exporters were $918 million up 41 percent from FY2010. This lending supported $1.8 billion in exports.
For more information on how SBA can help with a new international venture, visit http://www.sba.gov.