Trade Deficit: summary for October reports

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Trade Deficit: summary for October reports
by Mike Crane

"No matter how big the cookie and how small the bites, eventually you run out of cookie."

The October 2007 Trade statistics were released on December 12 and remain at a very high and unacceptable level. This month's commentary will be very brief and just include the summary information. Hope everyone has a Merry Christmas and please remember the Reason for the Season.

A look at the monthly statistics released by the BEA (U.S. Bureau of Economic Analysis) show little change.

Month	2001 S urplus (Deficit)	2002 S urplus (Deficit)	2003 S urplus (Deficit)	2004 S urplus (Deficit)	2005 Surplus (Deficit)	2006 Surplus (Deficit)	2007 Surplus (Deficit)
January	(35.2)	(29.6)	(41.4)	(43.1)	(58.3)	(68.5)	(59.1)
February	(29.4)	(32.6)	(40.4)	(42.1)	(61.0)	(65.7)	(58.4)
March	(32.7)	(31.5)	(43.7)	(46.0)	(55.0)	(62.0)	(63.9)
April	(31.5)	(34.0)	(42.5)	(48.3)	(57.0)	(63.4)	(58.5)
May	(28.0)	(34.0)	(40.8)	(46.0)	(55.3)	(63.8)	(60.0)
June	(29.5)	(35.4)	(40.0)	(55.8)	(58.8)	(64.8)	(58.1)
July	(30.1)	(34.1)	(40.8)	(50.1)	(57.9)	(68.0)	(59.2)
August	(28.4)	(36.2)	(40.2)	(53.5)	(59.0)	(69.9)	(57.6)
September	(30.8)	(36.6)	(41.3)	(51.6)	(66.1)	(64.3)	(56.5)
October	(30.8)	(35.0)	(41.5)	(55.5)	(68.9)	(58.9)	(57.9)
November	(29.7)	(39.7)	(40.0)	(60.3)	(64.2)	(58.2)
December	(26.6)	(43.2)	(44.0)	(56.4)	(65.7)	(62.1)

The chart at the right is taken - month by month - from the U.S. Bureau of Economic Analysis monthly press releases. These are just the numbers reported by the government. A copy and link to the most recent BEA press release is always at the bottom of the page.

This remains a track record of failed economic policies, which apparently are continuing unabated.

Excluding Petroleum Products
Month	2007 Surplus (Deficit)
January
February
March
April	(45.9)
May	(42.7)
June	(42.3)
July	(41.8)
August	(40.2)
September	(39.6)
October	(38.5)
November
December

Since many of our new age rocket scientists called - economists - blame our Trade Deficit on petroleum products, I have started the chart on the left. This shows the month by month trade position excluding all petroleum products.

Even if we did not import a single barrel of oil, our trade deficit would be roughly $500,000,0000,000.00 dollars a year!

The song remains the same, month after month. Your elected officials try to spin the problem to make you believe that the problem is primarily due to oil. Or the trade deficit drops from $800,000,000,000.00 per year to ONLY $700,000,000,000.00 per year and they jump with joy.

The reason for the spin should be obvious - it is easier to blame the lunatic in Venezuela and Arabs than to admit that the problem is our failed economic policies. Or to pretend that the problem is going away.

Full commentary will return in January.

" Nobody made a greater mistake than he who did nothing
because he could only do a little. "
― Edmund Burke (1729 - 1797)

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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce � Washington, D.C. 20230

CB07-174
BEA07-55
FT-900 (07-10)

For information on goods contact:
U.S. Census Bureau:
Nick Orsini   301-763-6959
Maria Iseman 301-763-2311

For information on services contact:
U.S. Bureau of Economic Analysis:
Technical: Christopher Bach 202-606-9545
Media:     Ralph Stewart     202-606-2649

                U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                October 2007

Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department
of Commerce, announced today that total October exports of $141.7 billion and imports
of $199.5 billion resulted in a goods and services deficit of $57.8 billion , $0.7
billion more than the $57.1 billion in September, revised. October exports were $1.3
billion more than September exports of $140.4 billion. October imports were $2.0
billion more than September imports of $197.5 billion.

In October, the goods deficit increased $0.9 billion from September to $66.8 billion,
and the services surplus increased $0.2 billion to $8.9 billion. Exports of goods
increased $0.7 billion to $101.1 billion, and imports of goods increased $1.6 billion
to $167.8 billion. Exports of services increased $0.5 billion to $40.6 billion, and
imports of services increased $0.3 billion to $31.7 billion.

In October, the goods and services deficit was down $0.3 billion from October 2006.
Exports were up $17.1 billion, or 13.7 percent, and imports were up $16.7 billion,
or 9.2 percent.

In September, the goods deficit decreased $0.3 billion from August to $65.7 billion, and the services surplus was virtually unchanged at $9.3 billion. Exports of goods increased $1.2 billion to $100.2 billion, and imports of goods increased $0.9 billion to $166.0 billion. Exports of services increased $0.3 billion to $39.9 billion, and imports of services increased $0.2 billion to $30.6 billion.

In September, the goods and services deficit was down $7.7 billion from September 2006. Exports were up $16.8 billion, or 13.6 percent, and imports were up $9.1 billion, or 4.9 percent.

Source: http://www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm

About the author:

Mike Crane is the 2nd vice chairman of the Southern Party of Georgia and a candidate for the 51st Senate District in Georgia. Despite gathering over 7,000 petition signatures in 2004 and 2006 combined - he was denied ballot access both elections. While 70% of the Georgia State House districts and 56% of Georgia Senate districts had one candidate in November, Georgia tax dollars were used to prevent political competition.

Has the time has come to end Banana Republic style elections in Georgia? Has the time come to have some real political competition? If you think so, consider helping us.

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