U.S. international trade in transportation-related goods and services has run a deficit for many years, due to a deficit in automobile and parts trading. In contrast, civilian aircraft and parts trade has run a surplus, exports being about three times imports.
Travel is another area in which the U.S. has a trade surplus. However, this surplus has decreased in the past few months as travel into the U.S. dropped sharply after the September 11, 2001 terrorist attacks. Passenger fares were previously positive, but became negative in 1999 and recovered slightly last quarter.
|Balance of Trade (billions of dollars)||Q4 01||Q1 02|
|Transportation-related total percent change from previous quarter||7.52||-6.46|
|Automotive and parts||-28.85||-28.98|
|Automotive and parts percent change from previous quarter||0.69||0.45|
|Travel percent change from previous quarter||-10.67||18.05|
|Other percent change from previous quarter||-11.20||-7.91|
|Civilian aircraft and parts||3.95||5.20|
|Civilian aircraft and parts percent change from previous quarter||-29.46||31.65|
|Passenger fares percent change from previous quarter||-46.43||3.75|
NOTES: "Other transportation" include payments for freight transportation services and port services.
Passenger fares include international transportation fares, particularly air fares and ocean liner fares.
Travel includes intercity and local fares within a country, hotel and restaurant, admission fees, and souvenir expenditures.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis; National Income and Product Accounts data, Table 4.3; Mar. 28, 2002; available at: http://www.bea.doc.gov/bea/dn/nipaweb/AllTables.asp?Selected=N#S4; based on Survey of Current Business.