Imports

The Imports headline is the import side of US International Trade in Goods and Services (the joint monthly trade report, acronym FT-900). It covers goods on a balance of payments basis plus services imports, all seasonally adjusted. Goods are compiled from Customs documents with low value estimates, while services are survey estimates.

Coverage spans physical goods arrivals across the US Customs Territory for government and nongovernment shipments. It measures General Imports, not only Imports for Consumption cleared through Customs. It excludes transit goods under bond, military shipments, monetary gold, carrier fuel, and returned repairs. Import values exclude US duties, and headline gains widen the deficit when exports hold steady.

The reference month is the month Customs releases goods to the importer. The report appears at 8:30 a.m. Eastern on average 34 to 36 days after month end. An advance goods only estimate appears on average 24 to 26 days after month end. Each release provides 20 exhibits with goods, services, end use, and country detail.

Each release revises prior month aggregates and end use totals for late transactions. Country and commodity detail are not revised each month, with timing adjustment bridging vintages. The annual cycle redistributes late data, recomputes seasonal factors, and aligns adjusted months to annual totals. Figures are read in billions with change in billions and percent, with no preset threshold.

Headline Imports move with goods end use groups and estimated services types. Codes are grouped into about 140 import categories, then summed to 6 main groups. A large rise in one component can be offset by a fall in another, so read detail beyond the headline.

• Foods, feeds, and beverages, and Other goods: farm and food imports for use and processing plus residual low value items.

• Industrial supplies and materials: oil, chemicals, metals, and gold inputs, the most price sensitive group.

• Capital goods, except automotive: computers, accessories, aircraft, and machinery for business investment.

• Automotive vehicles, parts, and engines: cars, parts, and engines for assembly and sale.

• Consumer goods (nonfood), except auto: medicines, phones, and household goods for shoppers.

• Services imports: travel, transport, intellectual property, business, finance, insurance, and defense services.

1. Customs compilation: sum Customs values, defined as price paid for export to the US without duties, freight, or insurance, plus low value estimates.

1. End use grouping: sort codes into detailed import categories, then into main groups.

1. Seasonal adjustment: run X-13ARIMA-SEATS at detailed level where stable seasonality exists, then sum to totals.

1. BOP conversion: apply balance of payments adjustments that add gold and freight and remove military goods and repairs.

1. Services estimate: estimate services imports from surveys and adjust for seasons where patterns exist.

1. Headline total: add adjusted goods and services. For illustration, 346.0 billion plus 72.0 billion equals 418.0 billion.

Headline Imports are not goods alone. They add services and adjustments to Census goods. They measure General Imports, not only cleared goods, and values exclude US duties. The balance equals exports minus imports, with no preset threshold for Imports.