What is it?
Goods Exports and Imports (GOEX and GOIM) are the total amounts valued in millions of dollars of monthly exported goods and imported goods in the U.S. The related year-over-year changes (GOEXG and GOIMG) are the percent changes from the same month in the previous year. i.e. The goods export value for May 2018 (in $M) is $145,282 and the value for May 2017 (in $M) is $128,316. The year-over-year change (GOEXG.USA) would be ($145,282 – $128,316) / $128,316 = 13.22%.
The goods imports and exports numbers in SONAR are monthly values from the Census Bureau on international trade in goods for the U.S. economy. The values are seasonally adjusted and reported in millions of dollars (GOEX, GOIM), as well as year-over-year growth (GOEXG, GOIMG)
Who is interested?
Economists, trucking carriers, brokers, maritime and air cargo carriers, or anyone else interested in freight activity.
What does it tell me?
The value of goods exported and imported tell us if the U.S. is experiencing a trade surplus or a trade deficit. When the number of goods exported exceed imports that is a trade surplus. Trade surplus implies your goods are in more demand in relation to other countries’ goods, which can increase the value of the currency. When the amount of goods imported exceeds the amount imported that is a trade deficit. A trade deficit implies the country has less demand for its goods than other countries. Trade deficit can make the countries’ currency less valuable in the global market. Trade balances are just one of many factors in currency markets but can have large impacts.
Example: A user wants to see the goods exported value for the year. They would enterGOEX.USA.
International trade is one of the key drivers of freight demand in the economy. The goods trade statistics exclude all trade in services which have little impact on freight demand. The international trade performance influences ocean and air freight for intercontinental movements, and trucking freight, rail and intermodal for cross border and drayage movements.