EnThe Panjiva Sindex of U.S. imports and exports of alcohol, tobacco and weapons climbed to a new high $36.75 billion on a rolling annual basis in July. Americans appear better behaved than their overseas customers, with imports rising just 2.4% and exports climbing 16.8%. That still meant the U.S. had a deficit (i.e. net imports) of just under $10 billion for the past 12 months.
Source: Panjiva
The jump in exports was in part the result of a shipments of alcoholic products expanding by 13.4% to reach a new record of $419 million for July. A 7.7% growth in imports meant the U.S. still had a net deficit of $997 million for the month.
Weapons exports expanded more quickly with a 24.5% jump, with $717 million of exports being the highest for the month of July since at least 2009 – note it’s a seasonal low point though. Shipments of military aircraft, vehicles and weapons will likely expand further after a 73% jump in year-to-date, State Department approved exports, as outlined in Panjiva research of September 12.
The tobacco industry was the outlier, with a 10.4% growth in imports bringing the 12 month total to an 11.4% increase – by contrast imports fell 4.6% in July and 5.3% over the past year. That meant the U.S. trade surplus in tobacco products fell to $199 million in the past 12 months from $449 million a year earlier.
Source: Panjiva
