United States Department of COMMERCE NEWS Washington, D.C. 20230 ECONOMICS AND STATISTICS ADMINISTRATION ------------ Bureau of the Census Bureau of Economic Analysis This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, February 21, 2001 CB-01-31 Press Copy FT-900 (00-12) For information on goods contact: Bureau of the Census: Haydn R. Mearkle (301) 457-2246 Nick Orsini (301) 457-2311 For information on services contact: Bureau of Economic Analysis: Technical: Christopher Bach (202) 606-9545 Media: Larry Moran (202) 606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES December 2000 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $89.8 billion and imports of $122.8 billion resulted in a goods and services deficit of $33.0 billion, $0.1 billion less than the $33.1 billion in November, revised. December exports were $0.7 billion less than November exports of $90.6 billion. December imports were $0.9 billion less than November imports of $123.7 billion. In December, the goods deficit increased $0.1 billion from November to $39.2 billion, and the services surplus increased $0.2 billion to $6.2 billion. Exports of goods decreased to $64.9 billion from $65.8 billion, and imports of goods decreased to $104.1 billion from $105.0 billion. Exports of services increased to $24.9 billion from $24.7 billion, and imports of services were virtually unchanged at $18.7 billion. Goods The November to December change in exports of goods reflected decreases in industrial supplies and materials ($0.6 billion); capital goods ($0.6 billion); and other goods ($0.1 billion). Increases occurred in consumer goods ($0.2 billion) and foods, feeds, and beverages ($0.1 billion). Automotive vehicles, parts, and engines were virtually unchanged. The November to December change in imports of goods reflected decreases in automotive vehicles, parts, and engines ($1.4 billion); consumer goods ($0.7 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.2 billion). Increases occurred in industrial supplies and materials ($1.5 billion) and capital goods ($0.2 billion). Services Services exports increased $0.2 billion from November to December. The increase was more than accounted for by increases in other private services (which includes items such as financial services and business, professional, and technical services) and travel. Changes in the other categories of services exports were small. Services imports in December were virtually the same as in November. An increase in travel was offset by a decrease in other transportation. Changes in the other categories of services imports were small and offsetting. Goods and Services Moving Average For the three months ending in December, exports of goods and services averaged $90.5 billion, while imports of goods and services averaged $123.7 billion, resulting in an average trade deficit of $33.2 billion. For the three months ending in November, the average trade deficit was $33.5 billion, reflecting average exports of $91.4 billion and average imports of $124.9 billion. Selected Not Seasonally Adjusted Goods Details The December figures showed surpluses, in billions of dollars, with Hong Kong $0.6 (for November $0.4), Australia $0.5 ($0.4), Brazil $0.3 ($0.3), Egypt $0.2 ($0.1), and Argentina $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China -$6.1 (-$7.6), Japan -$6.1 (-$6.8), Canada -$5.7 (-$4.5), OPEC -$4.3 (-$3.8), Western Europe -$3.6 (-$5.5), Korea -$1.3 (-$1.5), Taiwan -$1.2 (-$1.7), Mexico -$1.2 (-$2.0), and Singapore $0.0 (-$0.2). Advanced technology products (ATP) exports were $21.0 billion in December and imports were $19.5 billion, resulting in a surplus of $1.5 billion. December exports were $1.5 billion more than the $19.6 billion in November, while imports were $0.8 billion less than the $20.3 billion in November. Revisions Goods carry-over in December was $0.5 billion (0.8 percent) for exports and $1.4 billion (1.4 percent) for imports. For November, revised export carry- over was $0.3 billion (0.4 percent), revised down from $0.5 billion (0.7 percent). For November, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.0 billion (0.9 percent). The seasonally adjusted goods data for January through November were also revised to align the seasonally adjusted months with the annual totals. Services exports for November were virtually unrevised at $24.7 billion. Services imports for November were also virtually unrevised at $18.7 billion. NOTICE Each month, the data for the previous month's total goods exports and total goods exports to Canada are revised to reflect late receipts and corrections received from Canada. As a result, the total value of exports and exports to Canada are generally understated in the current month release. In order to reduce the magnitude of the revisions and to improve the quality of the current month data, effective with January 2001 statistics, the FT-900 U.S. International Trade in Goods and Services release will include an estimate in the current month for the late receipts and corrections for Canada. For example, the January 2001 values for total exports and total exports to Canada will include an estimate for the late receipts and corrections. The following month, this estimate will be replaced with the actual value of late receipts and corrections. Annual Summary for 2000 Goods and Services For 2000, exports of $1,068.4 billion and imports of $1,438.1 billion resulted in a goods and services deficit of $369.7 billion, $104.7 billion more than the 1999 deficit of $265.0 billion. For goods, exports were $773.3 billion and imports were $1,222.8 billion, resulting in a goods deficit of $449.5 billion, $103.9 billion more than the 1999 deficit of $345.6 billion. For services, exports were $295.1 billion and imports were $215.3 billion, resulting in a services surplus of $79.8 billion, $0.8 billion less than the 1999 surplus of $80.6 billion. Goods (Census Basis) For 2000, exports of goods were up $86.6 billion from 1999. Increases occurred in capital goods of $45.4 billion (primarily semiconductors, computer accessories, industrial machines, telecommunications equipment, and electric apparatus); industrial supplies and materials ($25.2 billion); consumer goods ($8.4 billion); automotive vehicles, parts, and engines ($4.2 billion); foods, feeds, and beverages ($2.3 billion) and other goods ($1.1 billion). For 2000, imports of goods were up $192.1 billion from 1999. Increases occurred in industrial supplies and materials of $76.1 billion (primarily crude petroleum); capital goods ($55.1 billion); consumer goods ($36.3 billion); automotive vehicles, parts, and engines ($16.9 billion); other goods ($5.4 billion); and foods, feeds, and beverages ($2.4 billion). Services For 2000, exports of services were $295.1 billion, up $23.2 billion from 1999. Increases occurred in travel ($10.3 billion); other private services, which includes items such as financial services and business, professional, and technical services ($9.0 billion); other transportation ($2.8 billion); passenger fares ($1.6 billion); and royalties and license fees ($1.2 billion). Transfers under U.S. military sales contracts decreased $1.7 billion. U.S. Government miscellaneous services were virtually unchanged. For 2000, imports of services were $215.3 billion, up $24.0 billion from 1999. Increases occurred in other transportation ($6.5 billion); travel ($6.4 billion); other private services ($5.8 billion); passenger fares ($2.9 billion); and royalties and license fees ($2.4 billion). Direct defense expenditures and U.S. Government miscellaneous services were virtually unchanged. For detailed descriptions of the types of transactions included in each of the services categories, see "Information on Goods and Services" starting on page 26 of this release. Table of Contents December 2000 Seasonally Adjusted Exhibit 1 International Trade in Goods and Services. . . . . . .........4 Exhibit 2 Goods and Services Centered Three - Month Moving Averages.....5 Exhibit 3 U.S. Services by Major Category--Exports . . . . . ...........6 Exhibit 4 U.S. Services by Major Category--Imports . . . . . ...........7 Exhibit 5 U.S. Trade in Goods. . . . . . . . . . . . . . . . ...........8 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category....9 Exhibit 7 Exports of Goods by End-Use Category and Commodity ..........10 Exhibit 8 Imports of Goods by End-Use Category and Commodity ..........12 Exhibit 9 Petroleum and Non-Petroleum End-Use Category Totals .........14 Exhibit 10 Exports and Imports of Goods by Principal End-Use Category (Constant Dollars) . . . . . . . ..................15 Exhibit 11 Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (Constant Dollars)..........................................16 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods. . . . . . . . . . . . . . . . .........17 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category............................................18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas . . . . . . . . . . . . . . . ........19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodity Groupings...................................................21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products....................................................23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum . . . . . . . . . . . . . ........24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries..........................................25 Information on Goods and Services. . . . . . . . . . . . . . . ........26 SOURCE: Report FT900 (CB-01-31), Bureau of the Census, Foreign Trade Division, December 2000. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.