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, December 19, 2001 CB-01-196 Press Copy FT-900 (01-10) 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 October 2001 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $77.3 billion and imports of $106.8 billion resulted in a goods and services deficit of $29.4 billion, $10.4 billion more than the $19.0 billion in September, revised. October exports were $0.5 billion more than September exports of $76.8 billion. October imports were $11.0 billion more than September imports of $95.8 billion. In October, the goods deficit decreased $0.5 billion from September to $35.0 billion, and the services surplus decreased $11.0 billion to $5.6 billion. Exports of goods increased to $56.6 billion from $55.6 billion, and imports of goods increased to $91.6 billion from $91.1 billion. Exports of services decreased to $20.7 billion from $21.2 billion, and imports of services increased to $15.2 billion from $4.7 billion. Goods The September to October change in exports of goods reflected increases in industrial supplies and materials ($0.4 billion); consumer goods ($0.2 billion); foods, feeds, and beverages ($0.2 billion); other goods ($0.2 billion); and capital goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion). The September to October change in imports of goods reflected increases in capital goods ($0.5 billion); consumer goods ($0.2 billion); other goods ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in industrial supplies and materials ($0.6 billion). Foods, feeds, and beverages were virtually unchanged. Services Services exports decreased $0.4 billion from September to October. The decrease was more than accounted for by decreases in travel and passenger fares. Changes in the other categories of services exports were small. Services imports increased $10.5 billion from September to October. A large increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) was partly offset by decreases in travel and passenger fares. The increase in other private services was mostly accounted for by a sharp increase in insurance services, which are measured as premiums paid less claims received. Claims received, which are recorded on an accrual basis, returned to normal levels after increasing sharply in September as a result of the terrorist attacks of September 11. As explained in last month's release, BEA adjusted its source data for insurance services in September to account for the economic impact of the terrorist attacks that was not fully captured in BEA's source data. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $79.3 billion, while imports of goods and services averaged $104.8 billion, resulting in an average trade deficit of $25.5 billion. For the three months ending in September, the average trade deficit was $25.7 billion, reflecting average exports of $81.1 billion and average imports of $106.9 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Egypt $0.6 (for September $0.2), Singapore $0.5 ($0.5), Australia $0.3 ($0.3), and Hong Kong $0.1 ($0.3). Deficits were recorded, in billions of dollars, with China $9.2 ($8.5), Japan $7.0 ($5.4), Canada $3.8 ($4.2), Western Europe $7.6 ($3.8), OPEC $3.1 ($3.3), Mexico $2.6 ($3.0), Taiwan $1.5 ($1.2), Korea $1.6 ($0.8), and Brazil $0.1 (virtually zero). Advanced technology products (ATP) exports were $15.7 billion in October and imports were $16.9 billion, resulting in a deficit of $1.2 billion. October exports were $0.9 billion more than the $14.8 billion in September, while imports were $2.0 billion more than the $15.0 billion in September. Revisions Goods carry-over in October was $0.3 billion (0.5 percent) for exports and $0.9 billion (0.9 percent) for imports. For September, revised export carry- over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). For September, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.2 billion (1.3 percent). Services exports and imports for April through September 2001 were revised to incorporate revisions to BEA's quarterly U.S. international transactions accounts, which were released December 12 (see page 30 for the monthly revision policy). The revised quarterly and monthly estimates are based on more complete source data than were available previously. Services exports for September were revised down $0.6 billion to $21.2 billion; the revision was mostly accounted for by downward revisions in transfers under U.S. military sales contracts and travel. Services imports for September were revised up $0.2 billion to $4.7 billion; the revision was mostly accounted for by an upward revision in other private services. Scheduled release dates in 2002 are located on page 30 Table of Contents 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-01-196), Bureau of the Census, Foreign Trade Division, October 2001. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.