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. Thursday, February 21, 2002 CB-02-25 Press Copy FT-900 (01-12) 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 2001 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 $77.9 billion and imports of $103.2 billion resulted in a goods and services deficit of $25.3 billion, $3.3 billion less than the $28.5 billion in November, revised. December exports were $0.1 billion more than November exports of $77.7 billion. December imports were $3.1 billion less than November imports of $106.3 billion. In December, the goods deficit decreased $2.9 billion from November to $31.3 billion, and the services surplus increased $0.3 billion to $6.1 billion. Exports of goods decreased to $54.9 billion from $56.0 billion, and imports of goods decreased to $86.3 billion from $90.3 billion. Exports of services increased to $22.9 billion from $21.7 billion, and imports of services increased to $16.9 billion from $16.0 billion. Goods The November to December change in exports of goods reflected decreases in capital goods ($0.7 billion); automotive vehicles, parts, and engines ($0.5 billion); foods, feeds, and beverages ($0.1 billion); and other goods ($0.1 billion). An increase occurred in consumer goods ($0.3 billion). Industrial supplies and materials were virtually unchanged. The November to December change in imports of goods reflected decreases in consumer goods ($1.5 billion); industrial supplies and materials ($1.2 billion); capital goods ($0.6 billion); automotive vehicles, parts, and engines ($0.5 billion); and foods, feeds, and beverages ($0.2 billion). An increase occurred in other goods ($0.1 billion). Services Travel and passenger fares continued to rebound from post-September 11 lows recorded in October. However, travel and passenger fares receipts and payments are still substantially below the levels reached earlier in the year. Services exports increased $1.2 billion from November to December. The increase was mostly accounted for by large increases in travel, passenger fares, and transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports increased $0.9 billion from November to December. The increase was more than accounted for by large increases in travel and passenger fares; direct defense expenditures also increased. The increase was partly offset by a decrease in other transportation. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in December, exports of goods and services averaged $77.7 billion, while imports of goods and services averaged $105.4 billion, resulting in an average trade deficit of $27.7 billion. For the three months ending in November, the average trade deficit was $25.7 billion, reflecting average exports of $77.3 billion and average imports of $102.9 billion. Selected Not Seasonally Adjusted Goods Details The December figures showed surpluses, in billions of dollars, with Australia $0.5 (for November, $0.3), Hong Kong $0.5 ($0.3), Singapore $0.2 ($0.2), and Egypt $0.1 ($0.3). Deficits were recorded, in billions of dollars, with China $5.5 ($7.2), Japan $5.0 ($5.9), Western Europe $4.0 ($6.3), Canada $3.8 ($3.8), Mexico $2.0 ($2.5), OPEC $2.0 ($2.1), Taiwan $1.1 ($1.2), and Korea $1.0 ($1.2). Advanced technology products (ATP) exports were $15.2 billion in December and imports were $15.0 billion, resulting in a surplus of $0.1 billion. December exports were $0.2 billion more than the $15.0 billion in November, while imports were $1.2 billion less than the $16.2 billion in November. Revisions Goods carry-over in December was $0.4 billion (0.7 percent) for exports and $1.1 billion (1.3 percent) for imports. For November, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.7 percent). For November, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.9 billion (1.0 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 revised down $0.3 billion to $21.7 billion; the revision was mostly accounted for by downward revisions in travel and passenger fares. Services imports for November were revised up $0.1 billion to $16.0 billion; the revision was mostly accounted for by upward revisions in travel and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Annual Summary for 2001 Goods and Services For 2001, exports of $1,003.7 billion and imports of $1,350.0 billion resulted in a goods and services deficit of $346.3 billion, $29.5 billion less than the 2000 deficit of $375.7 billion. For goods, exports were $720.8 billion and imports were $1,147.4 billion, resulting in a goods deficit of $426.6 billion, $25.6 billion less than the 2000 deficit of $452.2 billion. For services, exports were $282.9 billion and imports were $202.6 billion, resulting in a services surplus of $80.3 billion, $3.9 billion more than the 2000 surplus of $76.5 billion. (However, excluding nonrecurring reinsurance transactions related to the September 11th terrorist attacks, the surplus was $69.3 billion, down $7.1 billion from 2000.) Goods (Census Basis) For 2001, exports of goods were down $51.0 billion from 2000. Decreases occurred in capital goods of $34.8 billion (primarily semiconductors, computer accessories, electric apparatus, and industrial machines); industrial supplies and materials ($11.6 billion); automotive vehicles, parts, and engines ($5.6 billion); and consumer goods ($1.0 billion). Increases occurred in foods, feeds, and beverages ($1.5 billion) and other goods ($0.4 billion). For 2001, imports of goods were down $75.7 billion from 2000. Decreases occurred in capital goods of $48.9 billion (primarily semiconductors, computer accessories, telecommunications equipment, and electric apparatus); industrial supplies and materials ($23.8 billion); and automotive vehicles, parts, and engines ($6.2 billion). Increases occurred in consumer goods ($2.2 billion); foods, feeds, and beverages ($0.7 billion) and other goods ($0.2 billion). Services For 2001, exports of services were $282.9 billion, down $10.6 billion from 2000. Decreases occurred in travel ($9.4 billion); passenger fares ($2.9 billion); other transportation ($2.1 billion); and transfers under U.S. military sales contracts ($1.1 billion). Increases occurred in other private services ($4.6 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and in royalties and license fees ($0.3 billion). U.S. Government miscellaneous services were virtually unchanged. For 2001, imports of services were $202.6 billion, down $14.5 billion from 2000. Decreases occurred in travel ($7.4 billion); other private services ($4.1 billion); other transportation ($3.1 billion); and passenger fares ($1.6 billion). The decrease in other private services was more than accounted for by nonrecurring reinsurance transactions related to the September 11th terrorist attacks; excluding the nonrecurring reinsurance transactions, other private services imports increased $6.9 billion in 2001. Increases occurred in direct defense expenditures ($1.2 billion) and in royalties and license fees ($0.5 billion). 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 2002 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-02-25), Bureau of the Census, Foreign Trade Division, December 2001. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.