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. Tuesday, March 19, 2002 CB-02-37 Press Copy FT-900 (02-03) 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: Ed Dozier (202) 606-9559 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES January 2002 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total January exports of $78.0 billion and imports of $106.5 billion resulted in a goods and services deficit of $28.5 billion, $3.8 billion more than the $24.7 billion in December, revised. January exports were $0.1 billion less than December exports of $78.0 billion. January imports were $3.7 billion more than December imports of $102.8 billion. In January, the goods deficit increased $3.1 billion from December to $34.1 billion, and the services surplus decreased $0.7 billion to $5.6 billion. Exports of goods decreased to $54.8 billion from $55.0 billion, and imports of goods increased to $88.9 billion from $85.9 billion. Exports of services were virtually unchanged at $23.1 billion, and imports of services increased to $17.6 billion from $16.8 billion. Goods The December to January change in exports of goods reflected decreases in consumer goods ($0.4 billion); other goods ($0.3 billion); and industrial supplies and materials ($0.2 billion). Increases occurred in capital goods ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). The December to January change in imports of goods reflected increases in consumer goods ($1.4 billion); capital goods ($1.2 billion); industrial supplies and materials ($0.8 billion); and foods, feeds, and beverages ($0.1 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.5 billion) and other goods ($0.1 billion). Services Travel and passenger fares continued to rise, but at a slower pace, from post-September 11 lows recorded in October. Travel and passenger fare receipts and payments are still substantially below their pre-September 11th levels. Services exports were virtually unchanged from December to January. A $0.1 billion decrease in transfers under U.S. military sales contracts was more than offset by slight increases in most other categories. Services imports increased $0.8 billion from December to January. The largest increase ($0.5 billion) was in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). The increase was mostly accounted for by a sharp increase in reinsurance payments, due to increases in premiums as a consequence of the September 11th terrorist attacks. Travel and other transportation also increased. Goods and Services Moving Average For the three months ending in January, exports of goods and services averaged $78.0 billion, while imports of goods and services averaged $105.3 billion, resulting in an average trade deficit of $27.2 billion. For the three months ending in December, the average trade deficit was $27.6 billion, reflecting average exports of $78.0 billion and average imports of $105.6 billion. Selected Not Seasonally Adjusted Goods Details The January figures showed surpluses, in billions of dollars, with Australia $0.4 (for December $0.5), Singapore $0.2 ($0.2), Egypt $0.1 ($0.1), and Hong Kong $0.1 ($0.5). Deficits were recorded, in billions of dollars, with China $6.9 ($5.5), Western Europe $5.0 ($4.0), Japan $4.8 ($5.0), Canada $4.4 ($3.8), OPEC $2.6 ($2.0), Mexico $2.3 ($2.0), Taiwan $1.3 ($1.1), Korea $1.1 ($1.0). Argentina $0.2 (virtually zero), and Brazil $0.1 (virtually zero). Advanced technology products (ATP) exports were $13.5 billion in January and imports were $14.8 billion, resulting in a deficit of $1.3 billion. January exports were $1.7 billion less than the $15.2 billion in December, while imports were $0.2 billion less than the $15.0 billion in December. Revisions Goods carry-over in January was $0.4 billion (0.8 percent) for exports and $0.8 billion (0.9 percent) for imports. For December, revised export carry- over was $0.2 billion (0.4 percent), revised down from $0.4 billion (0.7 percent). For December, revised import carry-over was $0.1 billion (0.2 percent), revised down from $1.1 billion (1.3 percent). Goods and services exports and imports for all months of 2001 were revised in order to align the seasonally adjusted monthly estimates with quarterly and annual totals. Services exports and imports for July through December 2001 were revised to incorporate revisions to BEA's quarterly U.S. international transactions accounts, which were released March 14 (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. For services exports, the largest revisions were in other private services. For services imports, the largest revisions were in travel and passenger fares. Services exports for December 2001 were revised up $0.2 billion to $23.1 billion; upward revisions in other private services and royalties and license fees were partly offset by a downward revision in travel. Services imports for December 2001 were revised down $0.1 billion to $16.8 billion; the revision was more than accounted for by downward revisions in royalties and license fees and other private services. Notice Effective with this release, the Bureau of Economic Analysis and the U.S. Census Bureau have made reassignments of commodities in the End-use Classification System. The reassignments were made to achieve a consistent classification between exports and imports, and to improve consistency with the North American Industry Classification System. The changes were based on recommendations from the Bureau of Economic Analysis, the U.S. Census Bureau, and other federal agencies. The reassignments also reflect the result of the work of the World Customs Organization (WCO) as part of its long-term program to review the nomenclature of the international Harmonized System, from which the end-use classifications are derived. The last set of WCO modifications to the Harmonized System was introduced in January 1996. Nearly all of the changes effective with this release involve reclassification within 1-digit end-use commodity categories. Changes to the levels of each 1-digit category are small, resulting in level changes of less than one half of one percent in nearly all instances. Historical data on the newly developed basis for 1999, 2000, and 2001 will appear in the April FT-900 release, the Annual Revision for 2001 release, and BEA's International Transactions release all to be released on June 20, 2002. Table of Contents January 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-02-37), Bureau of the Census, Foreign Trade Division, January 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.