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, April 17, 2002 CB-02-48 Press Copy FT-900 (02-02) 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 February 2002 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total February exports of $79.2 billion and imports of $110.7 billion resulted in a goods and services deficit of $31.5 billion, $3.3 billion more than the $28.2 billion in January, revised. February exports were $1.0 billion more than January exports of $78.2 billion. February imports were $4.2 billion more than January imports of $106.5 billion. In February, the goods deficit increased $3.2 billion from January to $36.9 billion, and the services surplus decreased $0.1 billion to $5.4 billion. Exports of goods increased to $55.1 billion from $55.0 billion, and imports of goods increased to $92.1 billion from $88.8 billion. Exports of services increased to $24.1 billion from $23.2 billion, and imports of services increased to $18.6 billion from $17.7 billion. Goods The January to February change in exports of goods reflected increases in other goods ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); industrial supplies and materials ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in capital goods ($0.2 billion). Consumer goods were virtually unchanged. The January to February change in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.6 billion); consumer goods ($1.1 billion); capital goods ($0.5 billion); foods, feeds, and beverages ($0.2 billion); and industrial supplies and materials ($0.1 billion). A decrease occurred in other goods ($0.1 billion). Services Services exports increased $0.8 billion from January to February. The increase was mostly accounted for by increases in travel, passenger fares, and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). The increases in travel and passenger fares reflect further, but still incomplete, recovery from the post-September 11th lows recorded in October. The increase in other private services was largely related to funding provided by the International Olympic Committee for the 2002 Winter Olympic Games. Changes in the other categories of services exports were small. Services imports increased $0.9 billion from January to February. Royalties and license fees increased $0.6 billion; it includes payments to the International Olympic Committee for the rights to broadcast the 2002 Winter Olympic Games. Travel and passenger fares increased, reflecting continued recovery from the post-September 11th lows. Other private services also increased. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $78.5 billion, while imports of goods and services averaged $106.6 billion, resulting in an average trade deficit of $28.2 billion. For the three months ending in January, the average trade deficit was $27.2 billion, reflecting average exports of $78.1 billion and average imports of $105.3 billion. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Australia $0.5 (for January $0.4), Egypt $0.4 ($0.1), and Hong Kong $0.3 ($0.1). Deficits were recorded, in billions of dollars, with China $6.5 ($6.9), Japan $5.7 ($4.8), Western Europe $4.8 ($5.0), Canada $3.9 ($4.4), Mexico $2.7 ($2.3), OPEC $1.9 ($2.6), Taiwan $1.1 ($1.3), Korea $1.0 ($1.1), and Argentina $0.1 ($0.2). Advanced technology products (ATP) exports were $13.1 billion in February and imports were $14.6 billion, resulting in a deficit of $1.5 billion. February exports were $0.4 billion less than the $13.5 billion in January, while imports were $0.2 billion less than the $14.8 billion in January. Revisions Goods carry-over in February was $0.6 billion (1.1 percent) for exports and $0.7 billion (0.8 percent) for imports. For January, revised export carry-over was $0.2 billion (0.4 percent), revised down from $0.4 billion (0.8 percent). For January, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.8 billion (0.9 percent). Services exports for January were revised up $0.1 billion to $23.2 billion; the revision was mostly accounted for by an upward revision in travel. Services imports for January were revised up $0.1 billion to $17.7 billion; the revision was mostly accounted for by upward revisions in other private services and travel. 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-02-48), Bureau of the Census, Foreign Trade Division, February 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.