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. Friday, May 17, 2002 CB-02-65 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: Larry Moran (202) 606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES March 2002 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $79.2 billion and imports of $110.8 billion resulted in a goods and services deficit of $31.6 billion, down from $31.8 billion in February, revised. March exports were $0.5 billion more than February exports of $78.7 billion. March imports were $0.3 billion more than February imports of $110.5 billion. In March, the goods deficit increased $0.2 billion from February to $37.1 billion, and the services surplus increased $0.3 billion to $5.5 billion. Exports of goods increased to $55.1 billion from $54.9 billion, and imports of goods increased to $92.2 billion from $91.8 billion. Exports of services increased to $24.1 billion from $23.8 billion, and imports of services were virtually unchanged at $18.7 billion. Goods The February to March change in exports of goods reflected increases in capital goods ($0.6 billion); automotive vehicles, parts, and engines ($0.1 billion); and other goods ($0.1 billion). Decreases occurred in foods, feeds, and beverages ($0.4 billion) and industrial supplies and materials ($0.1 billion). Consumer goods were virtually unchanged. The February to March change in imports of goods reflected increases in industrial supplies and materials ($0.8 billion); other goods ($0.3 billion); and capital goods ($0.1 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.6 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). Services Services exports increased $0.3 billion from February to March. The increase was more than accounted for by increases in travel, passenger fares, and other transportation. Other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) decreased. Other private services had been boosted in February by receipts related to funding provided by the International Olympic Committee for the 2002 Winter Olympic Games. Services imports were virtually unchanged from February to March. Increases in travel, other private services, passenger fares, and other transportation were offset by a large decrease in royalties and license fees. Royalties and license fees had been boosted in February by payments for the rights to broadcast the 2002 Winter Olympic Games. Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $78.7 billion, while imports of goods and services averaged $109.3 billion, resulting in an average trade deficit of $30.5 billion. For the three months ending in February, the average trade deficit was $28.2 billion, reflecting average exports of $78.3 billion and average imports of $106.6 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Australia $0.6 (for February $0.5), Hong Kong $0.5 ($0.3), Singapore $0.5 (virtually zero), and Egypt $0.3 ($0.4). Deficits were recorded, in billions of dollars, with Japan $5.7 ($5.7), China $5.6 ($6.5), Western Europe $5.5 ($4.8), Canada $3.9 ($4.0), Mexico $3.5 ($2.7), OPEC $2.4 ($1.9), Korea $1.1 ($1.0), Taiwan $0.9 ($1.1), and Argentina $0.1 ($0.1). Advanced technology products (ATP) exports were $17.0 billion in March and imports were $16.2 billion, resulting in a surplus of $0.8 billion. March exports were $3.9 billion more than the $13.1 billion in February, while imports were $1.7 billion more than the $14.6 billion in February. Revisions Goods carry-over in March was $0.2 billion (0.3 percent) for exports and $0.3 billion (0.3 percent) for imports. For February, revised export carry-over was $0.2 billion (0.4 percent), revised down from $0.6 billion (1.1 percent). For February, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.7 billion (0.8 percent). Services exports for February were revised down $0.3 billion to $23.8 billion; the revision was mostly accounted for by a downward revision in travel. Services imports for February were virtually unrevised at $18.6 billion. 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-02-65), Bureau of the Census, Foreign Trade Division, March 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.