United States Department of COMMERCE NEWS Washington, D.C. 20230 ECONOMICS AND STATISTICS ADMINISTRATION ------------ U.S. Census Bureau Bureau of Economic Analysis This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, June 20, 2002 CB-02-79 Press Copy FT-900 (02-04) For information on goods contact: U.S. Census Bureau: 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 April 2002 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $80.1 billion and imports of $116.0 billion resulted in a goods and services deficit of $35.9 billion, $3.5 billion more than the $32.5 billion in March, revised. April exports were $1.7 billion more than March exports of $78.4 billion. April imports were $5.2 billion more than March imports of $110.9 billion. In April, the goods deficit increased $3.3 billion from March to $39.9 billion, and the services surplus decreased $0.2 billion to $4.0 billion. Exports of goods increased to $56.9 billion from $55.0 billion, and imports of goods increased to $96.8 billion from $91.6 billion. Exports of services decreased to $23.2 billion from $23.4 billion, and imports of services decreased to $19.2 billion from $19.3 billion. Goods The March to April change in exports of goods reflected increases in industrial supplies and materials ($0.8 billion); automotive vehicles, parts, and engines ($0.4 billion); consumer goods ($0.3 billion); and other goods ($0.1 billion). Capital goods and foods, feeds, and beverages were virtually unchanged. The March to April change in imports of goods reflected increases in industrial supplies and materials ($3.0 billion); consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($0.8 billion); capital goods ($0.4 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in other goods ($0.3 billion). Services Services exports decreased $0.2 billion from March to April. Decreases in travel, passenger fares, and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) were partly offset by an increase in transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports decreased $0.1 billion from March to April. The decrease was more than accounted for by decreases in travel and passenger fares. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in April, exports of goods and services averaged $78.7 billion, while imports of goods and services averaged $112.4 billion, resulting in an average trade deficit of $33.8 billion. For the three months ending in March, the average trade deficit was $31.6 billion, reflecting average exports of $77.9 billion and average imports of $109.5 billion. Selected Not Seasonally Adjusted Goods Details The April figures showed surpluses, in billions of dollars, with Australia $0.4 (for March $0.6), Hong Kong $0.4 ($0.5), Egypt $0.2 ($0.3), and Singapore $0.1 ($0.5). Deficits were recorded, in billions of dollars, with China $7.6 ($5.6), Western Europe $7.2 ($5.5), Japan $6.8 ($5.7), Canada $4.1 ($3.9), Mexico $3.3 ($3.5), OPEC $3.0 ($2.4), Taiwan $1.2 ($0.9), Korea $1.1 ($1.1), Argentina $0.1 ($0.1), and Brazil $0.1 (virtually zero). Advanced technology products (ATP) exports were $14.4 billion in April and imports were $15.5 billion resulting in a deficit of $1.1 billion. April exports were $2.6 billion less than the $17.0 billion in March, while imports were $0.7 billion less than the $16.2 billion in March. Revisions Goods carry-over in April was $0.2 billion (0.3 percent) for exports and $0.5 billion (0.5 percent) for imports. For March, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.2 billion (0.3 percent). For March, revised import carry-over was virtually zero, revised down from $0.3 billion (0.3 percent). Goods and services exports and imports for the month of March and for all months shown in this release reflect the incorporation of annual revisions to the U.S. international transactions accounts. See the "Notice" in this release for a description of the major revisions to goods and services exports and imports. NOTICE In this release and the accompanying "U.S. International Trade in Goods and Services: Annual Revision for 2001," the Census Bureau and the Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 1999-2001 and the first three months of 2002 and revised data for services for 1998-2001 and the first three months of 2002. The data in these releases are also reflected in today's BEA release of "U.S. International Transactions: First Quarter 2002." More detailed information on U.S. international transactions is available on BEA's Web site at www.bea.gov and in the July issue of the Survey of Current Business. Goods The 2001 not seasonally adjusted Census-basis goods data were revised to eliminate "carry-over" (that portion of the monthly statistics that arrives too late for inclusion in the transaction month) and to include errata (corrections to the published monthly data). Once these corrections were completed, factors for seasonal adjustments and trading-day adjustments were recomputed, and the seasonally adjusted current-dollar series were revised for 1999-2001 and the first three months of 2002. Similar changes were made to the constant-dollar series, which were also revised for 1999-2001 and the first three months of 2002. Services The services estimates were revised for 1998-2001 and the first three months of 2002. The revisions resulted from the incorporation of results from BEA's annual and quarterly surveys, from BEA's Benchmark Survey of Selected Services Transactions for 2001 (covering mainly business, professional, and technical services), and from other newly available and updated source data. The estimates for other private services exports and for other private services imports included significant revisions to business, professional, and technical services in 2000 and 2001, and to insurance in 2001. The revisions in 2001 largely reflected new data reported on BEA annual surveys for construction services (which are a component of business, professional, and technical services) and for insurance. These estimates had previously been based largely on press reports and other industry information. 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-02-79), Bureau of the Census, Foreign Trade Division, April 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.