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. Friday, July 19, 2002 CB-02-96 Press Copy FT-900 (02-05) 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 May 2002 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $80.6 billion and imports of $118.3 billion resulted in a goods and services deficit of $37.6 billion, $1.5 billion more than the $36.1 billion in April, revised. May exports were $0.6 billion more than April exports of $80.0 billion. May imports were $2.1 billion more than April imports of $116.2 billion. In May, the goods deficit increased $1.4 billion from April to $41.5 billion, and the services surplus decreased $0.1 billion to $3.9 billion. Exports of goods increased to $57.3 billion from $56.8 billion, and imports of goods increased to $98.8 billion from $97.0 billion. Exports of services increased to $23.4 billion from $23.2 billion, and imports of services increased to $19.5 billion from $19.2 billion. Goods The April to May change in exports of goods reflected increases in other goods ($0.2 billion); capital goods ($0.1 billion); industrial supplies and materials ($0.1 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in consumer goods ($0.2 billion). The April to May change in imports of goods reflected increases in automotive vehicles, parts, and engines ($0.9 billion); consumer goods ($0.6 billion); capital goods ($0.2 billion); other goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). Industrial supplies and materials were virtually unchanged. Services Services exports increased $0.2 billion from April to May. Increases 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 a decrease in transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports increased $0.3 billion from April to May. The increase was more than accounted for by increases in travel, other private services, and other transportation. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $79.7 billion, while imports of goods and services averaged $115.1 billion, resulting in an average trade deficit of $35.4 billion. For the three months ending in April, the average trade deficit was $33.8 billion, reflecting average exports of $78.7 billion and average imports of $112.5 billion. Selected Not Seasonally Adjusted Goods Details The May figures showed surpluses, in billions of dollars, with Australia $0.6 (for April $0.4), Hong Kong $0.3 ($0.4), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with Western Europe $8.4 ($7.2), China $8.1 ($7.6), Japan $4.9 ($6.8), Canada $4.2 ($4.1), Mexico $3.3 ($3.3), OPEC $2.4 ($3.0), Taiwan $1.1 ($1.2), Korea $1.0 ($1.1), Brazil $0.3 ($0.1), Argentina $0.1 ($0.1), and Singapore $0.1 (surplus of $0.1). Advanced technology products (ATP) exports were $14.7 billion in May and imports were $15.6 billion resulting in a deficit of $0.9 billion. May exports were $0.3 billion more than the $14.4 billion in April, while imports were $0.1 billion more than the $15.5 billion in April. Revisions Goods carry-over in May was $0.3 billion (0.5 percent) for exports and $1.2 billion (1.2 percent) for imports. For April, revised export carry-over was virtually zero, revised down from $0.2 billion (0.3 percent). For April, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.5 billion (0.5 percent). Services exports for April were virtually unrevised at $23.2 billion. Services imports for April were also virtually unrevised at $19.2 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-02-96), Bureau of the Census, Foreign Trade Division, May 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.