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, October 18, 2002 CB-02-132 Press Copy FT-900 (02-08) For information on goods contact: U.S. Census Bureau: Haydn R. Mearkle (301) 763-2246 Nick Orsini (301) 763-2311 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 August 2002 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $81.9 billion and imports of $120.3 billion resulted in a goods and services deficit of $38.5 billion, $3.4 billion more than the $35.1 billion in July, revised. August exports were $1.1 billion less than July exports of $82.9 billion. August imports were $2.3 billion more than July imports of $118.0 billion. In August, the goods deficit increased $3.2 billion from July to $42.3 billion, and the services surplus decreased $0.2 billion to $3.8 billion. Exports of goods decreased to $58.0 billion from $59.1 billion, and imports of goods increased to $100.3 billion from $98.1 billion. Exports of services increased to $23.9 billion from $23.8 billion, and imports of services increased to $20.1 billion from $19.8 billion. Goods The July to August change in exports of goods reflected decreases in capital goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); automotive vehicles, parts, and engines ($0.3 billion); and consumer goods ($0.1 billion). An increase occurred in industrial supplies and materials ($0.1 billion). Other goods were virtually unchanged. The July to August change in imports of goods reflected increases in consumer goods ($1.1 billion); industrial supplies and materials ($1.1 billion); automotive vehicles, parts, and engines ($0.2 billion); and other goods ($0.1 billion). A decrease occurred in capital goods ($0.3 billion). Foods, feeds, and beverages were virtually unchanged. Services Services exports increased $0.1 billion from July to August. Small increases in travel, passenger fares, and other transportation were partly offset by small decreases in other private services (which includes items such as business, professional, and technical services; insurance services; and financial services) and royalties and license fees. Services imports increased $0.2 billion from July to August. Small increases occurred in nearly all categories but were largest in direct defense expenditures, other private services, and passenger fares. Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $82.3 billion, while imports of goods and services averaged $119.1 billion, resulting in a average trade deficit of $36.8 billion. For the three months ending in July, the average trade deficit was $36.5 billion, reflecting average exports of $82.0 billion and average imports of $118.5 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses,in billions of dollars, with Australia $0.5 (for July $0.8), Egypt $0.3 ($0.1), Hong Kong $0.2 ($0.1), and Singapore $0.2 ($0.1). Deficits were recorded, in billions of dollars, with China $10.9 ($9.3), Western Europe $7.0 ($11.0), Japan $5.3 ($5.7), Canada $4.2 ($4.4), OPEC $3.7 ($3.1), Mexico $3.5 ($3.4), Taiwan $1.3 ($0.9), Korea $1.0 ($1.1), Brazil $0.4 ($0.4), and Argentina $0.1 ($0.2). Advanced technology products (ATP) exports were $15.1 billion in August and imports were $16.3 billion, resulting in a deficit of $1.2 billion. August exports were $0.2 billion more than the $14.9 billion in July, while imports were $0.7 billion less than the $17.0 billion in July. Revisions Goods carry-over in August was $0.2 billion (0.3 percent) for exports and $0.8 billion (0.8 percent) for imports. For July, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.2 billion (0.4 percent). For July, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.6 billion (0.6 percent). Services exports for July were revised down $0.3 billion to $23.8 billion. The revision was mostly accounted for by downward revisions in travel and passenger fares. Services imports for July were virtually unrevised at $19.8 billion. Scheduled release dates in 2003 are located on page 30 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-02-132), Bureau of the Census, Foreign Trade Division, August 2002. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.