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. Wednesday, December 18, 2002 CB-02-162 FT-900 (02-10) 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 October 2002 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $82.0 billion and imports of $117.0 billion resulted in a goods and services deficit of $35.1 billion, $2.0 billion less than the $37.1 billion in September, revised. October exports were $0.8 billion less than September exports of $82.8 billion. October imports were $2.9 billion less than September imports of $119.9 billion. In October, the goods deficit decreased $1.9 billion from September to $39.4 billion, and the services surplus increased $0.2 billion to $4.4 billion. Exports of goods decreased $1.2 billion to $57.1 billion, and imports of goods decreased $3.0 billion to $96.5 billion. Exports of services increased to $24.9 billion from $24.6 billion, and imports of services increased to $20.5 billion from $20.4 billion. Goods The September to October change in exports of goods reflected decreases in capital goods ($0.6 billion); industrial supplies and materials ($0.3 billion); foods, feeds, and beverages ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). An increase occurred in consumer goods ($0.1 billion). Other goods were virtually unchanged. The September to October change in imports of goods reflected decreases in capital goods ($1.4 billion); consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($0.9 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). An increase occurred in industrial supplies and materials ($0.8 billion). Services Services exports increased $0.3 billion from September to October. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services; insurance services; and financial services) and travel. Changes in other categories of services exports were small. Services imports increased $0.2 billion from September to October. Other transportation (which includes freight and port expenditures services) and travel accounted for most of the increase. Changes in other categories of services imports were small. Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $82.7 billion, while imports of goods and services averaged $119.4 billion, resulting in a average trade deficit of $36.8 billion. For the three months ending in September, the average trade deficit was $36.8 billion, reflecting average exports of $83.1 billion and average imports of $119.9 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Australia $0.6 (for September $0.5), Singapore $0.3 (deficit of $0.1), Hong Kong $0.1 ($0.3), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $9.5 ($10.3), Western Europe $8.7 ($7.0), Japan $6.5 ($5.9), Canada $4.3 ($4.6), OPEC $3.6 ($2.9), Mexico $3.5 ($3.0), Taiwan $1.1 ($1.2), Korea $1.1 ($1.1), Brazil $0.5 ($0.4), and Argentina $0.1 ($0.1). Advanced technology products (ATP) exports were $15.7 billion in October and imports were $17.5 billion, resulting in a deficit of $1.8 billion. October exports were $0.8 billion more than the $14.8 billion in September, while imports were $0.4 billion more than the $17.1 billion in September. Revisions Goods carry-over in October was $0.3 billion (0.5 percent) for exports and $0.7 billion (0.7 percent) for imports. For September, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.5 billion (0.9 percent). For September, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.1 billion (1.1 percent). Services exports and imports for April through September 2002 were revised to incorporate revisions to BEA's quarterly U.S. international transactions accounts, which were released December 12 (see page 30 for the monthly revision policy). The revised quarterly and monthly estimates are based on more complete source data than were available previously. For services exports, the largest revisions over the entire period were in other private services, royalties and license fees, and travel. For services imports, the largest revisions over the entire period were in royalties and license fees and other private services. Services exports for September were revised up $0.7 billion to $24.6 billion. The revision was mostly accounted for by upward revisions in other private services and royalties and license fees. Services imports for September were revised up $0.3 billion to $20.4 billion. The revision was more than accounted for by upward revisions in royalties and license fees and other private services. Note: Ports located on the west coast of the United States were closed the last two days of September and first eight days of October due to a labor dispute. The impact cannot be separately identified in the sourcedata. Scheduled release dates through February 2004 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