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, February 20, 2003 CB-03-29 Press Copy FT-900 (02-12) 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 December 2002 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $81.2 billion and imports of $125.4 billion resulted in a goods and services deficit of $44.2 billion, $4.2 billion more than the $40.0 billion in November, revised. December exports were $2.1 billion less than November exports of $83.3 billion. December imports were $2.1 billion more than November imports of $123.3 billion. In December, the goods deficit increased $4.1 billion from November to $48.4 billion, and the services surplus decreased $0.1 billion to $4.1 billion. Exports of goods decreased $2.3 billion to $55.6 billion, and imports of goods increased $1.8 billion to $103.9 billion. Exports of services increased to $25.6 billion from $25.5 billion, and imports of services increased to $21.5 billion from $21.2 billion. Goods The November to December change in exports of goods reflected decreases in capital goods ($2.2 billion); consumer goods ($0.3 billion); and other goods ($0.1 billion). Increases occurred in industrial supplies and materials ($0.1 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). The November to December change in imports of goods reflected increases in industrial supplies and materials ($0.7 billion); capital goods ($0.3 billion); other goods ($0.3 billion); automotive vehicles, parts, and engines ($0.3 billion); foods, feeds, and beverages ($0.2 billion); and consumer goods ($0.1 billion). Services Services exports increased $0.1 billion from November to December. Increases in travel and passenger fares were partly offset by a decrease in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in the other categories of services exports were small. Services imports increased $0.3 billion from November to December. The increase was mostly accounted for by increases in travel and other transportation (which includes freight and port expenditure services). Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in December, exports of goods and services averaged $82.2 billion, while imports of goods and services averaged $122.1 billion, resulting in an average trade deficit of $39.8 billion. For the three months ending in November, the average trade deficit was $37.5 billion, reflecting average exports of $82.7 billion and average imports of $120.2 billion. Selected Not Seasonally Adjusted Goods Details The December figures showed surpluses, in billions of dollars, with Australia $0.7 (for November $0.5), Hong Kong $0.3 ($0.3), and Egypt $0.2 (virtually zero). Deficits were recorded, in billion of dollars, with Western Europe $9.6 ($7.9), China $9.5 ($10.5), Japan $7.1 ($6.5), Canada $4.6 ($3.7), OPEC $3.2 ($2.9), Mexico $2.8 ($2.9), Taiwan $1.3 ($1.3), Korea $1.1 ($1.6), Brazil $0.6 ($0.2), Singapore $0.2 ($0.1), and Argentina $0.2 ($0.2). Advanced technology products (ATP) exports were $14.2 billion in December and imports were $17.3 billion, resulting in a deficit of $3.0 billion. December exports were $0.4 billion less than the $14.7 billion in November, while imports were $0.5 billion less than the $17.7 billion in November. Revisions Goods carry-over in December was $0.6 billion (1.1 percent) for exports and $1.1 billion (1.1 percent) for imports. For November, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.0 percent). For November, revised import carry-over was $0.4 billion (0.4 percent), revised down from $1.2 billion (1.2 percent). The seasonally adjusted goods data for January through November were also revised to align the seasonally adjusted months with the annual totals. Services exports for November were revised up $0.2 billion to $25.5 billion; the revision was accounted for by upward revisions in travel and passenger fares. Services imports for November were revised up $0.2 billion to $21.2 billion; the revision was more than accounted for by upward revisions in travel and passenger fares. Scheduled release dates through February 2004 are located on page 30 Annual Summary for 2002 Goods and Services For 2002, exports of $973.0 billion and imports of $1,408.2 billion resulted in a goods and services deficit of $435.2 billion, $76.9 billion more than the 2001 deficit of $358.3 billion. For goods, exports were $682.6 billion and imports were $1,166.9 billion, resulting in a goods deficit of $484.4 billion, $57.2 billion more than the 2001 deficit of $427.2 billion. For services, exports were $290.4 billion and imports were $241.3 billion, resulting in a services surplus of $49.1 billion, $19.7 billion less than the 2001 surplus of $68.9 billion. Goods (Census Basis) For 2002, exports of goods were down $35.6 billion from 2001. Decreases occurred in capital goods of $31.1 billion (primarily computer accessories, telecommunications equipment, and semiconductors); consumer goods ($3.9 billion); industrial supplies and materials ($3.2 billion); and other goods ($0.6 billion). Increases occurred in automotive vehicles, parts, and engines ($3.0 billion) and foods, feeds, and beverages ($0.1 billion). For 2002, imports of goods were up $22.6 billion from 2001. Increases occurred in consumer goods of $23.4 billion (primarily pharmaceutical preparations, other household goods, TV's and VCR's, furniture, and cotton apparel); automotive vehicles, parts, and engines ($14.1 billion); foods, feeds, and beverages ($3.1 billion); and other goods ($0.9 billion). Decreases occurred in capital goods ($14.1 billion) and industrial supplies and materials ($4.8 billion). Services For 2002, exports of services were $290.4 billion, up $11.1 billion from 2001. Increases occurred in other private services ($10.0 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and in royalties and license fees ($4.5 billion). Decreases occurred in travel ($2.5 billion); passenger fares ($0.6 billion); and transfers under U.S. military sales contracts ($0.2 billion). U.S. Government miscellaneous services and other transportation, which includes freight and port expenditure services, were virtually unchanged. For 2002, imports of services were $241.3 billion, up $30.9 billion from 2001. Increases occurred in other private services ($24.8 billion); direct defense expenditures ($4.2 billion); and royalties and license fees ($4.0 billion). A significant portion of the increase in imports of other private services was accounted for by insurance services, which dropped sharply in 2001 as a consequence of large nonrecurring insurance claims received following the terrorist attacks of September 11, 2001 (consistent with standard BEA methodology, imports of insurance services are calculated as premiums paid to foreigners for primary insurance and reinsurance, less claims received). Decreases occurred in passenger fares ($1.4 billion); travel ($0.6 billion); and other transportation ($0.2 billion). U.S. Government miscellaneous services were virtually unchanged. For detailed descriptions of the types of transactions included in each of the services categories, see "Information on Goods and Services" starting on page 26 of this release. Table of Contents Seasonally Adjusted Exhibit 1 International Trade in Goods and Services. . . . . . . .4 Exhibit 2 Goods and Services Centered Three - Month Moving Averages5 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 Category9 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 Category18 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 Groupings21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum. . . . . . . . . . . . . 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries25 Information on Goods and Services. . . . . . . . . . . . . . . . 26