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U.S. International Trade in Goods and Services -
Annual Revision for 2002


*** NOTICE *** NOTICE *** NOTICE *** NOTICE ***

In this release and the accompanying "U.S. International Trade in Goods and Services: April 2003," the Census Bureau and the Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 2000-2002 and revised data for services for 1992-2002.


Select:


Goods

The 2002 not seasonally adjusted Census-basis goods data were revised to eliminate monthly data that arrived too late for inclusion in the month of transaction but that were included, initially, in the month in which the data were received. In addition, corrections were made to previously published data. Once the redistributions of data to the proper month of transaction and corrections were completed, factors for seasonal adjustments and trading day adjustments were recomputed, and the seasonally adjusted current-dollar series were revised for 2000-2002.

With this release and the "U.S. International Trade in Goods and Services: April 2003" release, the U.S. Census Bureau is replacing its fixed-weighted constant dollar series with a chained-dollar series. We are adopting this methodology to improve the quality of the constant dollar series and for consistency with other official government statistics released by the Department of Commerce.

Services

The services accounts were revised for 1992-2002. The revisions resulted from the incorporation of results from BEA's annual and quarterly surveys, from BEA's 1999 Benchmark Survey of U.S. Direct Investment Abroad, and from other newly available and updated source data. Revisions from these sources have an impact mostly on receipts and payments for royalties and license fees and other private services for 1999-2002.

In addition, a new measure of insurance services, which are a component of other private services, is introduced for 1992-2002. Previously, the estimate of insurance services equaled premiums minus losses. A major shortcoming of this measure was that it fluctuated sharply due to fluctuations in losses, and it could even become negative when losses were exceptionally high. The new measure calculates insurance services as a share of premiums. This amount is equal to premiums minus the portion of premiums attributed to losses; the portion of premiums attributed to losses is based on the relationship between losses and premiums averaged over a period of years. The new measure eliminates the sharp swings present in the old series whenever claims were unusually high or low, and negative estimates of insurance services are now eliminated. The impact on other private services is largest in 2001 and 2002.

CONTENTS:

Seasonally Adjusted

Not Seasonally Adjusted

1992-1999 Revisions

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Compressed Files

  • 2002 Final Revisions - Compressed Version (ZIP)

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October 2014
Trade Numbers

Deficit: $43.4 Billion
Exports: $197.5 Billion
Imports: $241.0 Billion

Next release: January 7, 2015
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Source: U.S. Census Bureau | Foreign Trade | ftdwebmaster@census.gov |  Last Revised: July 12, 2011