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. Tuesday, May 13, 2003 CB-03-76 Press Copy FT-900 (03-03) 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 March 2003 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $82.8 billion and imports of $126.3 billion resulted in a goods and services deficit of $43.5 billion, $3.1 billion more than the $40.4 billion in February, revised. March exports were $0.5 billion more than February exports of $82.3 billion. March imports were $3.6 billion more than February imports of $122.7 billion. In March, the goods deficit increased $2.8 billion from February to $47.1 billion, and the services surplus decreased $0.3 billion to $3.7 billion. Exports of goods increased $0.7 billion to $58.1 billion, and imports of goods increased $3.6 billion to $105.2 billion. Exports of services decreased to $24.8 billion from $25.0 billion, and imports of services were virtually unchanged at $21.1 billion. Goods The February to March change in exports of goods reflected increases in industrial supplies and materials ($0.4 billion); consumer goods ($0.4 billion); other goods ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in foods, feeds, and beverages ($0.2 billion). Capital goods were virtuallyunchanged. The February to March change in imports of goods reflected increases in industrial supplies and materials ($2.5 billion); consumer goods ($0.4 billion); automotive vehicles, parts, and engines ($0.4 billion); other goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). Capital goods were virtually unchanged. Services Services exports decreased $0.2 billion from February to March. Decreases in travel and passenger fares were partly offset by an increase 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 were virtually unchanged from February to March. Increases in other transportation (which includes freight and port services) and direct defense expenditures were nearly offset by decreases in travel and passenger fares. Changes in the other categories of services imports were small. Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $82.4 billion, while imports of goods and services averaged $124.1 billion, resulting in an average trade deficit of $41.7 billion. For the three months ending in February, the average trade deficit was $42.2 billion, reflecting average exports of $81.7 billion and average imports of $123.8 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Hong Kong $0.6 (for February $0.4), Australia $0.5 ($0.6), Singapore $0.3 ($0.3), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with Western Europe $7.8 ($6.6), China $7.7 ($7.6), Japan $5.8 ($5.3), Canada $5.2 ($4.3), OPEC $5.0 ($3.4), Mexico $3.9 ($3.9), Taiwan $1.2 ($1.0), Korea $0.7 ($0.5), and Brazil $0.6 ($0.5). Advanced technology products (ATP) exports were $16.0 billion in March and imports were $16.8 billion, resulting in a deficit of $0.8 billion. March exports were $2.3 billion more than the $13.7 billion in February, while imports were $2.5 billion more than the $14.3 billion in February. Revisions Goods carry-over in March was $0.2 billion (0.3 percent) for exports and $0.9 billion (0.8 percent) for imports. For February, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). For February, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.0 billion (1.1 percent). Services exports for February were virtually unrevised at $25.0 billion. Services imports for February were revised down $0.1 billion to $21.1 billion; the revision was mostly accounted for by a downward revision in travel. 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