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, June 13, 2003 CB-03-93 Press Copy BEA-03-22 FT-900 (03-04) For information on goods contact: Bureau of the Census: 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 April 2003 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $81.0 billion and imports of $123.0 billion resulted in a goods and services deficit of $42.0 billion, compared to $42.9 billion in March, revised. April exports were $1.8 billion less than March exports of $82.8 billion. April imports were $2.7 billion less than March imports of $125.7 billion. In April, the goods deficit decreased $0.9 billion from March to $46.6 billion, and the services surplus was virtually unchanged at $4.6 billion. Exports of goods decreased $1.1 billion to $57.2 billion, and imports of goods decreased $2.0 billion to $103.8 billion. Exports of services decreased to $23.8 billion from $24.5 billion, and imports of services decreased to $19.2 billion from $19.9 billion. In April, the goods and services deficit was up $7.8 billion from April 2002. Exports were up $0.3 billion, or 0.4 percent, and imports were up $8.1 billion, or 7.1 percent. Goods The March to April change in exports of goods reflected decreases in capital goods ($0.6 billion); industrial supplies and materials ($0.2 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). Other goods and automotive vehicles, parts, and engines were virtually unchanged. The March to April change in imports of goods reflected decreases in industrial supplies and materials ($2.4 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.2 billion). Increases occurred in capital goods ($0.9 billion) and foods, feeds, and beverages ($0.1 billion). Other goods were virtually unchanged. The April 2002 to April 2003 change in exports of goods reflected increases in industrial supplies and materials ($1.2 billion); foods, feeds, and beverages ($0.3 billion); other goods ($0.1 billion); and consumer goods ($0.1 billion). A decrease occurred in capital goods ($1.1 billion). Automotive vehicles, parts, and engines were virtually unchanged. The April 2002 to April 2003 change in imports of goods reflected increases in industrial supplies and materials ($3.5 billion); consumer goods ($2.8 billion); foods, feeds, and beverages ($0.6 billion); and capital goods ($0.4 billion). A decrease occurred in other goods ($0.1 billion). Automotive vehicles, parts, and engines were virtually unchanged. Services Services exports decreased $0.8 billion from March to April. The decrease was mostly accounted for by decreases in travel and passenger fares. Changes in the other categories of services exports were small. Services imports decreased $0.7 billion from March to April. The decrease was more than accounted for by decreases in travel and passenger fares. Changes in the other categories of services imports were small. From April 2002 to April 2003, services exports were virtually unchanged at $23.8 billion. The largest decreases were in travel ($0.8 billion) and passenger fares ($0.3 billion). The largest increase was in other private services ($0.5 billion), which includes items such as business, professional, and technical services, insurance services, and financial services. Services imports increased $1.0 billion during the same period. The largest increases were in other private services ($0.6 billion); direct defense expenditures ($0.5 billion); and other transportation ($0.5 billion), which includes freight and port services. The largest decrease was in travel ($0.7 billion). Goods and Services Moving Average For the three months ending in April, exports of goods and services averaged $82.3 billion, while imports of goods and services averaged $123.4 billion, resulting in an average trade deficit of $41.2 billion. For the three months ending in March, the average trade deficit was $40.5 billion, reflecting average exports of $82.6 billion and average imports of $123.2 billion. Selected Not Seasonally Adjusted Goods Details The April figures showed surpluses, in billions of dollars, with Hong Kong $0.4 (for March $0.6), Australia $0.4 ($0.5), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $9.5 ($7.7), Western Europe $8.4 ($7.8), Japan $6.0 ($5.8), OPEC $5.0 ($5.0), Canada $3.8 ($5.1), Mexico $3.3 ($3.9), Taiwan $1.4 ($1.2), Korea $1.1 ($0.7), Brazil $0.6 ($0.6), and Singapore $0.2 (surplus of $0.3). Advanced technology products (ATP) exports were $13.9 billion in April and imports were $16.4 billion, resulting in a deficit of $2.6 billion. April exports were $2.2 billion less than the $16.0 billion in March, while imports were $0.4 billion less than the $16.8 billion in March. Revisions Goods carry-over in April was $0.4 billion (0.7 percent) for exports and $1.0 billion (1.0 percent) for imports. For March, revised export carry-over was virtually zero, revised down from $0.2 billion (0.3 percent). For March, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.9 billion (0.8 percent). Goods and services exports and imports for the month of March and for all months shown in this release reflect the incorporation of annual revisions to the U.S. international transactions accounts. See the "Notice" in this release for a description of the major revisions to goods and services exports and imports. NOTICE In this release and the accompanying "U.S. International Trade in Goods and Services: Annual Revision for 2002," 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 the first three months of 2003 and revised data for services for 1992-2002 and the first three months of 2003. 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 and the first three months of 2003. With this release and the "U.S. International Trade in Goods and Services: Annual Revision for 2002" 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 of the Bureau of Economic Analysis. Services The services estimates were revised for 1992-2002 and the first three months of 2003. The revisions resulted from the incorporation of results from BEA's annual and quarterly surveys, from BEA's Benchmark Survey of U.S. Direct Investment Abroad for 1999, 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 and the first three months of 2003. In addition, a new measure of insurance services, which are a component of other private services, is introduced for 1992-2002 and the first three months of 2003. 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 "normal" losses; "normal" losses are 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. 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 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain-weighted dollars). . . . . . .15 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (2000 Chain-weighted 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 Oil . . . . . . . . . . . . . . . .24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries25 Information on Goods and Services. . . . . . . . . . . . . . . .26