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, July 11, 2003 CB-03-107 BEA-03-27 FT-900 (03-05) 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 May 2003 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $82.1 billion and imports of $123.9 billion resulted in a goods and services deficit of $41.8 billion, $0.2 billion more than the $41.6 billion in April, revised. May exports were $0.7 billion more than April exports of $81.3 billion. May imports were $0.9 billion more than April imports of $123.0 billion. In May, the goods deficit increased $0.4 billion from April to $46.8 billion, and the services surplus increased $0.2 billion to $4.9 billion. Exports of goods increased $0.4 billion to $57.6 billion, and imports of goods increased $0.8 billion to $104.4 billion. Exports of services increased to $24.5 billion from $24.1 billion, and imports of services increased to $19.5 billion from $19.4 billion. In May, the goods and services deficit was up $6.7 billion from May 2002. Exports were up $1.0 billion, or 1.2 percent, and imports were up $7.7 billion, or 6.7 percent. Goods The April to May change in exports of goods reflected increases in capital goods ($0.3 billion); automotive vehicles, parts, and engines ($0.1 billion); and industrial supplies and materials ($0.1 billion). A decrease occurred in other goods ($0.3 billion). Consumer goods and foods, feeds, and beverages were virtually unchanged. The April to May change in imports of goods reflected increases in automotive vehicles, parts, and engines ($0.8 billion) and capital goods ($0.4 billion). Decreases occurred in industrial supplies and materials ($0.4 billion); other goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). Consumer goods were virtually unchanged. The May 2002 to May 2003 change in exports of goods reflected increases in industrial supplies and materials ($1.0 billion); foods, feeds, and beverages ($0.3 billion); and consumer goods ($0.3 billion). Decreases occurred in capital goods ($0.9 billion) and other goods ($0.3 billion). Automotive vehicles, parts, and engines were virtually unchanged. The May 2002 to May 2003 change in imports of goods reflected increases in industrial supplies and materials ($2.8 billion); consumer goods ($2.2 billion); capital goods ($0.7 billion); automotive vehicles, parts, and engines ($0.6 billion); and foods, feeds, and beverages ($0.5 billion). A decrease occurred in other goods ($0.2 billion). Services Services exports increased $0.4 billion from April to May. Increases in travel and passenger fares were partly offset by a decrease in other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports increased $0.1 billion from April to May. Increases in travel and passenger fares were partly offset by decreases in direct defense expenditures and other transportation. Changes in the other categories of services imports were small. From May 2002 to May 2003, services exports increased $0.3 billion. The largest increases were in other private services ($0.5 billion), which includes items such as business, professional, and technical services, insurance services, and financial services; transfers under U.S. military sales contracts ($0.2 billion); and royalties and license fees ($0.2 billion). The largest decreases were in travel ($0.5 billion) and passenger fares ($0.3 billion). From May 2002 to May 2003, services imports increased $1.1 billion. The largest increases were in other private services ($0.7 billion), direct defense expenditures ($0.4 billion), and other transportation ($0.4 billion). The largest decrease was in travel ($0.5 billion). Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $82.1 billion, while imports of goods and services averaged $124.2 billion, resulting in an average trade deficit of $42.1 billion. For the three months ending in April, the average trade deficit was $41.0 billion, reflecting average exports of $82.4 billion and average imports of $123.4 billion. Selected Not Seasonally Adjusted Goods Details The May figures showed surpluses, in billions of dollars, with Australia $0.5 (for April $0.4), Hong Kong $0.4 ($0.4), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $9.9 ($9.5), Western Europe $8.3 ($8.4), Japan $4.5 ($6.0), OPEC $4.4 ($5.0), Canada $4.1 ($3.8), Mexico $3.4 ($3.3), Taiwan $1.4 ($1.4), Korea $0.9 ($1.1), Brazil $0.5 ($0.6), and Argentina $0.1 ($0.1). Advanced technology products (ATP) exports were $14.1 billion in May and imports were $15.9 billion, resulting in a deficit of $1.8 billion. May exports were $0.2 billion more than the $13.9 billion in April, while imports were $0.5 billion less than the $16.4 billion in April. Revisions Goods carry-over in May was $0.5 billion (0.8 percent) for exports and $0.9 billion (0.9 percent) for imports. For April, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.4 billion (0.7 percent). For April, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.0 billion (1.0 percent). Services exports for April were revised up $0.3 billion to $24.1 billion; the revision was mostly accounted for by upward revisions in travel, passenger fares, and other transportation. Services imports for April were revised up $0.2 billion to $19.4 billion; the revision was more than accounted for by an upward 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 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 SOURCE: Report FT900 (CB-03-107, BEA-03-27), Bureau of the Census, Foreign Trade Division, May 2003. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.