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, September 11, 2003 CB-03-139 BEA-03-34 FT-900 (03-07) 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 July 2003 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $86.1 billion and imports of $126.5 billion resulted in a goods and services deficit of $40.3 billion, $0.3 billion more than the $40.0 billion in June, revised. July exports were $1.7 billion more than June exports of $84.5 billion. July imports were $2.0 billion more than June imports of $124.5 billion In July, the goods deficit increased $0.2 billion from June to $45.3 billion, and the services surplus decreased $0.1 billion to $5.0 billion. Exports of goods increased $1.3 billion to $60.5 billion, and imports of goods increased $1.5 billion to $105.8 billion. Exports of services increased to $25.6 billion from $25.2 billion, and imports of services increased to $20.7 billion from $20.2 billion. In July, the goods and services deficit was up $6.3 billion from July 2002. Exports were up $3.2 billion, or 3.9 percent, and imports were up $9.4 billion, or 8.1 percent. Goods The June to July change in exports of goods reflected increases in capital goods ($0.6 billion); industrial supplies and materials ($0.4 billion); automotive vehicles, parts, and engines ($0.3 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in consumer goods ($0.1 billion) and other goods ($0.1 billion). The June to July change in imports of goods reflected increases in industrial supplies and materials ($1.0 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion). Capital goods and other goods were virtually unchanged. The July 2002 to July 2003 change in exports of goods reflected increases in industrial supplies and materials ($1.6 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in capital goods ($0.4 billion) and automotive vehicles, parts, and engines ($0.1 billion). Other goods were virtually unchanged. The July 2002 to July 2003 change in imports of goods reflected increases in industrial supplies and materials ($4.3 billion); consumer goods ($1.7 billion); automotive vehicles, parts, and engines ($0.9 billion); capital goods ($0.6 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.1 billion). Services Services exports increased $0.4 billion from June to July. The increase was accounted for by increases in travel, other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), and passenger fares. Changes in the other categories of services exports were small. Services imports increased $0.5 billion from June to July. The increase was mostly accounted for by increases in travel, other transportation (which includes freight and port services), passenger fares, and other private services. Changes in the other categories of services imports were small. From July 2002 to July 2003, services exports increased $1.3 billion. The largest increases were in other private services ($0.8 billion) and other transportation ($0.2 billion). From July 2002 to July 2003, services imports increased $1.6 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.5 billion), and direct defense expenditures ($0.3 billion). Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $84.4 billion, while imports of goods and services averaged $125.0 billion, resulting in an average trade deficit of $40.7 billion. For the three months ending in June, the average trade deficit was $41.2 billion, reflecting average exports of $82.7 billion and average imports of $123.9 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Australia $0.8 (for July $0.8), Singapore $0.4 (virtually zero), Hong Kong $0.2 ($0.4), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $11.3 ($10.0), Western Europe $11.2 ($8.0), Japan $5.9 ($5.4), Canada $5.0 ($3.7), OPEC $4.5 ($4.0), Mexico $3.2 ($3.4), Korea $1.3 ($1.0), Taiwan $1.1 ($1.1), and Brazil $0.7 ($0.6). Advanced technology products (ATP) exports were $14.6 billion in July and imports were $17.6 billion, resulting in a deficit of $3.0 billion. July exports were $0.7 billion less than the $15.3 billion in June, while imports were $0.5 billion more than the $17.1 billion in June. Revisions Goods carry-over in July was $0.3 billion (0.6 percent) for exports and $1.3 billion (1.2 percent) for imports. For June, revised export carry-over was virtually zero, revised down from $0.3 billion (0.5 percent). For June, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.9 billion (0.9 percent) Services exports and imports for January through June 2003 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revisions over the entire period were in travel and transfers under U.S. military sales contracts. For services imports, the largest revisions over the entire period were in royalties and license fees, other transportation, and other private services. Services exports for June were revised down $0.4 billion to $25.2 billion; the revision was accounted for by downward revisions in travel, passenger fares, and transfers under U.S. military sales contracts. Services imports for June were virtually unrevised at $20.2 billion. 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-03-139, BEA-03-34), Bureau of the Census, Foreign Trade Division, July 2003. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.