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, October 10, 2003 CB-03-161 BEA-03-40 FT-900 (03-08) 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 August 2003 Goods and Services The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $83.7 billion and imports of $122.9 billion resulted in a goods and services deficit of $39.2 billion, $0.8 billion less than the $40.0 billion in July, revised. August exports were $2.3 billion less than July exports of $86.0 billion. August imports were $3.1 billion less than July imports of $126.0 billion. In August, the goods deficit decreased $0.5 billion from July to $44.5 billion, and the services surplus increased $0.3 billion to $5.3 billion. Exports of goods decreased $2.6 billion to $57.8 billion, and imports of goods decreased $3.1 billion to $102.2 billion. Exports of services increased to $25.9 billion from $25.7 billion, and imports of services were virtually unchanged at $20.7 billion. In August, the goods and services deficit was up $3.0 billion from August 2002. Exports were up $1.1 billion, or 1.4 percent, and imports were up $4.1 billion, or 3.4 percent. Goods The July to August change in exports of goods reflected decreases in capital goods ($0.8 billion); industrial supplies and materials ($0.8 billion); automotive vehicles, parts, and engines ($0.7 billion); foods, feeds, and beverages ($0.3 billion); and consumer goods ($0.1 billion). An increase occurred in other goods ($0.2 billion). The July to August change in imports of goods reflected decreases in automotive vehicles, parts, and engines ($2.3 billion); capital goods ($0.5 billion); other goods ($0.2 billion); and consumer goods ($0.2 billion). Foods, feeds, and beverages and industrial supplies and materials were virtually unchanged. The August 2002 to August 2003 change in exports of goods reflected decreases in capital goods ($0.8 billion) and automotive vehicles, parts, and engines ($0.7 billion). Increases occurred in industrial supplies and materials ($0.7 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). Other goods were virtually unchanged. The August 2002 to August 2003 change in imports of goods reflected increases in industrial supplies and materials ($3.2 billion); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); and capital goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.8 billion) and other goods ($0.2 billion). Services Services exports increased $0.3 billion from July to August. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports were virtually unchanged from July to August. Increases in travel and passenger fares were nearly offset by a decrease in other transportation (which includes freight and ports services). Changes in the other categories of services imports were small. From August 2002 to August 2003, services exports increased $1.2 billion. The largest increase was in other private services ($1.0 billion), which includes items such as business, professional, and technical services, insurance services, and financial services. From August 2002 to August 2003, services imports increased $1.8 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.4 billion), direct defense expenditures ($0.3 billion), passenger fares ($0.3 billion), and travel ($0.3 billion). Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $84.7 billion, while imports of goods and services averaged $124.5 billion, resulting in an average trade deficit of $39.8 billion. For the three months ending in July, the average trade deficit was $40.6 billion, reflecting average exports of $84.3 billion and average imports of $124.9 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Singapore $0.8 (for July $0.4), Australia $0.5 ($0.8), Hong Kong $0.3 ($0.2), and Egypt $0.2 ($0.1). Deficits were recorded, in billions of dollars, with China $11.7 ($11.3), Western Europe $6.9 ($11.2), Japan $4.8 ($5.9), Canada $4.7 ($5.0), OPEC $4.1 ($4.5), Mexico $3.4 ($3.2), Taiwan $1.2 ($1.1), Korea $0.9 ($1.3), and Brazil $0.6 ($0.7). Advanced technology products (ATP) exports were $14.5 billion in August and imports were $16.2 billion, resulting in a deficit of $1.7 billion. August exports were $0.2 billion less than the $14.6 billion in July, while imports were $1.4 billion less than the $17.6 billion in July. Revisions Goods carry-over in August was $0.3 billion (0.4 percent) for exports and $0.7 billion (0.7 percent) for imports. For July, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.6 percent). For July, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.3 billion (1.2 percent). Services exports for July were virtually unrevised at $25.7 billion. Services imports for July were also virtually unrevised at $20.7 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-03-161, BEA-03-40), Bureau of the Census, Foreign Trade Division, August 2003. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.