ECONOMICS AND STATISTICS ADMINISTRATION ------------ U.S. Census Bureau U.S. Bureau of Economic Analysis United States Department of COMMERCE NEWS Washington, D.C. 20230 This release contains sensitive economic data not to be released before 8:30 a.m. Friday, December 12, 2003 CB-03-191 BEA-03-50 FT-900 (03-10) 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: U.S. Bureau of Economic Analysis: Technical: Christopher Bach (202) 606-9545 Media: Larry Moran (202) 606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES October 2003 Goods and Services The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $88.0 billion and imports of $129.7 billion resulted in a goods and services deficit of $41.8 billion, compared with $41.3 billion in September, revised. October exports were $2.2 billion more than September exports of $85.7 billion. October imports were $2.7 billion more than September imports of $127.1 billion. In October, the goods deficit increased $0.9 billion from September to $47.4 billion, and the services surplus increased $0.4 billion to $5.7 billion. Exports of goods increased $1.7 billion to $61.4 billion, and imports of goods increased $2.5 billion to $108.8 billion. Exports of services increased to $26.6 billion from $26.0 billion, and imports of services increased to $20.9 billion from $20.8 billion. In October, the goods and services deficit was up $6.6 billion from October 2002. Exports were up $5.8 billion, or 7.1 percent, and imports were up $12.4 billion, or 10.6 percent. Goods The September to October change in exports of goods reflected increases in capital goods ($0.9 billion); industrial supplies and materials ($0.6 billion); foods, feeds, and beverages ($0.2 billion); and automotive vehicles, parts, and engines ($0.2 billion). A decrease occurred in consumer goods ($0.2 billion). Other goods were virtually unchanged. The September to October change in imports of goods reflected increases in consumer goods ($1.5 billion); automotive vehicles, parts, and engines ($1.0 billion); capital goods ($0.2 billion); and other goods ($0.1 billion). A decrease occurred in industrial supplies and materials ($0.1 billion). Foods, feeds, and beverages were virtually unchanged. The October 2002 to October 2003 change in exports of goods reflected increases in industrial supplies and materials ($1.5 billion); capital goods ($1.1 billion); foods, feeds, and beverages ($0.9 billion); consumer goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.3 billion). A decrease occurred in other goods ($0.2 billion). The October 2002 to October 2003 change in imports of goods reflected increases in consumer goods ($3.5 billion); capital goods ($3.1 billion); industrial supplies and materials ($2.3 billion); automotive vehicles, parts, and engines ($1.3 billion) and foods, feeds, and beverages ($0.7 billion). A decrease occurred in other goods ($0.1 billion) Services Services exports increased $0.6 billion from September to October. 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), travel, and passenger fares. Changes in the other categories of services exports were small. Services imports increased $0.2 billion from September to October. The increase was accounted for by small increases in nearly every category of services imports. From October 2002 to October 2003, services exports increased $1.7 billion. The largest increases were in other private services ($0.9 billion) and royalties and license fees ($0.4 billion). From October 2002 to October 2003, services imports increased $1.6 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.6 billion), which includes freight and port services, and direct defense expenditures ($0.3 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $85.7 billion, while imports of goods and services averaged $126.6 billion, resulting in an average trade deficit of $40.9 billion. For the three months ending in September, the average trade deficit was $40.5 billion, reflecting average exports of $84.8 billion and average imports of $125.3 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Australia $0.6 (for September $0.7), Hong Kong $0.3 ($0.3), Egypt $0.2 ($0.3), and Singapore $0.1 (deficit of $0.1). Deficits were recorded, in billions of dollars, with China $13.6 ($12.7), Western Europe $9.4 ($8.9), Japan $6.4 ($5.1), Canada $4.9 ($5.3), OPEC $4.4 ($4.0), Mexico $3.5 ($3.3), Korea $1.6 ($1.1), Taiwan $1.1 ($1.4), and Brazil $0.6 ($0.6). Advanced technology products (ATP) exports were $16.3 billion in October and imports were $19.8 billion, resulting in a deficit of $3.5 billion. October exports were $1.3 billion more than the $15.0 billion in September, while imports were $0.9 billion more than the $18.9 billion in September. Revisions Goods carry-over in October was $0.2 billion (0.4 percent) for exports and $1.1 billion (1.0 percent) for imports. For September, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.4 percent). For September, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.0 billion (0.9 percent). Services exports and imports for April through September 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 other private services, passenger fares, and royalties and license fees. For services imports, the largest revisions over the entire period were in passenger fares and travel. Services exports for September were revised down $0.3 billion to $26.0 billion; the revision was more than accounted for by downward revisions in other private services and passenger fares. Services imports for September were revised down $0.3 billion to $20.8 billion; the revision was more than accounted for by downward revisions in passenger fares and 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-03-191, BEA-03-50), Bureau of the Census, Foreign Trade Division, October 2003. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.