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. Wednesday, January 14, 2004 CB-04-05 Press Copy BEA-04-02 FT-900 (03-11) 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 November 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 November exports of $90.6 billion and imports of $128.6 billion resulted in a goods and services deficit of $38.0 billion, $3.6 billion less than the $41.6 billion in October, revised. November exports were $2.5 billion more than October exports of $88.1 billion. November imports were $1.0 billion less than October imports of $129.7 billion. In November, the goods deficit decreased $3.5 billion from October to $43.6 billion, and the services surplus increased $0.1 billion to $5.6 billion. Exports of goods increased $2.2 billion to $63.8 billion, and imports of goods decreased $1.3 billion to $107.4 billion. Exports of services increased to $26.8 billion from $26.4 billion, and imports of services increased to $21.2 billion from $20.9 billion. In November, the goods and services deficit was down $0.6 billion from November 2002. Exports were up $7.7 billion, or 9.3 percent, and imports were up $7.1 billion, or 5.8 percent. Goods The October to November change in exports of goods reflected increases in capital goods ($1.7 billion); consumer goods ($0.6 billion); and foods, feeds, and beverages ($0.4 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.3 billion); other goods ($0.1 billion); and industrial supplies and materials ($0.1 billion). The October to November change in imports of goods reflected decreases in industrial supplies and materials ($1.3 billion); consumer goods ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). Increases occurred in capital goods ($0.2 billion) and foods, feeds, and beverages ($0.1 billion). Other goods were virtually unchanged. The November 2002 to November 2003 change in exports of goods reflected increases in capital goods ($2.9 billion); industrial supplies and materials ($1.1 billion); consumer goods ($0.9 billion); foods, feeds, and beverages ($0.8 billion); and automotive vehicles, parts, and engines ($0.2 billion). A decrease occurred in other goods ($0.1 billion). The November 2002 to November 2003 change in imports of goods reflected increases in industrial supplies and materials ($1.7 billion); consumer goods ($1.3 billion); capital goods ($1.3 billion); automotive vehicles, parts, and engines ($0.7 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.1 billion). Services Services exports increased $0.4 billion from October to November. The increase was more than accounted for by increases in travel and passenger fares. Changes in the other categories of services exports were small. Services imports increased $0.3 billion from October to November. The increase was more than accounted for by increases in travel and passenger fares. Changes in the other categories of services imports were small. From November 2002 to November 2003, services exports increased $1.7 billion. The largest increases were in other private services ($0.8 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and royalties and license fees ($0.4 billion). From November 2002 to November 2003, services imports increased $1.6 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.3 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 November, exports of goods and services averaged $88.1 billion, while imports of goods and services averaged $128.5 billion, resulting in an average trade deficit of $40.3 billion. For the three months ending in October, the average trade deficit was $40.8 billion, reflecting average exports of $85.7 billion and average imports of $126.5 billion. Selected Not Seasonally Adjusted Goods Details The November figures showed surpluses, in billions of dollars, with Hong Kong $0.5 (for October $0.3), Australia $0.5 ($0.6), Singapore $0.2 ($0.1), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $10.8 ($13.6), Western Europe $7.8 ($9.4), Japan $5.7 ($6.4), Canada $4.2 ($4.7), OPEC $3.9 ($4.4), Mexico $3.0 ($3.5), Korea $1.2 ($1.6), Taiwan $1.1 ($1.1), and Brazil $0.4 ($0.6). Advanced technology products (ATP) exports were $16.7 billion in November and imports were $18.6 billion, resulting in a deficit of $1.9 billion. November exports were $0.4 billion more than the $16.3 billion in October, while imports were $1.2 billion less than the $19.8 billion in October. Revisions Goods carry-over in November was $0.5 billion (0.7 percent) for exports and $0.8 billion (0.8 percent) for imports. For October, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.2 billion (0.4 percent). For October, revised import carry-over was $0.4 billion (0.3 percent), revised down from $1.1 billion (1.0 percent). Services exports for October were revised down $0.2 billion to $26.4 billion; the revision was mostly accounted for by downward revisions in passenger fares and travel. Services imports for October were virtually unrevised at $20.9 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-04-02, BEA-04-02), Bureau of the Census, Foreign Trade Division, November 2003. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.