United States Department of COMMERCE NEWS Washington, D.C. 20230 ECONOMICS AND STATISTICS ADMINISTRATION ------------ U.S. Census Bureau U.S. Bureau of Economic Analysis This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, March 10, 2004 CB-04-38 BEA-04-10 FT-900 (04-01) 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 January 2004 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 January exports of $89.0 billion and imports of $132.1 billion resulted in a goods and services deficit of $43.1 billion, $0.4 billion more than the $42.7 billion in December, revised. January exports were $1.1 billion less than December exports of $90.1 billion. January imports were $0.7 billion less than December imports of $132.8 billion. In January, the goods deficit increased $0.5 billion from December to $48.4 billion, and the services surplus increased $0.1 billion to $5.3 billion. Exports of goods decreased $1.1 billion to $61.9 billion, and imports of goods decreased $0.6 billion to $110.3 billion. Exports of services were virtually unchanged at $27.1 billion, and imports of services decreased to $21.8 billion, from $21.9 billion. In January, the goods and services deficit was up $3.1 billion from January 2003. Exports were up $7.0 billion, or 8.5 percent, and imports were up $10.0 billion, or 8.2 percent. Goods The December to January change in exports of goods reflected decreases in foods, feeds, and beverages ($0.4 billion); capital goods ($0.2 billion); consumer goods ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); and industrial supplies and materials ($0.1 billion). An increase occurred in other goods ($0.1 billion). The December to January change in imports of goods reflected decreases in automotive vehicles, parts, and engines ($1.0 billion); other goods ($0.1 billion); foods, feeds, and beverages ($0.1 billion); and capital goods ($0.1 billion). An increase occurred in industrial supplies and materials ($0.7 billion). Consumer goods were virtually unchanged. The January 2003 to January 2004 change in exports of goods reflected increases in capital goods ($2.9 billion); industrial supplies and materials ($1.1 billion); consumer goods ($0.4 billion); other goods ($0.3 billion); automotive vehicles, parts, and engines ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). The January 2003 to January 2004 change in imports of goods reflected increases in industrial supplies and materials ($2.4 billion); capital goods ($2.4 billion); consumer goods ($2.4 billion); automotive vehicles, parts, and engines ($0.8 billion); and foods, feeds, and beverages ($0.3 billion). Other goods were virtually unchanged. Services Services exports were unchanged from December to January. A decrease in travel and passenger fares was offset by an increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in the other categories of services exports were small. Services imports decreased $0.1 billion from December to January. Decreases in travel and passenger fares more than offset small increases in nearly all other categories of services imports. From January 2003 to January 2004, services exports increased $2.2 billion. The largest increases were in other private services ($1.0 billion), travel ($0.4 billion), and royalties and license fees ($0.3 billion). From January 2003 to January 2004, services imports increased $1.7 billion. The largest increases were in other private services ($0.7 billion) and other transportation ($0.5 billion), which includes freight and port services. Goods and Services Moving Average For the three months ending in January, exports of goods and services averaged $89.9 billion, while imports of goods and services averaged $131.2 billion, resulting in an average trade deficit of $41.3 billion. For the three months ending in December, the average trade deficit was $40.9 billion, reflecting average exports of $89.7 billion and average imports of $130.5 billion. Selected Not Seasonally Adjusted Goods Details The January figures showed surpluses, in billions of dollars, with Australia $0.4 (for December $0.5), Hong Kong $0.3 ($0.7), Egypt $0.2 ($0.1), and Singapore $0.1 (virtually zero). Deficits were recorded, in billions of dollars, with China $11.5 ($9.9), Western Europe $6.6 ($11.1), The European Union $5.9 ($10.3), Japan $5.3 ($5.7), Canada $5.2 ($4.4), OPEC $4.7 ($4.6), Mexico $3.0 ($3.1), Korea $1.5 ($1.4), Taiwan $1.1 ($0.8), and Brazil $0.4 ($0.5). Advanced technology products (ATP) exports were $14.7 billion in January and imports were $16.7 billion, resulting in a deficit of $2.0 billion. January exports were $2.0 billion less than the $16.7 billion in December, while imports were $3.4 billion less than the $20.1 billion in December. Revisions Goods carry-over in January was $0.3 billion (0.6 percent) for exports and $0.9 billion (0.9 percent) for imports. For December, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.4 billion (0.6 percent). For December, revised import carry-over was $0.3 billion (0.3 percent), revised down from $1.3 billion (1.2 percent). Goods and services exports and imports for all months in 2003 were revised in order to align the seasonally adjusted monthly estimates with the annual totals. Services exports and imports for July through December 2003 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revision over the entire period was in other private services. For services imports, the largest revisions over the entire period were in other private services, travel, and royalties and license fees. Services exports for December were revised down $0.3 billion to $27.1 billion; the revision was more than accounted for by a downward revision in travel. Services imports for December were revised up $0.2 billion to $21.9 billion; the revision was more than accounted for by upward revisions in other private services, other transportation, and royalties and license fees. 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 Exports and Imports of Goods by Principal End-Use Category (Constant Dollars). . . . . . . . . . . . 15 Exhibit 11 Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (Constant 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 Petroleum. . . . . . . . . . . . . 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries25 Information on Goods and Services. . . . . . . . . . . . . . . . 26