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, April 14, 2004 CB-04-59 BEA-04-15 FT-900 (04-02) 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 February 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 February exports of $92.4 billion and imports of $134.5 billion resulted in a goods and services deficit of $42.1 billion, $1.4 billion less than the $43.5 billion in January, revised. February exports were $3.5 billion more than January exports of $88.8 billion. February imports were $2.2 billion more than January imports of $132.3 billion. In February, the goods deficit decreased $1.3 billion from January to $47.2 billion, and the services surplus increased $0.1 billion to $5.2 billion. Exports of goods increased $3.2 billion to $65.1 billion, and imports of goods increased $1.9 billion to $112.3 billion. Exports of services increased to $27.3 billion from $26.9 billion, and imports of services increased to $22.2 billion from $21.9 billion. In February, the goods and services deficit was up $3.5 billion from February 2003. Exports were up $9.7 billion, or 11.7 percent, and imports were up $13.2 billion, or 10.9 percent. Goods The January to February change in exports of goods reflected increases in capital goods ($1.5 billion); industrial supplies and materials ($0.7 billion); consumer goods ($0.3 billion); automotive vehicles, parts, and engines ($0.3 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). The January to February change in imports of goods reflected increases in industrial supplies and materials ($2.0 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in capital goods ($0.8 billion) and consumer goods ($0.6 billion). The February 2003 to February 2004 change in exports of goods reflected increases in capital goods ($3.2 billion); industrial supplies and materials ($1.9 billion); consumer goods ($1.1 billion); automotive vehicles, parts, and engines ($0.4 billion); foods, feeds, and beverages ($0.3 billion); and other goods ($0.3 billion). The February 2003 to February 2004 change in imports of goods reflected increases in industrial supplies and materials ($3.6 billion); capital goods ($2.9 billion); consumer goods ($1.8 billion); automotive vehicles, parts, and engines ($1.6 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.2 billion). Services Services exports increased $0.4 billion from January to February. The increase was mostly 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 other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports increased $0.3 billion from January to February. The increase was mostly accounted for by increases in travel, other private services, other transportation, and direct defense expenditures. Changes in the other categories of services imports were small. From February 2003 to February 2004, services exports increased $2.5 billion. The largest increases were in other private services ($1.1 billion) and travel ($0.5 billion). From February 2003 to February 2004, services imports increased $2.4 billion. The largest increases were in other private services ($0.7 billion), other transportation ($0.7 billion), and travel ($0.5 billion). Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $90.4 billion, while imports of goods and services averaged $133.2 billion, resulting in an average trade deficit of $42.7 billion. For the three months ending in January, the average trade deficit was $41.5 billion, reflecting average exports of $89.9 billion and average imports of $131.3 billion. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Hong Kong $0.7 (for January $0.3), Australia $0.6 ($0.4), Singapore $0.2 ($0.1), Egypt $0.2 ($0.2), and Brazil $0.1 (deficit of $0.4). Deficits were recorded, in billions of dollars, with China $8.3 ($11.5), Western Europe $8.1 ($6.6), the European Union $7.4 ($5.9), Japan $6.1 ($5.3), Canada $5.0 ($5.3), OPEC $4.7 ($4.7), Mexico $3.6 ($3.0), Korea $0.9 ($1.5), and Taiwan $0.7 ($1.1). Advanced technology products (ATP) exports were $16.0 billion in February and imports were $16.7 billion, resulting in a deficit of $0.7 billion. February exports were $1.3 billion more than the $14.7 billion in January, while imports were virtually the same as in January. Revisions Goods carry-over in February was $0.3 billion (0.5 percent) for exports and $1.0 billion (1.0 percent) for imports. For January, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.3 billion (0.6 percent). For January, revised import carry-over was $0.2 billion (0.2 percent), revised down from $0.9 billion (0.9 percent). Services exports for January were revised down $0.2 billion to $26.9 billion; the revision was more than accounted for by downward revisions in travel and passenger fares. Services imports for January were revised up $0.1 billion to $21.9 billion; the revision was mostly accounted for by upward revisions in travel and passenger fares. 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 (2000 Chain-weighted dollars) . . . . . . 15 Exhibit 11 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 Groupings . . . . . . . . . . . . . 21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products . . . . . . . . . . . . . . . . . . .23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum. . . . . . . . . . . . . 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries . . . . . . . . . . . . . . . . 25 Information on Goods and Services. . . . . . . . . . . . . . . . 26 SOURCE: Report FT900 (CB-04-59, BEA-04-15), Bureau of the Census, Foreign Trade Division, February 2004. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.