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, May 12, 2004 CB-04-73 BEA-04-20 FT-900 (04-03) 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: Ralph Stewart (202) 606-9690 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES March 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 March exports of $94.7 billion and imports of $140.7 billion resulted in a goods and services deficit of $46.0 billion, compared with $42.1 billion in February, revised. March exports were $2.4 billion more than February exports of $92.3 billion. March imports were $6.2 billion more than February imports of $134.4 billion. In March, the goods deficit increased $3.8 billion from February to $51.2 billion, and the services surplus decreased $0.1 billion to $5.3 billion. Exports of goods increased $2.3 billion to $67.2 billion, and imports of goods increased $6.0 billion to $118.4 billion. Exports of services increased to $27.5 billion from $27.4 billion, and imports of services increased to $22.2 billion from $22.0 billion. In March, the goods and services deficit was up $3.0 billion from March 2003. Exports were up $12.1 billion, or 14.6 percent, and imports were up $15.1 billion, or 12.0 percent. Goods The February to March change in exports of goods reflected increases in industrial supplies and materials ($1.0 billion); consumer goods ($0.6 billion); capital goods ($0.5 billion); automotive vehicles, parts, and engines ($0.2 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). The February to March change in imports of goods reflected increases in consumer goods ($2.6 billion); industrial supplies and materials ($1.9 billion); capital goods ($0.9 billion); automotive vehicles, parts, and engines ($0.6 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in other goods ($0.1 billion). The March 2003 to March 2004 change in exports of goods reflected increases in capital goods ($4.1 billion); industrial supplies and materials ($2.5 billion); consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($0.6 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.1 billion). The March 2003 to March 2004 change in imports of goods reflected increases in capital goods ($3.7 billion); consumer goods ($3.3 billion); industrial supplies and materials ($3.2 billion); automotive vehicles, parts, and engines ($1.7 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.1 billion). Services Services exports increased $0.1 billion from February to March. Increases in other transportation (which includes freight and port services) and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) more than offset a decrease in travel. Changes in the other categories of services exports were small. Services imports increased $0.2 billion from February to March. An increase in other transportation more than offset a decrease in travel. Changes in the other categories of services imports were small. From March 2003 to March 2004, services exports increased $3.2 billion. The largest increases were in travel ($1.0 billion) and other private services ($1.0 billion). From March 2003 to March 2004, services imports increased $2.4 billion. The largest increases were in other private services ($0.7 billion), other transportation ($0.6 billion), and travel ($0.6 billion). Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $91.9 billion, while imports of goods and services averaged $135.8 billion, resulting in an average trade deficit of $43.8 billion. For the three months ending in February, the average trade deficit was $42.8 billion, reflecting average exports of $90.4 billion and average imports of $133.2 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Singapore $0.8 (for February $0.2), Hong Kong $0.7 ($0.7), Australia $0.6 ($0.6), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China $10.4 ($8.3), Western Europe $10.1 ($8.1), the European Union $9.3 ($7.4), Japan $6.7 ($6.1), OPEC $5.6 ($4.7), Canada $5.1 ($5.1), Mexico $3.9 ($3.6), Korea $1.4 ($0.9), Taiwan $0.8 ($0.7), and Brazil $0.2 (surplus of $0.1). Advanced technology products (ATP) exports were $19.0 billion in March and imports were $20.4 billion, resulting in a deficit of $1.4 billion. March exports were $3.0 billion more than the $16.0 billion in February, while imports were $3.7 billion more than the $16.7 billion in February. Revisions Goods carry-over in March was $0.2 billion (0.3 percent) for exports and $1.1 billion (0.9 percent) for imports. For February, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). For February, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.0 billion (1.0 percent). Services exports for February were revised up $0.1 billion to $27.4 billion; the revision was mostly accounted for by an upward revision in travel. Services imports for February were revised down $0.1 billion to $22.0 billion; the revision was more than accounted for by downward revisions in travel and passenger fares. NOTICE While compiling the March 2004 import statistics for energy-related petroleum products, found in exhibit 17 of this release, the U.S. Census Bureau identified a processing error that caused several commodities to be omitted from the energy-related petroleum products group. With this release, the energy-related petroleum products group has been revised to include the missing commodities and the statistics for January and February 2004 have been revised. If you have further questions contact the U.S. Census Bureau, Foreign Trade Division at: (301) 763-2311 or e-mail Nick Orsini at nick.orsini@census.gov. 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 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