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. Friday, August 13, 2004 CB-04-134 BEA-04-38 FT-900 (04-06) 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 June 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 June exports of $92.8 billion and imports of $148.6 billion resulted in a goods and services deficit of $55.8 billion, $8.9 billion more than the $46.9 billion in May, revised. June exports were $4.2 billion less than May exports of $97.0 billion. June imports were $4.7 billion more than May imports of $143.9 billion. In June, the goods deficit increased $8.7 billion from May to $60.2 billion, and the services surplus decreased $0.2 billion to $4.3 billion. Exports of goods decreased $4.4 billion to $64.3 billion, and imports of goods increased $4.2 billion to $124.4 billion. Exports of services increased $0.3 billion to $28.6 billion, and imports of services increased $0.5 billion to $24.2 billion. In June, the goods and services deficit was up $15.8 billion from June 2003. Exports were up $8.2 billion, or 9.7 percent, and imports were up $24.0 billion, or 19.3 percent. Goods The May to June change in exports of goods reflected decreases in capital goods ($2.6 billion); industrial supplies and materials ($1.3 billion); foods, feeds, and beverages ($0.3 billion); automotive vehicles, parts, and engines ($0.3 billion); and consumer goods ($0.1 billion). An increase occurred in other goods ($0.3 billion). The May to June change in imports of goods reflected increases in industrial supplies and materials ($3.3 billion); capital goods ($1.5 billion); and consumer goods ($0.1 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.7 billion). Foods, feeds, and beverages and other goods were virtually unchanged. The June 2003 to June 2004 change in exports of goods reflected increases in capital goods ($1.9 billion); industrial supplies and materials ($1.5 billion); consumer goods ($0.8 billion); other goods ($0.5 billion); and automotive vehicles, parts, and engines ($0.3 billion). A decrease occurred in foods, feeds, and beverages ($0.1 billion). The June 2003 to June 2004 change in imports of goods reflected increases in industrial supplies and materials ($10.1 billion); capital goods ($5.0 billion); consumer goods ($4.2 billion); foods, feeds, and beverages ($0.8 billion); automotive vehicles, parts, and engines ($0.8 billion); and other goods ($0.1 billion). Services Services exports increased $0.3 billion from May to June. Increases in travel and passenger fares were partly offset by a decrease in other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports increased $0.5 billion from May to June. Most of the increase was accounted for by increases in other transportation and travel. Changes in the other categories of services imports were small. From June 2003 to June 2004, services exports increased $3.4 billion. The largest increases were in travel ($1.3 billion), other private services, which includes items such as business, professional, and technical services, insurance services, and financial services ($0.8 billion), and other transportation ($0.5 billion). From June 2003 to June 2004, services imports increased $3.3 billion. The largest increases were in travel ($1.0 billion), other transportation ($0.8 billion), and other private services ($0.7 billion). Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $94.8 billion, while imports of goods and services averaged $145.0 billion, resulting in an average trade deficit of $50.3 billion. For the three months ending in May, the average trade deficit was $47.2 billion, reflecting average exports of $95.6 billion and average imports of $142.8 billion. Selected Not Seasonally Adjusted Goods Details The June figures showed surpluses, in billions of dollars, with Hong Kong $0.5 (For May $0.6), Australia $0.5 ($0.6), Singapore $0.4 ($0.6), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $14.2 ($12.1), Western Europe $10.7 ($8.2); the European Union (25) $10.6 ($7.9), Canada $6.6 ($4.8), Japan $6.3 ($5.5), OPEC $6.2 ($5.6), Mexico $4.9 ($3.8), Korea $2.0 ($1.6), Taiwan $1.2 ($1.0), and Brazil $1.1 ($0.4). Advanced technology products (ATP) exports were $17.3 billion in June and imports were $21.3 billion, resulting in a deficit of $4.0 billion. June exports were $0.2 billion more than the $17.1 billion in May, while imports were $3.0 billion more than the $18.2 billion in May. Revisions Goods carry-over in June was $0.3 billion (0.4 percent) for exports and $1.4 billion (1.1 percent) for imports. For May, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.3 billion (0.4 percent). For May, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.6 percent). Services exports for May were revised down $0.1 billion to $28.3 billion; the revision was accounted for by downward revisions in travel, passenger fares, and other private services. Services imports for May were revised up $0.2 billion to $23.7 billion; the revision was more than 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 U.S. International Trade in Goods and Services Three - month Moving Averages. . . . . . . . . . . . . . 5 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 Category. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 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 Exports, Imports, and Balance of Goods, 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 Category. . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas . . . . . . . . . . . . 19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities. . . . . . . . . . . . . . . . . . . . . . . . . . . 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-04-134, BEA-04-38), Bureau of the Census, Foreign Trade Division, June 2004. For more information, contact Haydn R. Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign Trade Division.