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, November 10, 2004 CB-04-202 BEA-04-50 FT-900 (04-09) For information on goods contact: U.S. Census Bureau: 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 September 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 September exports of $97.5 billion and imports of $149.0 billion resulted in a goods and services deficit of $51.6 billion, compared with $53.5 billion in August, revised. September exports were $0.8 billion more than August exports of $96.7 billion. September imports were $1.2 billion less than August imports of $150.2 billion. In September, the goods deficit decreased $1.4 billion from August to $55.6 billion, and the services surplus increased $0.6 billion to $4.0 billion. Exports of goods increased $0.9 billion to $68.9 billion, and imports of goods decreased $0.5 billion to $124.5 billion. Exports of services decreased $0.1 billion to $28.5 billion, and imports of services decreased $0.7 billion to $24.5 billion. In September, the goods and services deficit was up $10.3 billion from September 2003. Exports were up $11.5 billion, or 13.3 percent, and imports were up $21.8 billion, or 17.1 percent. Goods The August to September change in exports of goods reflected increases in foods, feeds, and beverages ($0.6 billion); industrial supplies and materials ($0.5 billion); capital goods ($0.3 billion); and consumer goods ($0.3 billion). Decreases occurred in other goods ($0.2 billion) and automotive vehicles, parts, and engines ($0.1 billion). The August to September change in imports of goods reflected decreases in industrial supplies and materials ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). Increases occurred in capital goods ($0.4 billion) and automotive vehicles, parts, and engines ($0.2 billion). Consumer goods were virtually unchanged. The September 2003 to September 2004 change in exports of goods reflected increases in industrial supplies and materials ($3.3 billion); capital goods ($3.2 billion); consumer goods ($1.1 billion); automotive vehicles, parts, and engines ($0.9 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.2 billion). The September 2003 to September 2004 change in imports of goods reflected increases in industrial supplies and materials ($9.8 billion); capital goods ($4.4 billion); consumer goods ($2.6 billion); automotive vehicles, parts, and engines ($1.9 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.2 billion). Services Services exports decreased $0.1 billion from August to September. Decreases in travel and other transportation (which includes freight and port services) were partly 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 $0.7 billion from August to September. The decrease was more than accounted for by a decrease in royalties and license fees, which had been boosted in August by payments for broadcast rights for the 2004 Summer Olympic Games. Changes in the other categories of services imports were small. From September 2003 to September 2004, services exports increased $2.5 billion. The largest increases were in travel ($0.8 billion), other private services ($0.8 billion), and other transportation ($0.5 billion). From September 2003 to September 2004, services imports increased $2.8 billion. The largest increases were in other private services ($0.8 billion), other transportation ($0.8 billion), and travel ($0.7 billion). Goods and Services Moving Average For the three months ending in September, exports of goods and services averaged $96.7 billion, while imports of goods and services averaged $148.6 billion, resulting in an average trade deficit of $51.9 billion. For the three months ending in August, the average trade deficit was $53.0 billion, reflecting average exports of $95.2 billion and average imports of $148.3 billion. Scheduled release dates through February 2005 are located on page 30 Selected Not Seasonally Adjusted Goods Details The September figures showed surpluses, in billions of dollars, with Australia $0.6 (for August $0.6), Hong Kong $0.5 ($0.4), Singapore $0.3 ($0.6), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $15.5 ($15.4), Western Europe $7.9 ($10.0), the European Union (25) $7.7 ($9.6), OPEC $6.7 ($7.0), Japan $6.1 ($6.4), Canada $5.3 ($6.0), Mexico $3.8 ($3.7), Korea $2.1 ($1.5), Taiwan $1.1 ($1.5), and Brazil $0.9 ($0.6). Advanced technology products (ATP) exports were $17.3 billion in September and imports were $20.4 billion, resulting in a deficit of $3.2 billion. September exports were $1.3 billion more than the $16.0 billion in August, while imports were virtually unchanged from August. Revisions Goods carry-over in September was $0.5 billion (0.7 percent) for exports and $1.2 billion (0.9 percent) for imports. For August, revised export carry-over was $0.2 billion (0.2 percent), revised down from $0.5 billion (0.7 percent). For August, revised import carry-over was $0.5 billion (0.4 percent), revised down from $1.3 billion (1.0 percent). Services exports for August were revised up $0.1 billion to $28.7 billion; the revision was more than accounted for by an upward revision in transfers under U.S. military sales contracts. Services imports for August were virtually unchanged at $25.3 billion. NOTICE The Census Bureau has identified a processing error that caused incorrect deflators to be applied to the revised data for April 2004 through September 2004, as published in exhibits 10 and 11 of the September issue of the U.S. International Trade in Goods and Services report. The revision procedure for the real dollars requires compiling new deflators at the end of each quarter and applying them to the current and previous quarter. On November 18, a new set of deflators was compiled and applied to the April 2004 through September 2004 seasonally adjusted data. Exhibits 10 and 11 have been recompiled and are available at www.census.gov/trade and www.bea.gov/bea/di/home/trade.htm. The revisions do not affect the chained-dollar import, export, or gross domestic product estimates produced by the Bureau of Economic Analysis. If you have further questions, contact the U.S. Census Bureau, Foreign Trade Division at: (301) 763-3251 or e-mail Glenn Barresse at glenn.a.barresse@census.gov. 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 Oil. . . . . . . . . . . . . . . . . . . . . . . 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-04-202, BEA-04-50), Bureau of the Census, Foreign Trade Division, September 2004. For more information, contact Nick Orsini (301-763-2311), Foreign Trade Division.