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. Tuesday, December 14, 2004 CB-04-241 BEA-04-55 FT-900 (04-10) 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 October 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 October exports of $98.1 billion and imports of $153.5 billion resulted in a goods and services deficit of $55.5 billion, compared with $50.9 billion in September, revised. October exports were $0.6 billion more than September exports of $97.5 billion. October imports were $5.1 billion more than September imports of $148.4 billion. In October, the goods deficit increased $4.7 billion from September to $59.7 billion, and the services surplus increased $0.2 billion to $4.2 billion. Exports of goods increased $0.2 billion to $69.4 billion, and imports of goods increased $4.9 billion to $129.0 billion. Exports of services increased $0.4 billion to $28.7 billion, and imports of services increased $0.2 billion to $24.5 billion. In October, the goods and services deficit was up $14.0 billion from October 2003. Exports were up $10.0 billion, or 11.3 percent, and imports were up $23.9 billion, or 18.5 percent. Goods The September to October change in exports of goods reflected increases in industrial supplies and materials ($0.6 billion) and capital goods ($0.1 billion). Decreases occurred in other goods ($0.3 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods were virtually unchanged. The September to October change in imports of goods reflected increases in industrial supplies and materials ($3.0 billion); consumer goods ($1.6 billion); foods, feeds, and beverages ($0.3 billion); capital goods ($0.1 billion); and other goods ($0.1 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.2 billion). The October 2003 to October 2004 change in exports of goods reflected increases in industrial supplies and materials ($3.3 billion); capital goods ($2.6 billion); consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($0.7 billion); and other goods ($0.5 billion). Foods, feeds, and beverages were virtually unchanged. The October 2003 to October 2004 change in imports of goods reflected increases in industrial supplies and materials ($12.5 billion); capital goods ($4.2 billion); consumer goods ($3.0 billion); automotive vehicles, parts, and engines ($1.2 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.2 billion). Services Services exports increased $0.4 billion from September to October. The increase was mostly accounted for by increases in travel and other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports increased $0.2 billion from September to October. The increase was more than accounted for by increases in travel, passenger fares, and 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 imports were small. From October 2003 to October 2004, services exports increased $1.8 billion. The largest increases were in other private services ($0.5 billion), travel ($0.5 billion), and other transportation ($0.4 billion). From October 2003 to October 2004, services imports increased $2.2 billion. The largest increases were in other transportation ($0.7 billion), travel ($0.6 billion), and other private services ($0.6 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $97.3 billion, while imports of goods and services averaged $150.7 billion, resulting in an average trade deficit of $53.4 billion. For the three months ending in September, the average trade deficit was $51.8 billion, reflecting average exports of $96.5 billion and average imports of $148.3 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Australia $0.6 (for September $0.6), Hong Kong $0.4 ($0.5), Egypt $0.2 ($0.1), and Singapore $0.1 ($0.3). Deficits were recorded, in billions of dollars, with China $16.8 ($15.5), the European Union (25) $9.3 ($7.7), OPEC $7.2 ($6.7), Japan $5.9 ($6.1), Canada $5.6 ($5.2), Mexico $4.4 ($3.8), Korea $2.0 ($2.1), Taiwan $1.1 ($1.1), and Brazil $0.8 ($0.9). Advanced technology products (ATP) exports were $17.9 billion in October and imports were $22.0 billion, resulting in a deficit of $4.1 billion. October exports were $0.6 billion more than the $17.3 billion in September, while imports were $1.5 billion more than the $20.4 billion in September. Revisions Goods carry-over in October was $0.3 billion (0.5 percent) for exports and $0.9 billion (0.6 percent) for imports. For September, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.5 billion (0.7 percent). For September, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.2 billion (0.9 percent). Services exports and imports for April through September 2004 reflect the incorporation of quarterly revisions to the U.S. international transactions accounts. The revised quarterly and monthly estimates are based on more complete source data than were available previously. For services exports, the largest revision over the entire period was in travel. For services imports, the largest revision over the entire period was in other private services. Services exports for September were revised down $0.2 billion to $28.4 billion; the revision was more than accounted for by downward revisions in travel and transfers under U.S. military sales contracts. Services imports for September were revised down $0.2 billion to $24.3 billion; the revision was more than accounted for by downward revisions in other private services, other transportation, 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 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-04-241, BEA-04-55), Bureau of the Census, Foreign Trade Division, October 2004. For more information, contact Nick Orsini (301-763-2311), Foreign Trade Division.