U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce · Washington, D.C. 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EST FRIDAY, MARCH 11, 2005 For information on goods contact: For information on services contact: U.S. Census Bureau: U.S. Bureau of Economic Analysis: Nick Orsini (301) 763-6959 Technical: Christopher Bach (202) 606-9545 Vanessa Ware (301) 763-2311 Media: Ralph Stewart (202) 606-9690 CB05-34, BEA05-08, FT-900 (05-01) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES January 2005 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 January exports of $100.8 billion and imports of $159.1 billion resulted in a goods and services deficit of $58.3 billion, compared with $55.7 billion in December, revised. January exports were $0.4 billion more than December exports of $100.4 billion. January imports were $2.9 billion more than December imports of $156.2 billion. In January, the goods deficit increased $2.4 billion from December to $62.3 billion, and the services surplus decreased $0.1 billion to $4.0 billion. Exports of goods increased $0.1 billion to $71.3 billion, and imports of goods increased $2.5 billion to $133.5 billion. Exports of services increased $0.3 billion to $29.6 billion, and imports of services increased $0.4 billion to $25.6 billion. In January, the goods and services deficit was up $12.4 billion from January 2004. Exports were up $12.0 billion, or 13.6 percent, and imports were up $24.5 billion, or 18.2 percent. Goods The December to January change in exports of goods reflected increases in automotive vehicles, parts, and engines ($0.3 billion) and other goods ($0.1 billion). Decreases occurred in capital goods ($0.2 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). Industrial supplies and materials were virtually unchanged. The December to January change in imports of goods reflected increases in consumer goods ($2.0 billion); automotive vehicles, parts, and engines ($0.5 billion); capital goods ($0.5 billion); and other goods ($0.2 billion). A decrease occurred in industrial supplies and materials ($0.7 billion). Foods, feeds, and beverages were virtually unchanged. The January 2004 to January 2005 change in exports of goods reflected increases in industrial supplies and materials ($3.2 billion); capital goods ($2.6 billion); consumer goods ($1.5 billion); automotive vehicles, parts, and engines ($1.4 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). The January 2004 to January 2005 change in imports of goods reflected increases in industrial supplies and materials ($9.9 billion); consumer goods ($5.1 billion); capital goods ($3.9 billion); automotive vehicles, parts, and engines ($1.9 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.5 billion). Services Services exports increased $0.3 billion from December to January. Half of the increase was accounted for by an increase in travel. Changes in the other categories of services exports were small. Services imports increased $0.4 billion from December to January. The increase was mostly accounted for by increases in other transportation, which includes freight and port services, and travel. Changes in the other categories of services imports were small. From January 2004 to January 2005, services exports increased $2.6 billion. The largest increases were in travel ($0.9 billion) and in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services ($0.8 billion). From January 2004 to January 2005, services imports increased $2.4 billion. The largest increases were in other transportation ($0.9 billion), other private services ($0.6 billion), and travel ($0.4 billion). Goods and Services Moving Average For the three months ending in January, exports of goods and services averaged $99.5 billion, while imports of goods and services averaged $157.3 billion, resulting in an average trade deficit of $57.8 billion. For the three months ending in December, the average trade deficit was $57.0 billion, reflecting average exports of $98.6 billion and average imports of $155.6 billion. Scheduled release dates through February 2006 are located on page 30. Selected Not Seasonally Adjusted Goods Details The January figures showed surpluses, in billions of dollars, with Australia $0.6 (for December $0.5), Hong Kong $0.4 ($0.7), Singapore $0.3 ($0.2), and Egypt $0.2 ($0.1). Deficits were recorded, in billions of dollars, with China $15.3 ($14.3), Europe $9.5 ($11.9), the European Union $8.1 ($10.3), Japan $6.2 ($6.9), Canada $6.2 ($4.9), OPEC $6.1 ($5.8), Mexico $2.9 ($3.4), Korea $1.9 ($1.3), Taiwan $1.2 ($0.6), Brazil $0.9 ($0.9), and Argentina $0.1 ($0.1). Advanced technology products (ATP) exports were $15.2 billion in January and imports were $18.8 billion, resulting in a deficit of $3.7 billion. January exports were $2.8 billion less than the $18.0 billion in December, while imports were $2.7 billion less than the $21.5 billion in December. Revisions Goods carry-over in January was $0.4 billion (0.6 percent) for exports and $1.1 billion (0.9 percent) for imports. For December, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.4 billion (0.6 percent). For December, revised import carry-over was $0.4 billion (0.3 percent), revised down from $2.0 billion (1.6 percent). Goods and services exports and imports for all months in 2004 were revised in order to align the seasonally adjusted monthly data with the annual totals. Services exports and imports for July through December 2004 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revision over the entire period was in other private services. For services imports, the largest revisions over the entire period were in other transportation and other private services. Services exports for December were revised up $0.2 billion to $29.3 billion; the revision was mostly accounted for by an upward revision in other private services. Services imports for December were revised up $0.3 billion to $25.2 billion; the revision was mostly accounted for by upward revisions in other transportation and other private services . 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 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 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 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 Commodities21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Oil. . . . . . . . . . . . . . . . 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries25 Information on Goods and Services. . . . . . . . . . . . . . . . 26 SOURCE: Report FT900 (CB-05-34, BEA-05-08), Bureau of the Census, Foreign Trade Division, January 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.