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 TUESDAY, APRIL 12, 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 CB05-50, BEA05-14, FT-900 (05-02) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES February 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 February exports of $100.5 billion and imports of $161.5 billion resulted in a goods and services deficit of $61.0 billion, $2.5 billion more than the $58.5 billion in January, revised. February exports were $0.1 billion more than January exports of $100.4 billion. February imports were $2.6 billion more than January imports of $158.9 billion. In February, the goods deficit increased $2.3 billion from January to $64.7 billion, and the services surplus decreased $0.3 billion to $3.7 billion. Exports of goods increased $0.1 billion to $71.2 billion, and imports of goods increased $2.3 billion to $135.9 billion. Exports of services were virtually unchanged at $29.3 billion, and imports of services increased $0.2 billion to $25.6 billion. In February, the goods and services deficit was up $15.2 billion from February 2004. Exports were up $8.1 billion, or 8.7 percent, and imports were up $23.2 billion, or 16.8 percent. Goods The January to February change in exports of goods reflected increases in industrial supplies and materials ($0.5 billion) and consumer goods ($0.3 billion). Decreases occurred in capital goods ($0.4 billion) and automotive vehicles, parts, and engines ($0.3 billion). Foods, feeds, and beverages and other goods were virtually unchanged. The January to February change in imports of goods reflected increases in industrial supplies and materials ($2.3 billion); consumer goods ($0.7 billion); and automotive vehicles, parts, and engines ($0.2 billion). A decrease occurred in capital goods ($0.8 billion). Foods, feeds, and beverages and other goods were virtually unchanged. The February 2004 to February 2005 change in exports of goods reflected increases in industrial supplies and materials ($2.8 billion); consumer goods ($1.4 billion); capital goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.9 billion). Foods, feeds, and beverages and other goods were virtually unchanged. The February 2004 to February 2005 change in imports of goods reflected increases in industrial supplies and materials ($9.3 billion); consumer goods ($6.1 billion); capital goods ($3.7 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.3 billion). Services Services exports were virtually unchanged from January to February. A decrease in travel was partly offset by an increase in transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports increased $0.2 billion from January to February. Most of the increase was accounted for by 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). Changes in the other categories of services imports were small. From February 2004 to February 2005, services exports increased $1.9 billion. The largest increases were in other private services ($0.8 billion), royalties and license fees ($0.4 billion), and travel ($0.3 billion). From February 2004 to February 2005, services imports increased $2.3 billion. The largest increases were in other transportation ($0.9 billion) and other private services ($0.6 billion). Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $100.4 billion, while imports of goods and services averaged $158.9 billion, resulting in an average trade deficit of $58.4 billion. For the three months ending in January, the average trade deficit was $57.9 billion, reflecting average exports of $99.4 billion and average imports of $157.3 billion. Scheduled release dates through February 2006 are located on page 30. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Australia $0.7 ( for January $0.6), Hong Kong $0.7 ($0.4), Singapore $0.4 ($0.3), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $13.9 ($15.3), Europe $10.1 ($9.5), the European Union $8.5 ($8.1), Japan $6.9 ($6.2), OPEC $6.3 ($6.1), Canada $5.8 ($6.3), Mexico $3.7 ($2.9), Korea $1.2 ($1.9), Taiwan $1.0 ($1.2), and Brazil $0.6 ($0.9). Advanced technology products (ATP) exports were $14.9 billion in February and imports were $18.3 billion, resulting in a deficit of $3.4 billion. February exports were $0.3 billion less than the $15.2 billion in January, while imports were $0.5 billion less than the $18.8 billion in January. Revisions Goods carry-over in February was $0.4 billion (0.6 percent) for exports and $1.1 billion (0.9 percent) for imports. For January, revised export carry-over was $0.2 billion (0.2 percent), revised down from $0.4 billion (0.6 percent). For January, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.1 billion (0.9 percent). Services exports for January were revised down $0.2 billion to $29.3 billion; the revision was mostly accounted for by a downward revision in travel. Services imports for January were revised down $0.2 billion to $25.4 billion; the revision was mostly accounted for by a downward revision in travel. 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-05-50, BEA-05-14), Bureau of the Census, Foreign Trade Division, February 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.