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 WEDNESDAY, MAY 11, 2005 For information on goods contact: U.S. Census Bureau: Nick Orsini (301) 763-6959 Vanessa Ware (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 CB05-66, BEA05-20, FT-900 (05-03) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES March 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 March exports of $102.2 billion and imports of $157.2 billion resulted in a goods and services deficit of $55.0 billion, $5.6 billion less than the $60.6 billion in February, revised. March exports were $1.5 billion more than February exports of $100.7 billion. March imports were $4.1 billion less than February imports of $161.2 billion. In March, the goods deficit decreased $5.2 billion from February to $59.4 billion, and the services surplus increased $0.4 billion to $4.4 billion. Exports of goods increased $1.0 billion to $72.1 billion, and imports of goods decreased $4.2 billion to $131.5 billion. Exports of services increased $0.5 billion to $30.1 billion, and imports of services increased $0.1 billion to $25.7 billion. In March, the goods and services deficit was up $7.9 billion from March 2004. Exports were up $6.8 billion, or 7.1 percent, and imports were up $14.7 billion, or 10.3 percent. Goods The February to March change in exports of goods reflected increases in capital goods ($0.9 billion); foods, feeds, and beverages ($0.3 billion); and other goods ($0.1 billion). Decreases occurred in industrial supplies and materials ($0.1 billion) and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods were virtually unchanged. The February to March change in imports of goods reflected decreases in consumer goods ($2.4 billion); automotive vehicles, parts, and engines ($1.3 billion); capital goods ($0.3 billion); and industrial supplies and materials ($0.2 billion). Foods, feeds, and beverages and other goods were virtually unchanged. The March 2004 to March 2005 change in exports of goods reflected increases in industrial supplies and materials ($2.0 billion); capital goods ($1.3 billion); consumer goods ($0.8 billion); automotive vehicles, parts, and engines ($0.5 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in other goods ($0.3 billion). The March 2004 to March 2005 change in imports of goods reflected increases in industrial supplies and materials ($8.4 billion); capital goods ($2.3 billion); consumer goods ($1.4 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.2 billion). Services Services exports increased $0.5 billion from February to March. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), travel, and other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports increased $0.1 billion from February to March. Increases in travel and other private services were partly offset by a decrease in other transportation. Changes in the other categories of services imports were small. From March 2004 to March 2005, services exports increased $2.2 billion. The largest increases were in other private services ($0.7 billion), travel ($0.7 billion), and royalties and license fees ($0.4 billion). From March 2004 to March 2005, services imports increased $2.1 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.6 billion), and travel ($0.4 billion). Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $101.1 billion, while imports of goods and services averaged $159.1 billion, resulting in an average trade deficit of $58.0 billion. For the three months ending in February, the average trade deficit was $58.3 billion, reflecting average exports of $100.5 billion and average imports of $158.8 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Hong Kong $0.9 (for February $0.7), Singapore $0.9 ($0.4), Australia $0.8 ($0.7), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $12.9 ($13.9), Europe $10.9 ($10.1), the European Union $9.3 ($8.5), Japan $7.8 ($6.9), OPEC $6.6 ($6.3), Canada $5.0 ($5.8), Mexico $4.3 ($3.7), Korea $1.3 ($1.2), Brazil $0.7 ($0.6), and Taiwan $0.7 ($1.0). Advanced technology products (ATP) exports were $19.5 billion in March and imports were $21.0 billion, resulting in a deficit of $1.5 billion. March exports were $4.7 billion more than the $14.9 billion in February, while imports were $2.7 billion more than the $18.3 billion in February. Revisions Goods carry-over in March was $0.1 billion (0.2 percent) for exports and $1.0 billion (0.7 percent) for imports. For February, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.4 billion (0.6 percent). For February, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.1 billion (0.9 percent). Services exports for February were revised up $0.3 billion to $29.6 billion; the revision was mostly accounted for by an upward revision in travel. Services imports for February were revised down $0.1 billion to $25.6 billion; the revision was mostly accounted for by a downward revision in 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-05-66, BEA-05-20), Bureau of the Census, Foreign Trade Division, March 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.