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, JUNE 10, 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 CB05-81, BEA05-25, FT-900 (05-04) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES April 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 April exports of $106.4 billion and imports of $163.4 billion resulted in a goods and services deficit of $57.0 billion, $3.4 billion more than the $53.6 billion in March, revised. April exports were $3.1 billion more than March exports of $103.4 billion. April imports were $6.5 billion more than March imports of $156.9 billion. In April, the goods deficit increased $3.3 billion from March to $62.2 billion, and the services surplus was virtually unchanged at $5.3 billion. Exports of goods increased $3.0 billion to $74.5 billion, and imports of goods increased $6.3 billion to $136.7 billion. Exports of services increased $0.1 billion to $31.9 billion, and imports of services increased $0.1 billion to $26.6 billion. In April, the goods and services deficit was up $8.6 billion from April 2004. Exports were up $12.0 billion, or 12.7 percent, and imports were up $20.5 billion, or 14.4 percent. Goods The March to April change in exports of goods reflected increases in capital goods ($1.6 billion); industrial supplies and materials ($0.9 billion); other goods ($0.3 billion); automotive vehicles, parts, and engines ($0.2 billion); and foods, feeds, and beverages ($0.2 billion). A decrease occurred in consumer goods ($0.1 billion). The March to April change in imports of goods reflected increases in capital goods ($2.3 billion); industrial supplies and materials ($1.8 billion); consumer goods ($1.8 billion); other goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.2 billion). Foods, feeds, and beverages were virtually unchanged. The April 2004 to April 2005 change in exports of goods reflected increases in capital goods ($3.3 billion); industrial supplies and materials ($3.2 billion); consumer goods ($0.8 billion); automotive vehicles, parts, and engines ($0.6 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.3 billion). The April 2004 to April 2005 change in imports of goods reflected increases in industrial supplies and materials ($10.7 billion); capital goods ($3.9 billion); consumer goods ($2.5 billion); other goods ($0.5 billion); and foods, feeds, and beverages ($0.5 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.3 billion). Services Services exports increased $0.1 billion from March to April. Increases in travel and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) were partly offset by a decrease in transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports increased $0.1 billion from March to April. The increase was more than accounted for by increases in other private services and travel. Changes in the other categories of services imports were small. From April 2004 to April 2005, services exports increased $3.6 billion. The largest increases were in other private services ($1.2 billion), royalties and license fees ($0.9 billion), and travel ($0.7 billion). From April 2004 to April 2005, services imports increased $2.7 billion. The largest increases were in other private services ($1.0 billion) and other transportation, which includes freight and port services ($0.6 billion). Goods and Services Moving Average For the three months ending in April, exports of goods and services averaged $103.8 billion, while imports of goods and services averaged $160.7 billion, resulting in an average trade deficit of $56.9 billion. For the three months ending in March, the average trade deficit was $57.3 billion, reflecting average exports of $102.6 billion and average imports of $159.8 billion. Scheduled release dates through February 2006 are located on page 30 Selected Not Seasonally Adjusted Goods Details The April figures showed surpluses, in billions of dollars, with Hong Kong $0.9 (for March $0.9), Australia $0.7 ($0.8), Singapore $0.3 ($0.9), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $14.7 ($12.9), Europe $11.8 ($10.9), the European Union $9.3 ($9.3), Japan $7.2 ($7.8), OPEC $7.1 ($6.6), Canada $5.4 ($5.0), Mexico $4.4 ($4.3), Korea $1.3 ($1.3), Brazil $0.8 ($0.7), and Taiwan $0.7 ($0.7). Advanced technology products (ATP) exports were $18.7 billion in April and imports were $20.9 billion, resulting in a deficit of $2.2 billion. April exports were $0.8 billion less than the $19.5 billion in March, while imports were $0.1 billion less than the $21.0 billion in March. Revisions Goods carry-over in April was $0.2 billion (0.3 percent) for exports and $0.8 billion (0.6 percent) for imports. For March, revised export carry-over was virtually zero, revised down from $0.1 billion (0.2 percent). For March, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.0 billion (0.7 percent). Goods and services exports and imports for all months shown in this release reflect the incorporation of annual revisions to the goods and services series in the U.S. international transactions accounts. See the "Notice" in this release for a description of major revisions to goods and services exports and imports. NOTICE In this release and the accompanying "U.S. International Trade in Goods and Services: Annual Revision for 2004", the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 2002-2004 and the first three months of 2005 and revised data on services for 1992-2004 and the first three months of 2005. Goods The 2004 not seasonally adjusted Census-basis goods data were revised to eliminate monthly data that arrived too late for inclusion in the month of transaction but that were included, initially, in the month in which the data were received. In addition, corrections were made to previously published data. Once the redistributions of data to the proper month of transaction and corrections were completed, factors for seasonal adjustments and trading day adjustments were recomputed and the seasonally adjusted current-dollar series were revised for 2002-2004 and the first three months of 2005. Similar changes were made to the chain-weighted dollar series. Services The services estimates were revised for 1992-2004 and the first three months of 2005. The revisions resulted from the incorporation of results from BEA's annual and quarterly surveys and from other newly available and updated source data. Revisions from these sources have an impact mostly on receipts and payments for 2002-2004 and the first three months of 2005. Beginning with 2004, estimates of major types of other private services transactions are based on quarterly rather than annual BEA surveys. BEA has instituted a program of quarterly surveys to better capture movements of large and volatile categories of transactions, as well as to improve the coverage of transactions. In addition, estimates of medical services payments, a component of other private services, are introduced for 1992-2004 and the first three months of 2005. 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-05-81, BEA-05-25), Bureau of the Census, Foreign Trade Division, April 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.