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. EDT TUESDAY, SEPTEMBER 13, 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 CB05-132, BEA05-40, FT-900 (05-07) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES July 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 July exports of $106.2 billion and imports of $164.2 billion resulted in a goods and services deficit of $57.9 billion, $1.6 billion less than the $59.5 billion in June, revised. July exports were $0.4 billion more than June exports of $105.8 billion. July imports were $1.1 billion less than June imports of $165.3 billion. In July, the goods deficit decreased $1.3 billion from June to $62.6 billion, and the services surplus increased $0.3 billion to $4.6 billion. Exports of goods increased $0.4 billion to $74.9 billion, and imports of goods decreased $0.9 billion to $137.5 billion. Exports of services were virtually unchanged at $31.3 billion, and imports of services decreased $0.3 billion to $26.7 billion. In July, the goods and services deficit was up $6.6 billion from July 2004. Exports were up $10.0 billion, or 10.4 percent, and imports were up $16.7 billion, or 11.3 percent. Goods The June to July change in exports of goods reflected increases in industrial supplies and materials ($0.3 billion); capital goods ($0.2 billion); automotive vehicles, parts, and engines ($0.1 billion); and consumer goods ($0.1 billion). Decreases occurred in other goods ($0.4 billion) and foods, feeds, and beverages ($0.1 billion). The June to July change in imports of goods reflected decreases in consumer goods ($0.8 billion) and capital goods ($0.7 billion). Increases occurred in industrial supplies and materials ($0.5 billion); automotive vehicles, parts, and engines ($0.1 billion); and other goods ($0.1 billion). Foods, feeds, and beverages were virtually unchanged. The July 2004 to July 2005 change in exports of goods reflected increases in industrial supplies and materials ($2.5 billion); capital goods ($2.3 billion); consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($0.4 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.4 billion). The July 2004 to July 2005 change in imports of goods reflected increases in industrial supplies and materials ($7.9 billion); capital goods ($2.8 billion); consumer goods ($2.4 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.6 billion); and foods, feeds, and beverages ($0.4 billion). Services Services exports were virtually unchanged from June to July. A decrease in travel was offset by an increase in transfers under U.S. military sales contracts. Changes in the other categories of services exports were small. Services imports decreased $0.3 billion from June to July. The decrease was more than accounted for by decreases in travel and passenger fares. Changes in the other categories of services imports were small. From July 2004 to July 2005, services exports increased $2.9 billion. The largest increases were in royalties and license fees ($0.8 billion) and travel ($0.7 billion). From July 2004 to July 2005, services imports increased $2.0 billion. The largest increases were in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services ($0.7 billion) and other transportation, which includes freight and port services ($0.5 billion). Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $105.9 billion, while imports of goods and services averaged $163.8 billion, resulting in an average trade deficit of $57.8 billion. For the three months ending in June, the average trade deficit was $57.8 billion, reflecting average exports of $105.8 billion and average imports of $163.5 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Australia $0.6 (for June $0.7), Hong Kong $0.5 ($0.7), Singapore $0.4 ($0.5), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $17.7 ($17.6), Europe $13.1 ($12.8), the European Union $11.2 ($10.8), OPEC $8.9 ($7.7), Japan $6.6 ($6.9), Canada $6.2 ($5.4), Mexico $3.5 ($4.8), Taiwan $1.1 ($1.2), Korea $1.0 ($1.3), and Brazil $0.8 ($0.8). Advanced technology products (ATP) exports were $17.3 billion in July and imports were $21.5 billion, resulting in a deficit of $4.2 billion. July exports were $2.0 billion less than the $19.3 billion in June, while imports were $1.5 billion less than the $22.9 billion in June. Revisions Goods carry-over in July was $0.4 billion (0.5 percent) for exports and $1.0 billion (0.7 percent) for imports. For June, revised export carry-over was $0.2 billion (0.2 percent), revised down from $0.3 billion (0.4 percent). For June, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.0 billion (0.7 percent). Services exports and imports for January through June 2005 reflect the incorporation of more comprehensive and revised quarterly and monthly data. For services exports, the largest revisions over the entire period were in other private services. For services imports, the largest revisions over the entire period were also in other private services. Services exports for June were revised down $1.1 billion to $31.3 billion; the revision was mostly the result of the reporting of settlements under financial contracts as other private services. Services imports for June were revised down $0.2 billion to $27.0 billion; the revision was accounted for by downward revisions in other private services and royalties and license fees, which were partly offset by upward revisions in travel and other transportation. Scheduled release dates through February 2006 are located on page 30 Table of Contents Seasonally Adjusted Exhibit 1 U.S. 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-05-132, BEA-05-40), Bureau of the Census, Foreign Trade Division, July 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.