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, DECEMBER 14, 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) 606-2649 CB05-172, BEA05-52, FT-900 (05-10) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES October 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 October exports of $107.5 billion and imports of $176.4 billion resulted in a goods and services deficit of $68.9 billion, $2.9 billion more than the $66.0 billion in September, revised. October exports were $1.8 billion more than September exports of $105.8 billion. October imports were $4.7 billion more than September imports of $171.8 billion. In October, the goods deficit increased $2.6 billion from September to $73.9 billion, and the services surplus decreased $0.3 billion to $5.0 billion. Exports of goods increased $1.8 billion to $75.2 billion, and imports of goods increased $4.3 billion to $149.1 billion. Exports of services were virtually unchanged at $32.3 billion, and imports of services increased $0.3 billion to $27.3 billion. In October, the goods and services deficit was up $13.3 billion from October 2004. Exports were up $9.0 billion, or 9.2 percent, and imports were up $22.3 billion, or 14.5 percent. Goods The September to October change in exports of goods reflected increases in capital goods ($1.8 billion); foods, feeds, and beverages ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); industrial supplies and materials ($0.1 billion); and other goods ($0.1 billion). A decrease occurred in consumer goods ($0.6 billion). The September to October change in imports of goods reflected increases in industrial supplies and materials ($3.5 billion); automotive vehicles, parts, and engines ($0.8 billion); and consumer goods ($0.4 billion). Decreases occurred in foods, feeds, and beverages ($0.2 billion); other goods ($0.1 billion); and capital goods ($0.1 billion). The October 2004 to October 2005 change in exports of goods reflected increases in capital goods ($2.8 billion); industrial supplies and materials ($1.1 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.7 billion); consumer goods ($0.5 billion); and foods, feeds, and beverages ($0.3 billion). The October 2004 to October 2005 change in imports of goods reflected increases in industrial supplies and materials ($12.5 billion); consumer goods ($3.0 billion); capital goods ($2.3 billion); automotive vehicles, parts, and engines ($1.4 billion); other goods ($0.6 billion); and foods, feeds, and beverages ($0.5 billion). Services Services exports were virtually unchanged from September to October. Decreases in travel and transfers under U.S. military sales contracts were mostly offset by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and royalties and license fees. Changes in other categories of services exports were small. Services imports increased $0.3 billion from September to October. The increase was mostly accounted for by increases in other transportation (which includes freight and port services) and other private services. Changes in other categories of services imports were small. From October 2004 to October 2005, services exports increased $3.0 billion. The largest increases were in other private services ($0.9 billion), travel ($0.8 billion), and other transportation ($0.5 billion). From October 2004 to October 2005, services imports increased $1.9 billion. The largest increases were in other private services ($0.9 billion), other transportation ($0.6 billion), and travel ($0.2 billion). Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $107.2 billion, while imports of goods and services averaged $171.8 billion, resulting in an average trade deficit of $64.6 billion. For the three months ending in September, the average trade deficit was $60.9 billion, reflecting average exports of $106.9 billion and average imports of $167.9 billion. Scheduled FT-900 release dates through February 2007 are located on page 30 Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Singapore $0.7 (for September $0.5), Australia $0.7 ($0.7), Hong Kong $0.3 ($0.5), and Egypt $0.1 (virtually zero). Deficits were recorded, in billions of dollars, with China $20.5 ($20.1), Europe $14.5 ($12.0), the European Union $12.1 ($10.1), OPEC $9.4 ($9.1), Canada $8.1 ($7.4), Japan $7.4 ($6.4), Mexico $4.8 ($4.3), Taiwan $1.3 ($1.3), Korea $1.2 ($1.2), and Brazil $1.0 ($0.7). Advanced technology products (ATP) exports were $18.8 billion in October and imports were $23.8 billion, resulting in a deficit of $4.9 billion. October exports were $1.8 billion more than the $17.1 billion in September, while imports were $1.1 billion more than the $22.6 billion in September. Revisions Goods carry-over in October was $0.2 billion (0.3 percent) for exports and $1.7 billion (1.1 percent) for imports. For September, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent). For September, revised import carry-over was $0.2 billion (0.1 percent), revised down from $1.2 billion (0.8 percent). Services exports for September were revised up $0.5 billion to $32.3 billion. Upward revisions in other private services and travel were partly offset by a downward revision in royalties and license fees. Services imports for September were revised up $0.2 billion to $27.0 billion. Upward revisions in other private services and other transportation were partly offset by downward revisions in travel and royalties and license fees. NOTICE TO USERS OF THE EXPORT CONSTANT DOLLAR (REAL) DATA SERIES The Census Bureau has identified a processing error that caused an incorrect deflator to be applied to the export data for April 2005 through September 2005, as published in exhibits 10 and 11 of the September 2005 issue of the U.S. International Trade in Goods and Services report. The revision procedure for the real dollars requires compiling new deflators at the end of each quarter and applying them to the current and previous quarter. As new deflators were compiled for the September 2005 release, a processing error caused the deflator for semiconductors to be compiled incorrectly. With this release, exhibits 10 and 11 have been revised to reflect the current deflators and are available at www.census.gov/trade and www.bea.gov/bea/di/home/trade.htm. The revisions do not affect the chained-dollar import, export, or gross domestic product estimates produced by the Bureau of Economic Analysis. If you have further questions, contact the U.S. Census Bureau, Foreign Trade Division at: (301) 763-2311 or e-mail Vanessa Ware at vanessa.ware@census.gov. 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-05-172, BEA-05-52), Bureau of the Census, Foreign Trade Division, October 2005. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.