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 WEDNESDAY, JULY 12, 2006 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 CB06-108, BEA06-32, FT-900 (06-05) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES May 2006 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 May exports of $118.7 billion and imports of $182.5 billion resulted in a goods and services deficit of $63.8 billion, $0.5 billion more than the $63.3 billion in April, revised. May exports were $2.7 billion more than April exports of $115.9 billion. May imports were $3.2 billion more than April imports of $179.3 billion. In May, the goods deficit increased $0.5 billion from April to $70.1 billion, and the services surplus was virtually unchanged at $6.2 billion. Exports of goods increased $2.4 billion to $84.2 billion, and imports of goods increased $2.9 billion to $154.3 billion. Exports of services increased $0.4 billion to $34.4 billion, and imports of services increased $0.3 billion to $28.2 billion. In May, the goods and services deficit was up $7.2 billion from May 2005. Exports were up $13.3 billion, or 12.6 percent, and imports were up $20.5 billion, or 12.7 percent. Goods The April to May change in exports of goods reflected increases in capital goods ($0.8 billion); industrial supplies and materials ($0.8 billion); consumer goods ($0.5 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.1 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion). The April to May change in imports of goods reflected increases in industrial supplies and materials ($3.4 billion) and capital goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.5 billion) and foods, feeds, and beverages ($0.1 billion). Consumer goods and other goods were virtually unchanged. The May 2005 to May 2006 change in exports of goods reflected increases in capital goods ($4.5 billion); industrial supplies and materials ($3.3 billion); consumer goods ($1.0 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). The May 2005 to May 2006 change in imports of goods reflected increases in industrial supplies and materials ($11.8 billion); capital goods ($3.4 billion); consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.1 billion). Services Services exports increased $0.4 billion from April to May. 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 passenger fares. Changes in other categories of services exports were small. Services imports increased $0.3 billion from April to May. 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 May 2005 to May 2006, services exports increased $3.1 billion. The largest increases were in other private services ($1.4 billion), other transportation ($0.7 billion), and royalties and license fees ($0.5 billion). From May 2005 to May 2006, services imports increased $2.3 billion. The largest increases were in other private services ($1.3 billion) and other transportation ($0.4 billion). Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $116.8 billion, while imports of goods and services averaged $179.9 billion, resulting in an average trade deficit of $63.0 billion. For the three months ending in April, the average trade deficit was $62.6 billion, reflecting average exports of $115.2 billion and average imports of $177.9 billion. Selected Not Seasonally Adjusted Goods Details The May figures showed surpluses, in billions of dollars, with Hong Kong $0.8 ($0.8 for April), Australia $0.8 ($0.8), Singapore $0.6 ($0.6), Egypt $0.2 ($0.1), and Argentina $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $17.7 ($17.0), Europe $13.5 ($11.2), the European Union $10.8 ($9.4), OPEC $10.2 ($8.1), Japan $7.1 ($7.8), Canada $5.8 ($6.2), Mexico $5.5 ($4.9), Korea $1.7 ($0.8), Taiwan $1.4 ($1.3), and Brazil $0.4 ($0.6). Advanced technology products (ATP) exports were $19.9 billion in May and imports were $22.9 billion, resulting in a deficit of $2.9 billion. May exports were $0.2 billion more than the $19.8 billion in April, while imports were $1.4 billion more than the $21.5 billion in April. Revisions Goods carry-over in May was $0.2 billion (0.3 percent) for exports and $1.0 billion (0.6 percent) for imports. For April, revised export carry-over was virtually zero, revised down from $0.2 billion (0.2 percent). For April, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.8 billion (0.5 percent). Services exports for April were revised up $0.3 billion to $34.1 billion; the revision was accounted for by upward revisions in travel and other transportation. Services imports for April were revised up $0.1 billion to $27.9 billion; the revision was mostly accounted for by an upward revision in travel. 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 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas. . 24 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil. . . . . . . . . . . . . . . . . . . . . . . 25 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries. . . . . . . . . . . . . . . . . . . . . . . .26 Information on Goods and Services. . . . . . . . . . . . . . . . 27 SOURCE: Report FT900 (CB-06-108, BEA-06-32), Bureau of the Census, Foreign Trade Division, May 2006. For more information, contact Nick Orsini (301-763-6959) or Vanessa Ware (301-763-2311), Foreign Trade Division.