U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce ? Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EDT FRIDAY, JULY 11, 2008 For information on goods contact: U.S. Census Bureau: Nick Orsini 301-763-6959 Maria Iseman 301-763-2311 For information on services contact: U.S. Bureau of Economic Analysis: Technical: Christopher Bach 202-606-9545 Media: Ralph Stewart 202-606-2649 CB08-104, BEA08-33, FT-900 (08-05) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES May 2008 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 $157.5 billion and imports of $217.3 billion resulted in a goods and services deficit of $59.8 billion, down from $60.5 billion in April, revised. May exports were $1.4 billion more than April exports of $156.2 billion. May imports were $0.7 billion more than April imports of $216.7 billion. In May, the goods deficit decreased $0.5 billion from April to $72.5 billion, and the services surplus increased $0.2 billion to $12.7 billion. Exports of goods increased $0.8 billion to $110.8 billion, and imports of goods increased $0.3 billion to $183.3 billion. Exports of services increased $0.6 billion to $46.7 billion, and imports of services increased $0.4 billion to $34.0 billion. In May, the goods and services deficit increased $0.4 billion from May 2007. Exports were up $23.9 billion, or 17.8 percent, and imports were up $24.2 billion, or 12.5 percent. Goods The April to May change in exports of goods reflected increases in industrial supplies and materials ($1.2 billion) and automotive vehicles, parts, and engines ($0.2 billion). Decreases occurred in capital goods ($0.6 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). Consumer goods were virtually unchanged. The April to May change in imports of goods reflected increases in consumer goods ($1.5 billion); capital goods ($0.7 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.8 billion); industrial supplies and materials ($0.3 billion); and other goods ($0.2 billion). The May 2007 to May 2008 change in exports of goods reflected increases in industrial supplies and materials ($8.1 billion); foods, feeds, and beverages ($3.2 billion); capital goods ($2.8 billion); consumer goods ($1.3 billion); other goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.4 billion). The May 2007 to May 2008 change in imports of goods reflected increases in industrial supplies and materials ($15.1 billion); capital goods ($3.2 billion); consumer goods ($2.3 billion); foods, feeds, and beverages ($0.9 billion); and other goods ($0.4 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion). Services Services exports increased $0.6 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 royalties and license fees. Changes in other categories of services exports were small. Services imports increased $0.4 billion from April to May. The increase was mostly accounted for by increases in other transportation (which includes freight and port services), other private services, and travel. Changes in other categories of services imports were small. From May 2007 to May 2008, services exports increased $6.4 billion. The largest increases were in other private services ($2.5 billion), travel ($1.5 billion), royalties and license fees ($1.1 billion), and other transportation ($1.0 billion). Within other private services, the largest increase was in business, professional, and technical services. From May 2007 to May 2008, services imports increased $2.8 billion. The largest increases were in other private services ($1.2 billion) and travel ($0.5 billion). Within other private services, the largest increases were in business, professional, and technical services and in insurance services. Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $154.8 billion, while imports of goods and services averaged $213.7 billion, resulting in an average trade deficit of $58.9 billion. For the three months ending in April, the average trade deficit was $59.2 billion, reflecting average exports of $153.4 billion and average imports of $212.6 billion. Selected Not Seasonally Adjusted Goods Details The May figures showed surpluses, in billions of dollars, with Hong Kong $1.4 ($1.4 for April), Singapore $1.3 ($1.4), Australia $1.1 ($0.8), and Egypt $0.3 ($0.3). Deficits were recorded, in billions of dollars, with China $21.0 ($20.2), OPEC $17.9 ($15.6), the European Union $7.9 ($8.5), Mexico $6.6 ($6.8), Canada $5.4 ($7.4), Japan $5.0 ($7.6), Venezuela $3.9 ($3.0), Nigeria $3.2 ($3.4), Korea $1.1 ($1.3), and Taiwan $0.6 ($0.9). Advanced technology products (ATP) exports were $24.1 billion in May and imports were $27.6 billion, resulting in a deficit of $3.5 billion. May exports were $0.7 billion more than the $23.4 billion in April, while imports were $1.1 billion less than the $28.7 billion in April. Revisions Goods carry-over in May was $0.7 billion (0.6 percent) for exports and $1.5 billion (0.8 percent) for imports. For April, revised export carry-over was $0.2 billion (0.2 percent), revised down from $0.4 billion (0.3 percent). For April, revised import carry-over was $0.2 billion (0.1 percent), revised down from $0.8 billion (0.5 percent). Services exports for April were revised up $0.1 billion to $46.1 billion. The revision was mostly accounted for by upward revisions in other transportation and passenger fares. Services imports for April were revised down $0.3 billion to $33.6 billion. The revision was more than accounted for by downward revisions in travel and passenger fares. TABLE OF CONTENTS Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages. . . . . . . 2 Exhibit 3 U.S. Services by Major Category – Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Exhibit 4 U.S. Services by Major Category – Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Exhibit 5 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 6 Exhibit 7 Exports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 7 Exhibit 8 Imports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 9 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain- weighted dollars) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals (2000 Chain-weighted dollars) . . . . . . . . . . . . . . . . . . . . . . 13 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 15 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas. . . . . . . . . . . . 16 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities. . . . . . . . . . . . . . . . . . . . 18 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products. . . . . . . . . . . . . . . . . . 20 Exhibit 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil . . . . . . . . . . . . . . . 22 Exhibit 18 Exports and Imports of Motor Vehicles and Parts by Selected Countries. . . . . . . . . . . . . 23 Information on Goods and Services.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page 27 of this release, or at www.census.gov/ft900 or www.bea.gov/bea/di/home/trade.htm. The next FT-900 release is April 11, 2008. NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page A-1 of this release, or at www.census.gov/ft900 or www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. The next FT-900 release is August 12, 2008. Scheduled release dates through December 2008 are located on page A-5