U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: APRIL 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Tuesday June 21, 1994. For information on goods contact: Haydn R. Mearkle(301) 763-5333 Bureau of the Census Richard M. Preuss(301) 763-7754 Bureau of the Census For information on services contact: Media: Larry Moran(202) 606-2649 Bureau of Economic Analysis Technical: Howard Murad(202) 606-9577 Bureau of Economic Analysis CB-94-97 FT-900 (94-04) Press Copy U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES April 1994 Balance of Payments Basis The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce announced today that total April exports of $56.2 billion and imports of $64.6 billion resulted in a goods and services trade deficit of $8.4 billion, $1.5 billion more than the $6.9 billion of March. April exports were $1.9 billion less than March exports of $58.1 billion. April imports were $0.4 billion less than March imports of $64.9 billion. For goods the April trade deficit was $13.3 billion, $1.9 billion more than the March deficit of $11.4 billion. The April services surplus of $4.9 billion was $0.3 billion more than the March surplus of $4.6 billion. Exports of goods for April were $40.3 billion. This was $1.8 billion less than March's $42.1 billion and $1.0 billion more than the January to March 1994 monthly average of $39.3 billion. Exports of services for April were $15.9 billion, $0.1 billion less than March's $16.0 billion and $0.5 billion more than the January to March 1994 monthly average of $15.4 billion. Imports of goods for April were $53.6 billion. This was $0.1 billion more than March's $53.5 billion and $1.9 billion more than the January to March 1994 monthly average of $51.7 billion. Imports of services for April were $11.0 billion, $0.5 billion less than March's $11.4 billion and $0.2 billion less than the January to March 1994 monthly average of $11.2 billion. The three-month moving average for April showed total exports of goods and services of $55.6 billion and total imports of goods and services of $63.9 billion, resulting in a trade deficit of $8.3 billion. Exports on a moving average basis were $0.9 billion more than the March average of $54.7 billion, while imports on a moving average were $1.1 billion more than the March average of $62.8 billion. Selected Services Details The March to April change in services exports reflected decreases in other transportation ($0.1 billion), and other private services ($0.1 billion). Other categories of service exports changed little. The March to April change in services imports reflected decreases in travel ($0.2 billion), other private services ($0.1 billion), and other transportation ($0.1 billion). Other categories of service imports changed little. Census Basis Selected Seasonally Adjusted Goods Details The March to April change in exports reflected decreases in industrial supplies and materials ($1.0 billion), capital goods ($0.5 billion), foods, feeds, and beverages ($0.3 billion), consumer goods ($0.2 billion), and an increase in other goods ($0.2 billion); automotive vehicles, parts and engines were virtually zero. The March to April change in imports reflected increases in consumer goods ($0.5 billion), capital goods ($0.2 billion), industrial supplies and materials ($0.1 billion), and decreases in automotive vehicles, parts and engines ($0.1 billion), other goods ($0.1 billion), and foods, feeds and beverages ($0.1 billion). For non-petroleum products, April exports were $40.5 billion, $1.8 billion less than the $42.3 billion of March. Imports were $49.1 billion, $0.4 billion more than the $48.7 billion of March. In 1987 constant dollars, April exports were $39.4 billion, $2.0 billion less than the $41.3 billion of March. Imports of $52.0 billion were $0.3 billion more than the $51.7 billion of March. Selected Not Seasonally Adjusted Goods Details The April figures showed surpluses in billions of dollars with Australia $0.5 ($0.5), Hong Kong $0.3 ($0.3), Egypt $0.3 ($0.2), Argentina $0.3 ($0.2), and Mexico (virtually zero) ($0.2). Deficits were recorded in billions of dollars with Japan -$5.5 (-$5.8), China -$1.8 (-$1.4), Canada -$1.1 (-$0.7), OPEC -$1.1 (-$0.7), Taiwan -$0.6 (-$0.4), Singapore -$0.2 (-$0.1), Brazil -$0.1 (-$0.2), Korea -$0.1 (-$0.1), and Western Europe -$0.1 (-$0.3). The March balances are shown in parentheses. Exports of manufactured goods at $33.3 billion were $3.2 billion less than the $36.5 billion of March and $1.6 billion more than the $31.7 billion January to March 1994 monthly average. Imports of manufactured goods at $43.2 billion were $3.0 billion less than the $46.2 billion of March and $1.7 billion more than the $41.5 billion January to March 1994 monthly average. Advanced technology products (ATP) exports were $9.9 billion for April and imports were $7.3 billion, resulting in a surplus of $2.6 billion, $0.1 billion less than the March surplus of $2.7 billion. April exports were $1.1 billion less than the $11.0 billion of March, while imports were $1.0 billion less than the $8.3 billion of March. Imports of energy-related petroleum products were $3.7 billion. Of this, crude oil was $2.8 billion, $0.2 billion more than the $2.6 billion of March. April crude oil imports at 218 million barrels were 4 million barrels less than the 222 million barrels of March and 18 million barrels more than the January to March 1994 monthly average. The April crude oil average price per barrel ($12.77) was $.99 more than the $11.78 of March and $.97 more than the January to March 1994 average price of $11.80. Carry-over in April was $0.3 billion (0.7 percent) for exports and $0.2 billion (0.4 percent) for imports. For March revised exports carry-over was virtually zero, revised down from $0.3 billion (0.7 percent). For March revised imports carry- over was virtually zero revised down from $0.3 billion (0.5 percent). SOURCE: Report FT900 (CB-94-97), Bureau of the Census, Foreign Trade Division, APRIL 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.