U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: AUGUST 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Wednesday October 19, 1994. CB-94-165Press Copy FT-900 (94-08) For information on goods contact: Bureau of the Census: Haydn R. Mearkle(301) 763-5333 Richard M. Preuss(301) 763-7754 For information on services contact: Bureau of Economic Analysis: Media: Larry Moran(202) 606-2649 Technical: Howard Murad(202) 606-9577 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES August 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 August exports of $59.8 billion and imports of $69.5 billion resulted in a goods and services trade deficit of $9.7 billion, $1.4 billion less than the $11.2 billion of July, revised. August exports were $3.5 billion more than July exports of $56.3 billion. August imports were $2.0 billion more than July imports of $67.5 billion. For goods, the August trade deficit was $14.3 billion, $1.7 billion less than the July deficit of $15.9 billion. The August services surplus of $4.6 billion was $0.2 billion less than the July surplus of $4.8 billion. Exports of goods for August were $43.9 billion. This was $3.7 billion more than July's $40.1 billion and $3.8 billion more than the January to July 1994 monthly average of $40.1 billion. Exports of services for August were $15.9 billion, $0.3 billion less than July's $16.2 billion and virtually the same as the January to July 1994 monthly average. Imports of goods for August were $58.2 billion. This was $2.1 billion more than July's $56.1 billion and $4.6 billion more than the January to July 1994 monthly average of $53.6 billion. Imports of services for August were $11.4 billion, virtually the same as in July and as the January to July 1994 monthly average. For the three months ending in August, exports of goods and services using a centered three month moving average were $58.2 billion, while imports of goods and services averaged $68.2 billion, resulting in an average trade deficit of $10.0 billion. For the three months ending in July, the average trade deficit was 9.9 billion, reflecting average exports of $57.0 billion and average imports of $66.9 billion. Selected Services Details The July to August change in services exports reflected decreases in travel and passenger fares. Other categories of services exports changed little. Services imports in August were virtually the same as in July. Decreases in travel, other private services, and royalties and license fees were largely offset by an increase in other transportation. Census Basis Selected Seasonally Adjusted Goods Details The July to August change in exports reflected increases in capital goods ($1.3 billion), automotive vehicles, parts and engines ($0.9billion), foods, feeds, and beverages ($0.6 billion), industrial supplies and materials ($0.4 billion), consumer goods ($0.4 billion), and other goods ($0.1 billion). The July to August change in imports reflected increases in automotive vehicles, parts and engines ($1.1 billion), consumer goods ($0.4 billion), industrial supplies and materials ($0.3 billion), capital goods ($0.1 billion), and foods, feeds and beverages ($0.1 billion), and decreases in other goods ($0.1 billion). For non-petroleum products, August exports were $44.3 billion, $3.8 billion more than the $40.4 billion of July. Imports were $52.7 billion, $1.9 billion more than the $50.7 billion of July. In 1987 constant dollars, August exports were $43.4 billion, $3.4 billion more than the $40.1 billion of July. Imports of $55.6 billion were $1.6 billion more than the $53.9 billion of July. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses in billions of dollars with Australia $0.7 (for July, $0.6), Argentina $0.2 ($0.2), Egypt $0.2 ($0.1), Hong Kong $0.1 ($0.1), and Mexico $0.1 ($0.6). Deficits were recorded in billions of dollars with Japan -$5.8 (-$5.7), China -$3.2 (-$2.7), OPEC -$1.8 (-$1.8), Western Europe -$1.6 (-$2.4), Taiwan -$1.0 (-$0.9), Canada -$1.0 (-$1.4), Korea -$0.2 (-$0.2), Singapore -$0.2 (-$0.3), and Brazil -$0.1 (-$0.1). Exports of manufactured goods at $34.0 billion were $3.2 billion more than the $30.9 billion of July and $1.5 billion more than the $32.5 billion January to July 1994 monthly average. Imports of manufactured goods at $49.3 billion were $4.1 billion more than the $45.2 billion of July and $5.7 billion more than the $43.6 billion January to July 1994 monthly average. Advanced technology products (ATP) exports were $9.9 billion for August and imports were $8.4 billion, resulting in a surplus of $1.6 billion, $0.3 billion more than the July surplus of $1.3 billion. August exports were $0.9 billion more than the $9.1 billion of July, while imports were $0.6 billion more than the $7.8 billion of July. Imports of energy-related petroleum products were $5.1 billion. Of this, crude oil was $3.9 billion, virtually the same as in July. August crude oil imports at 241 million barrels were 5 million barrels less than the 246 million barrels of July, and 23 million barrels more than the January to July 1994 monthly average. The August crude oil average price per barrel ($16.01) was $.0.5 less than the $16.06 of July and $2.53 more than the January to July 1994 average price of $13.48. Carry-over in August was $0.1 billion (0.2 percent) for exports and $0.3 billion (0.5 percent) for imports. For July, revised exports carry-over was virtually zero, revised down from $0.1 billion (0.3 percent). For July, revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). SOURCE: Report FT900 (CB-94-165), Bureau of the Census, Foreign Trade Division, AUGUST 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.