\RN 12 01 00 100 \RT DATA REP \DI TEXT U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: DECEMBER 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. Friday February 17, 1995. CB-95-35 Press Copy FT-900 (94-12) For information on goods contact: Bureau of the Census: Haydn R. Mearkle(301) 457-2246 Richard M. Preuss(301) 457-2311 For information on services contact: Bureau of Economic Analysis: Media: Larry Moran(202) 606-2649 Technical: Christopher Bach(202) 606-9545 Balance of Payments Basis The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $63.6 billion and imports of $70.9 billion resulted in a goods and services trade deficit of $7.3 billion, $2.7 billion less than the $10.0 billion of November, revised. December exports were $2.0 billion more than November exports of $61.6 billion. December imports were $0.7 billion less than November imports of $71.6 billion. For 1994, exports of $696.4 billion and imports of $804.5 billion resulted in a goods and services deficit of $108.1, $32.4 more than the 1993 deficit of $75.7 billion. For goods, exports were $502.8 billion and imports were $669.1 billion, resulting in a goods deficit of $166.3. For services, exports were $193.6 billion and imports were $135.4, resulting in a service surplus of $58.2 billion. For goods, the December trade deficit was $12.7 billion, $2.5 billion less than the November deficit of $15.1 billion. The December services surplus of $5.3 billion, was $0.2 billion more than the November surplus of $5.1 billion. Exports of goods for December were $46.7 billion. This was $1.8 billion more than November's $44.9 billion and $5.2 billion more than the January to November 1994 monthly average of $41.5 billion. Exports of services for December were $16.9 billion, $0.1 billion more than November's $16.7 billion and $0.8 billion more than the January to November 1994 monthly average of $16.1 billion. Imports of goods for December were $59.4 billion. This was $0.7 billion less than November's $60.0 billion and $3.9 billion more than the January to November 1994 monthly average of $55.4 billion. Imports of services for December were $11.6 billion. This was virtually the same as in November and $0.3 billion more than the January to November 1994 monthly average of $11.3 billion. For the three months ending in December, exports of goods and services, using a centered three month moving average, were $61.7 billion; while imports of goods and services averaged $70.8 billion, resulting in an average trade deficit of $9.2 billion. For the three months ending in November, the average trade deficit was $9.8 billion, reflecting average exports of $60.5 billion and average imports of $70.3 billion. Selected Services Details All services exports categories changed little from November to December. All services imports categories changed little from November to December. Census Basis Selected Seasonally Adjusted Goods Details The November to December change in exports reflected increases in capital goods ($0.9 billion), automotive vehicles, parts and engines ($0.7 billion), industrial supplies and materials ($0.6 billion), and foods, feeds, and beverages ($0.2 billion), and decreases in consumer goods ($0.2 billion) and other goods ($0.2 billion). The November to December change in imports reflected decreases in industrial supplies and materials ($0.4 billion), capital goods ($0.2 billion), and automotive vehicles, parts and engines ($0.1 billion); consumer goods, other goods, and foods, feeds and beverages were virtually unchanged. For non-petroleum products, December exports were $46.9 billion, $1.8 billion more than the $45.1 billion of November. Imports were $55.0 billion, $0.2 billion less than the $55.2 billion of November. In 1987 constant dollars, December exports were $46.1 billion, $1.7 billion more than the $44.4 billion of November. Imports of $57.1 billion were $1.1 billion less than the $58.1 billion of November. Selected Not Seasonally Adjusted Goods Details The December figures showed surpluses in billions of dollars with Australia $0.7 (for November, $0.5), Brazil $0.4 ($0.3), Hong Kong $0.3 ($0.1), Egypt $0.3 ($0.2), Argentina $0.2 ($0.2) and Korea $0.2 (-$0.2); Deficits were recorded in billions of dollars with Japan -$5.6 (-$6.2), China -$2.0 (-$2.9), Canada -$1.6 (-$1.7), OPEC -$1.0 (-$1.2), Taiwan -$0.6 (-$0.8), Singapore -$0.3 (-$0.4), Western Europe -$0.2 (-$2.0), and Mexico virtually zero (-$0.4). Exports of manufactured goods at $36.1 billion were $1.0 billion more than the $35.1 billion of November and $2.8 billion more than the $33.3 billion January to November 1994 monthly average. Imports of manufactured goods at $48.6 billion were $3.6 billion less than the $52.1 billion of November and $2.3 billion more than the $46.3 billion January to November 1994 monthly average. Advanced technology products (ATP) exports were $11.5 billion for December and imports were $9.3 billion, resulting in a surplus of $2.1 billion, $1.0 billion more than the November surplus of $1.2 billion. December exports were $1.0 billion more than the $10.5 billion of November, while imports were virtually the same as in November. Imports of energy-related petroleum products were $4.0 billion. Of this, crude oil was $3.2 billion, $0.3 billion less than the $3.5 billion of November. December crude oil imports at 221 million barrels were 9 million barrels less than the 230 million barrels of November, and 5 million barrels less than the January to November 1994 monthly average. The December crude oil average price per barrel ($14.71) was $.60 less than the $15.31 of November and $.53 more than the January to November 1994 average price of $14.18. Carry-over in December was $0.4 billion (0.8 percent) for exports and $0.3 billion (0.5 percent) for imports. For November, revised exports carry-over was virtually zero, revised down from $0.3 billion (0.7 percent). For November, revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.7 percent). SOURCE: Report FT900 (CB-95-35), Bureau of the Census, Foreign Trade Division, DECEMBER 1994. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.