U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES FEBRUARY 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Tuesday April 19, 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-94-65 FT-900 (94-02) Goods on a Balance of Payments Basis and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce announced today that total February exports of $52.9 billion and imports of $62.6 billion resulted in a goods and services trade deficit of $9.7 billion, $3.1 billion more than the $6.6 billion of January. February exports were $1.4 billion less than January exports of $54.3 billion. February imports were $1.7 billion more than January imports of $60.9 billion. For goods, the February trade deficit was $13.9 billion, $2.5 billion more than the January deficit of $11.3 billion. The February services surplus of $4.2 billion was $0.5 billion less than the January surplus of $4.7 billion. Exports of goods for February were $37.2 billion. This represented a $1.4 billion decline from January's $38.5 billion and $0.9 billion less than the 1993 average of $38.1 billion. Exports of services for February were $15.7 billion, virtually the same as in January and $0.2 billion more than the 1993 average of $15.6 billion. Imports of goods for February were $51.1 billion. This represented a $1.2 billion increase from January's $49.9 billion and $2.0 billion more than the 1993 monthly average of $49.1 billion. Imports of services for February were $11.6 billion, $0.5 billion more than January's $11.1 billion and $0.6 billion more than the 1993 monthly average of $10.9 billion. The three-month moving averages for February showed total exports of $54.8 billion and total imports of $61.6 billion, resulting in a deficit of $6.8 billion. Exports were $0.6 billion less than the January average of $55.4 billion, while imports were $0.1 billion more than the January average of $61.5 billion. Selected Services Details The January to February change in services exports reflected decreases in travel, passenger fares, other transportation, and tranfers under U.S. military sales contracts and increases in other private services, U.S. Government miscellaneous services and royalties and license fees. The January to February change in services imports reflected increases in royalties and license fees, travel, passenger fares, other private services, and other transportation, and decreases in direct defense expenditures and U.S. Government miscellaneous services. Selected Seasonally Adjusted Goods Details on a Census Basis The January to February change in exports reflected decreases in capital goods ($0.9 billion), industrial supplies and materials ($0.4 billion), foods, feeds, and beverages ($0.1 billion), and consumer goods ($0.1 billion) and an increase in automotive vehicles, parts and engines ($0.1 billion); other goods was virtually unchanged. The January to February change in imports reflected increases in industrial supplies and materials ($0.5 billion), automotive vehicles, parts and engines ($0.4 billion), consumer goods ($0.2 billion) and decreases in capital goods ($0.2 billion) and foods, feeds and beverages ($0.1 billion); other goods was virtually unchanged. For non-petroleum products, February exports were $37.4 billion, $1.3 billion less than the $38.8 billion of January. Imports were $46.6 billion, $0.4 billion more than the $46.3 billion of January. In 1987 constant dollars, February exports were $36.6 billion, $1.3 billion less than the $37.9 billion of January. Imports of $49.8 billion were $0.6 billion more than the $49.2 billion of January. Selected Not Seasonally Adjusted Goods Details on a Census Basis The February figures showed surpluses in billions of dollars with Australia $0.4 ($0.4), Argentina $0.3 ($0.2), Egypt $0.2 ($0.2), Hong Kong $0.1 (-$0.1), and Mexico virtually zero ($0.3). Deficits were recorded in billions of dollars with Japan -$4.6 (-$4.6), China -$1.7 (-$2.2), Canada -$1.0 (-$1.1), Taiwan -$0.8 (-$0.6), OPEC -$0.7 (-$0.3), Western Europe -$0.5 ($0.2), Singapore -$0.1 (virtually zero), Brazil -$0.1 (virtually zero). The January balances are shown in parentheses. Exports of manufactured goods at $29.0 billion were $0.7 billion less than the $29.6 billion of January and $1.4 billion less than the $30.4 billion 1993 monthly average. Imports of manufactured goods at $39.4 billion were $0.4 billion more than the $38.9 billion of January and $0.6 billion less than the $40.0 billion 1993 monthly average. Advanced technology products (ATP) exports were $8.9 billion for February and imports were $6.7 billion, resulting in a surplus of $2.2 billion, $0.7 billion less than the January surplus of $2.9 billion. February exports were $0.7 billion less than the $9.6 billion of January, while imports were virtually the same as in January. Imports of energy-related petroleum products were $3.2 billion. Of this crude oil was $2.2 billion, $0.1 billion less than the $2.3 billion of January. February crude oil imports at 182 million barrels were 13 million barrels less than the 195 million barrels of January and 29 million barrels less than the 1993 monthly average. The February crude oil average price per barrel ($12.03) was $.42 more than the $11.61 of January and $3.10 less than the 1993 average price of $15.13. Carry-over in February was $0.1 billion (0.3 percent) for exports and $0.5 billion (1.1 percent) for imports. For January revised exports carry-over was virtually zero, revised down from 0.3 billion (0.8 percent). For January revised imports carry-over was $0.1 billion (0.2 percent) revised down from $0.4 billion (0.9 percent). SOURCE: Report FT900 (CB-94-65), Bureau of the Census, Foreign Trade Division, February 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.