\RN 12 01 00 100 \RT DATA REP \DI TEXT U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: JULY 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Tuesday September 20, 1994. Press Copy CB-94-148 FT-900 (94-07) 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 July 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 July exports of $56.5 billion and imports of $67.5 billion resulted in a goods and services trade deficit of $11.0 billion, $2.0 billion more than the $9.0 billion of June, revised. July exports were $1.9 billion less than June exports of $58.4 billion. July imports were $0.1 billion more than June imports of $67.4 billion. For goods, the July trade deficit was $15.7 billion, $1.7 billion more than the June deficit of $14.0 billion. The July services surplus of $4.7 billion was $0.3 billion less than the June surplus of $5.0 billion. Exports of goods for July were $40.3 billion. This was $1.7 billion less than June's $42.0 billion and $0.2 billion more than the January to June 1994 monthly average of $40.1 billion. Exports of services for July were $16.1 billion, $0.2 billion less than June's $16.3 billion and $0.2 billion more than the January to June 1994 monthly average of $15.9 billion. Imports of goods for July were $56.0 billion. This was virtually the same as in June and $2.8 billion more than the January to June 1994 monthly average of $53.2 billion. Imports of services for July were $11.4 billion, virtually the same as in June and $0.1 billion more than the January to June 1994 monthly average of $11.3 billion. For the three months ending in July, exports of goods and services using a centered three month moving average were $57.1 billion, while imports of goods and services averaged $66.9 billion, resulting in an average trade deficit of $9.8 billion. For the three months ending in June, the average trade deficit was $9.0 billion, reflecting average exports of $57.1 billion and average imports of $66.0 billion. Selected Services Details The June to July change in services exports reflected decreases in travel and other transportation services. Other categories of services exports changed little. The June to July change in services imports reflected an increase in travel services. Other categories of services imports changed little. Census Basis Selected Seasonally Adjusted Goods Details The June to July change in exports reflected decreases in capital goods ($1.4 billion), automotive vehicles, parts and engines ($0.4 billion), and consumer goods ($0.3 billion), and increases in industrial supplies and materials ($0.5 billion) and other goods ($0.1 billion); foods, feeds, and beverages were virtually unchanged. The June to July change in imports reflected decreases in automotive vehicles, parts and engines ($0.2 billion), other goods ($0.1 billion), and consumer goods ($0.1 billion), and an increase in industrial supplies and materials ($0.4 billion); capital goods and foods, feeds and beverages were virtually unchanged. For non-petroleum products, July exports were $40.6 billion, $1.7 billion less than the $42.3 billion of June. Imports were $50.7 billion, $0.2 billion less than the $50.9 billion of June. In 1987 constant dollars, July exports were $40.2 billion, $1.5 billion less than the $41.7 billion of June. Imports of $53.9 billion were $0.4 billion less than the $54.3 billion of June. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses in billions of dollars with Australia $0.6 (for June, $0.6), Mexico $0.6 ($0.2), Argentina $0.2 ($0.2), Egypt $0.1 ($0.2), and Hong Kong $0.1 ($0.4). Deficits were recorded in billions of dollars with Japan -$5.7 (-$5.5), China -$2.7 (-$2.5), Western Europe -$2.4 (-$1.8), OPEC -$1.8 (-$1.7), Canada -$1.3 (-$1.3), Taiwan -$0.9 (-$0.8), Singapore -$0.3 (-$0.3), Korea -$0.2 (-$0.3), and Brazil -$0.1 (-$0.2). Exports of manufactured goods at $31.0 billion were $3.6 billion less than the $34.6 billion of June and $1.8 billion less than the $32.8 billion January to June 1994 monthly average. Imports of manufactured goods at $45.2 billion were $2.7 billion less than the $47.9 billion of June and $1.9 billion more than the $43.4 billion January to June 1994 monthly average. Advanced technology products (ATP) exports were $9.1 billion for July and imports were $7.8 billion, resulting in a surplus of $1.3 billion, $0.8 billion less than the June surplus of $2.1 billion. July exports were $1.3 billion less than the $10.4 billion of June, while imports were $0.6 billion less than the $8.3 billion of June. Imports of energy-related petroleum products were $5.0 billion. Of this, crude oil was $3.9 billion, $0.2 billion more than the $3.8 billion of June. July crude oil imports at 246 million barrels were 3 million barrels less than the 249 million barrels of June and 32 million barrels more than the January to June 1994 monthly average. The July crude oil average price per barrel ($16.06) was $.92 more than the $15.14 of June and $3.07 more than the January to June 1994 average price of $12.99. Carry-over in July was $0.1 billion (0.3 percent) for exports and $0.3 billion (0.5 percent) for imports. For June revised exports carry-over was virtually zero, revised down from $0.1 billion (0.2 percent). For June revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.7 percent). SOURCE: Report FT900 (CB-94-148), Bureau of the Census, Foreign Trade Division, JULY 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.