U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: JUNE 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Thursday August 18, 1994. CB-94-130Press Copy FT-900 (94-06) 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) 606-9691 Technical: Howard Murad(202) 606-9577 Balance of Payments Basis The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $58.2 billion and imports of $67.5 billion resulted in a goods and services trade deficit of $9.4 billion, $0.1 billion less than the $9.5 billion of May, revised. June exports were $2.0 billion more than May exports of $56.2 billion. June imports were $1.9 billion more than May imports of $65.7 billion. For goods, the June trade deficit was $14.2 billion, $0.1 billion less than the May deficit of $14.3 billion. The June services surplus of $4.8 billion was virtually the same as the May surplus. Exports of goods for June were $42.0 billion. This was $1.7 billion more than May's $40.3 billion and $2.3 billion more than the January to May 1994 monthly average of $39.7 billion. Exports of services for June were $16.2 billion, $0.3 billion more than May's $15.9 billion and $0.6 billion more than the January to May 1994 monthly average of $15.6 billion. Imports of goods for June were $56.2 billion. This was $1.6 billion more than May's $54.5 billion and $3.5 billion more than the January to May 1994 monthly average of $52.6 billion. Imports of services for June were $11.4 billion, $0.2 billion more than May's $11.1 billion and $0.2 billion more than the January to May 1994 monthly average of $11.1 billion. For the three months ending in June, exports of goods and services using a centered three month moving average were $56.8 billion, while imports of goods and services averaged $66.0 billion, resulting in an average trade deficit of $9.1 billion. For the three months ending in May, the average trade deficit was $8.3 billion, reflecting average exports of $56.8 billion and average imports of $65.1 billion. Selected Services Details The May to June change in services exports largely reflected an increase in travel. Other categories of services exports changed little. Imports in the categories of other private services and royalties and license fees showed relatively large increases from May to June. Other categories of services imports changed little. Census Basis Selected Seasonally Adjusted Goods Details The May to June change in exports reflected increases in capital goods ($1.2 billion), consumer goods ($0.3 billion), other goods ($0.3 billion) and automotive vehicles, parts and engines ($0.2 billion), and decreases in foods, feeds, and beverages ($0.2 billion) and industrial supplies and materials ($0.1 billion). The May to June change in imports reflected increases in industrial supplies and materials ($0.9 billion), automotive vehicles, parts and engines ($0.6 billion), capital goods ($0.4 billion), and foods, feeds and beverages ($0.1 billion); other goods, and consumer goods were virtually unchanged. For non-petroleum products, June exports were $42.3 billion, $1.7 billion more than the $40.5 billion of May. Imports were $51.1 billion, $1.1 billion more than the $49.9 billion of May. In 1987 constant dollars, June exports were $41.7 billion, $1.7 billion more than the $40.0 billion of May. Imports of $54.4 billion were $1.5 billion more than the $52.9 billion of May. Selected Not Seasonally Adjusted Goods Details The June figures showed surpluses in billions of dollars with Australia $0.6 (for May, $0.5), Hong Kong $0.4 ($0.2), Mexico $0.2 ($0.4), Egypt $0.2 ($0.1), and Argentina $0.2 ($0.2). Deficits were recorded in billions of dollars with Japan -$5.5 (-$4.4), China -$2.5 (-$2.2), Western Europe -$1.8 (-$1.4), OPEC -$1.7 (-$1.0), Canada -$1.3 (-$0.8), Taiwan -$0.8 (-$0.9), Korea -$0.3 (-$0.3), Singapore -$0.3 (-$0.1), and Brazil -$0.2 (-$0.2). Exports of manufactured goods at $34.6 billion were $1.1 billion more than the $33.5 billion of May and $2.2 billion more than the $32.4 billion January to May 1994 monthly average. Imports of manufactured goods at $47.9 billion were $3.5 billion more than the $44.4 billion of May and $5.5 billion more than the $42.4 billion January to May 1994 monthly average. Advanced technology products (ATP) exports were $10.4 billion for June and imports were $8.3 billion, resulting in a surplus of $2.1 billion, $0.3 billion more than the May surplus of $1.8 billion. June exports were $1.1 billion more than the $9.4 billion of May, while imports were $0.8 billion more than the $7.5 billion of May. Imports of energy-related petroleum products were $4.7 billion. Of this, crude oil was $3.8 billion, $0.7 billion more than the $3.0 billion of May. June crude oil imports at 249 million barrels were 32 million barrels more than the 217 million barrels of May and 42 million barrels more than the January to May 1994 monthly average. The June crude oil average price per barrel ($15.14) was $1.10 more than the $14.04 of May and $2.67 more than the January to May 1994 average price of $12.47. Carry-over in June was $0.1 billion (0.2 percent) for exports and $0.4 billion (0.7 percent) for imports. For May revised exports carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.7 percent). For May revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.8 percent). SOURCE: Report FT900 (CB-94-130), Bureau of the Census, Foreign Trade Division, JUNE 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.