U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: MARCH 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Thursday May 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-94-83 FT-900 (94-03) Press Copy U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES March 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 March exports of $58.3 billion and imports of $65.8 billion resulted in a goods and services trade deficit of $7.5 billion, $1.7 billion less than the $9.2 billion of February. March exports were $5.1 billion more than February exports of $53.2 billion. March imports were $3.4 billion more than February imports of $62.4 billion. For goods the March trade deficit was $12.0 billion, $1.5 billion less than the February deficit of $13.5 billion. The March services surplus of $4.6 billion was $0.2 billion more than the February surplus of $4.4 billion. Exports of goods for March were $42.2 billion. This was $4.8 billion more than February's $37.4 billion and $4.2 billion more than the January to February 1994 monthly average of $38.0 billion. Exports of services for March were $16.2 billion, $0.3 billion more than February's $15.8 billion and $0.4 billion more than the January to February 1994 monthly average of $15.8 billion. Imports of goods for March were $54.2 billion. This was $3.3 billion more than February's $50.9 billion and $3.8 billion more than the January to February 1994 monthly average of $50.4 billion. Imports of services for March were $11.6 billion, $0.1 billion more than February's $11.5 billion and $0.3 billion more than the January to February 1994 monthly average of $11.3 billion. The three-month moving averages for March showed total exports of goods and services of $55.3 billion and total imports of goods and services of $63.0 billion, resulting in a trade deficit of $7.8 billion. Exports on a moving average basis were $0.4 billion more than the February average of $54.9 billion, while imports on a moving average basis were $1.5 billion more than the February average of $61.6 billion. Selected Services Details The February to March change in services exports reflected increases in other transportation, travel, other private services, passenger fares, and royalties and license fees. The February to March change in services imports reflected increases in other transportation, other private services, travel, and passenger fares, and decreases in royalties and license fees. Census Basis Selected Seasonally Adjusted Goods Details The February to March change in exports reflected increases in capital goods ($2.0 billion), industrial supplies and materials ($1.9 billion), consumer goods ($0.4 billion), foods, feeds, and beverages ($0.2 billion), automotive vehicles, parts and engines ($0.2 billion); other goods were virtually zero. The February to March change in imports reflected increases in industrial supplies and materials ($0.9 billion), automotive vehicles, parts and engines ($0.8 billion), capital goods ($0.5 billion), other goods ($0.3 billion), consumer goods ($0.2 billion) and foods, feeds and beverages ($0.2 billion). For non-petroleum products, March exports were $42.4 billion, $4.7 billion more than the $37.7 billion of February. Imports were $49.4 billion, $2.8 billion more than the $46.6 billion of February. In 1987 constant dollars, March exports were $41.5 billion, $4.6 billion more than the $36.9 billion of February. Imports of $52.4 billion were $2.8 billion more than the $49.7 billion of February. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses in billions of dollars with Australia $0.5 ($0.4), Western Europe $0.3 (-$0.5), Hong Kong $0.3, ($0.1), Argentina $0.2 ($0.3), Mexico $0.2 (virtually zero), and Egypt $0.2 ($0.2). Deficits were recorded in billions of dollars with Japan -$5.8 (-$4.6), China -$1.4 (-$1.7), OPEC -$0.7 (-$0.7), Canada -$0.6 (-$1.0), Taiwan -$0.4 (-$0.8), Brazil -$0.2 (-$0.1), Singapore -$0.1 (-$0.1), and Korea -$0.1 (-$0.1). The February balances are shown in parentheses. Exports of manufactured goods at $36.7 billion were $7.7 billion more than the $29.0 billion of February and $7.3 billion more than the $29.3 billion January to February 1994 monthly average. Imports of manufactured goods at $46.2 billion were $6.9 billion more than the $39.4 billion of February and $7.1 billion more than the $39.2 billion January to February 1994 monthly average. Advanced technology products (ATP) exports were $11.0 billion for March and imports were $8.3 billion, resulting in a surplus of $2.7 billion, $0.5 billion more than the February surplus of $2.2 billion. March exports were $2.1 billion more than the $8.9 billion of February, while imports were $1.6 billion more than the $6.7 billion of February. Imports of energy-related petroleum products were $3.7 billion. Of this, crude oil was $2.6 billion, $0.4 billion more than the $2.2 billion in February. March crude oil imports at 222 million barrels were 39 million barrels more than the 182 million barrels of February and 33 million barrels more than the January to February 1994 monthly average. The March crude oil average price per barrel ($11.78) was $.25 less than the $12.03 of February and $.03 less than the January to February 1994 average price of $11.81. Carry-over in March was $0.3 billion (0.7 percent) for exports and $0.3 billion (0.5 percent) for imports. For February revised exports carry-over was virtually zero, revised down from 0.1 billion (0.3 percent). For February revised imports carry-over was $0.1 billion (0.2 percent) revised down from $0.5 billion (1.1 percent). SOURCE: Report FT900 (CB-94-65), Bureau of the Census, Foreign Trade Division, MARCH 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.