U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: OCTOBER 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday December 20, 1994. CB-94-205Press Copy FT-900 (94-10) 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 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES October 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 October exports of $59.7 billion and imports of $69.8 billion resulted in a goods and services trade deficit of $10.1 billion, $0.8 billion more than the $9.4 billion of September, revised. October exports were $0.4 billion less than September exports of $60.1 billion. October imports were $0.4 billion more than September imports of $69.4 billion. For goods, the October trade deficit was $15.0 billion, $0.6 billion more than the September deficit of $14.4 billion. The October services surplus of $4.9 billion was $0.2 billion less than the September surplus of $5.1 billion. Exports of goods for October were $43.3 billion. This was $0.3 billion less than September's $43.6 billion and $2.4 billion more than the January to September 1994 monthly average of $41.0 billion. Exports of services for October were $16.4 billion, $0.1 billion less than September's $16.5 billion and $0.4 billion more than the January to September 1994 monthly average of $15.9 billion. Imports of goods for October were $58.3 billion. This was $0.3 billion more than September's $58.0 billion and $3.7 billion more than the January to September 1994 monthly average of $54.6 billion. Imports of services for October were $11.5 billion. This was $0.1 billion more than September's $11.4 billion and $0.3 billion more than the January to September 1994 monthly average of $11.2 billion. For the three months ending in October, exports of goods and services using a centered three month moving average were $60.0 billion, while imports of goods and services averaged $69.5 billion, resulting in an average trade deficit of $9.5 billion. For the three months ending in September, the average trade deficit was $9.8 billion, reflecting average exports of $58.9 billion and average imports of $68.7 billion. Selected Services Details The September to October change in services exports reflected a decrease in other private services. Other categories of services exports changed little. The September to October change in services imports reflected an increase in travel. Other categories of services imports changed little. Census Basis Selected Seasonally Adjusted Goods Details The September to October change in exports reflected a decrease in capital goods ($0.9 billion) and increases in foods, feeds, and beverages ($0.2 billion), consumer goods ($0.2 billion), other goods ($0.2 billion), and industrial supplies and materials ($0.2 billion); automotive vehicles, parts and engines were virtually unchanged. The September to October change in imports reflected increases in automotive vehicles, parts and engines ($0.3 billion), capital goods ($0.1 billion), other goods ($0.1 billion), consumer goods ($0.1 billion), and a decrease in industrial supplies and materials ($0.4 billion); foods, feeds and beverages were virtually unchanged. For non-petroleum products, October exports were $43.7 billion, $0.1 billion less than the $43.8 billion of September. Imports were $53.9 billion, $1.0 billion more than the $52.9 billion of September. In 1987 constant dollars, October exports were $43.2 billion, $0.1 billion more than the $43.1 billion of September. Imports of $56.4 billion were $0.1 billion less than the $56.5 billion of September. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses in billions of dollars with Australia $0.6 (for September, $0.5), Argentina $0.3 ($0.2), Egypt $0.3 ($0.1); Deficits were recorded in billions of dollars with Japan -$6.7 (-$5.4), China -$3.5 (-$3.5), Canada -$1.6 (-$1.3), Western Europe -$1.5 (-$1.6), OPEC -$1.2 (-$1.4), Taiwan -$1.2 (-$1.1), Singapore -$0.2 (-$0.2), Korea -$0.2 (-$0.1), Mexico $-0.1 (virtually zero) and Hong Kong $-0.1 (virtually zero). Exports of manufactured goods at $34.8 billion were $0.3 billion more than the $34.5 billion of September and $1.9 billion more than the $32.9 billion January to September 1994 monthly average. Imports of manufactured goods at $52.9 billion were $3.4 billion more than the $49.6 billion of September and $8.0 billion more than the $44.9 billion January to September 1994 monthly average. Advanced technology products (ATP) exports were $10.0 billion for October and imports were $9.4 billion, resulting in a surplus of $0.6 billion, $0.7 billion less than the September surplus of $1.3 billion. October exports were $0.6 billion less than the $10.6 billion of September, while imports were $0.1 billion more than the $9.3 billion of September. Imports of energy-related petroleum products were $4.0 billion. Of this, crude oil was $3.3 billion, $0.6 billion less than the $3.9 billion of September. October crude oil imports at 222 million barrels were 39 million barrels less than the 261 million barrels of September, and 4 million barrels less than the January to September 1994 monthly average. The October crude oil average price per barrel ($14.83) was $.20 less than the $15.03 of September and $.85 more than the January to September 1994 average price of $13.98. Carry-over in October was $0.2 billion (0.4 percent) for exports and $0.3 billion (0.5 percent) for imports. For September, revised exports carry-over was $0.1 billion (0.2 percent) revised down from $0.4 billion (0.9 percent). For September, revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.7 percent). SOURCE: Report FT900 (CB-94-205), Bureau of the Census, Foreign Trade Division, OCTOBER 1994. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.