U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: SEPTEMBER 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. EDT Friday November 18, 1994. CB-94-185 Press Copy FT-900 (94-09) 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: Christopher Bach (202) 606-9545 Balance of Payments Basis The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total September exports of $59.7 billion and imports of $69.8 billion resulted in a goods and services trade deficit of $10.1 billion, $0.4 billion more than the $9.7 billion of August, revised. September exports were $0.3 billion less than August exports of $59.9 billion. September imports were $0.2 billion more than August imports of $69.6 billion. For goods, the September trade deficit was $14.6 billion, $0.5 billion more than the August deficit of $14.1 billion. The September services surplus of $4.5 billion was $0.1 billion more than the August surplus of $4.4 billion. Exports of goods for September were $43.5 billion. This was $0.6 billion less than August's $44.1 billion and $2.9 billion more than the January to August 1994 monthly average of $40.6 billion. Exports of services for September were $16.1 billion, $0.3 billion more than August's $15.8 billion and $0.2 billion more than the January to August 1994 monthly average of $15.9 billion. Imports of goods for September were $58.1 billion. This was $0.1 billion less than August's $58.2 billion and $3.9 billion more than the January to August 1994 monthly average of $54.2 billion. Imports of services for September were $11.7 billion. This was $0.3 billion more than August's $11.4 billion and $0.3 billion more than the January to August 1994 monthly average of $11.3 billion. For the three months ending in September, exports of goods and services using a centered three month moving average were $58.6 billion, while imports of goods and services averaged $69.0 billion, resulting in an average trade deficit of $10.3 billion. For the three months ending in August, the average trade deficit was $10.0 billion, reflecting average exports of $58.2 billion and average imports of $68.2 billion. Selected Services Details The August to September change in services exports reflected an increase in travel. Other categories of services exports changed little. The August to September change in services imports reflected an increase in travel. Other categories of services imports changed little. Census Basis Selected Seasonally Adjusted Goods Details The August to September change in exports reflected decreases in industrial supplies and materials ($0.4 billion), other goods ($0.2 billion), automotive vehicles, parts and engines ($0.2 billion), consumer goods ($0.1 billion), and an increase in capital goods ($0.2 billion); foods, feeds, and beverages were virtually unchanged. The August to September change in imports reflected increases in capital goods ($1.2 billion), other goods ($0.2 billion), consumer goods ($0.2 billion), and decreases in automotive vehicles, parts and engines ($1.2 billion) and industrial supplies and materials ($0.3 billion); foods, feeds and beverages were virtually unchanged. For non-petroleum products, September exports were $43.8 billion, $0.7 billion less than the $44.5 billion of August. Imports were $53.0 billion, $0.3 billion more than the $52.7 billion of August. In 1987 constant dollars, September exports were $43.0 billion, $0.7 billion less than the $43.7 billion of August. Imports of $56.6 billion were $1.0 billion more than the $55.6 billion of August. Selected Not Seasonally Adjusted Goods Details The September figures showed surpluses in billions of dollars with Australia $0.5 (for August, $0.7), Argentina $0.2 ($0.2), Egypt $0.1 ($0.2); Hong Kong ($0.1), and Mexico ($0.1) were virtually zero. Deficits were recorded in billions of dollars with Japan -$5.4 (-$5.8), China -$3.5 (-$3.2), Western Europe -$1.6 (-$1.6), Canada -$1.4 (-$1.0), OPEC -$1.4 (-$1.8), Taiwan -$1.1 (-$1.0), Brazil -$0.2 (-$0.1), Singapore -$0.2 (-$0.2), and Korea -$0.1 (-$0.2). Exports of manufactured goods at $34.3 billion were $0.3 billion more than the $34.0 billion of August and $1.6 billion more than the $32.7 billion January to August 1994 monthly average. Imports of manufactured goods at $49.6 billion were $0.2 billion more than the $49.3 billion of August and $5.2 billion more than the $44.3 billion January to August 1994 monthly average. Advanced technology products (ATP) exports were $10.6 billion for September and imports were $9.3 billion, resulting in a surplus of $1.3 billion, $0.3 billion less than the August surplus of $1.6 billion. September exports were $0.6 billion more than the $9.9 billion of August, while imports were $0.9 billion more than the $8.4 billion of August. Imports of energy-related petroleum products were $4.7 billion. Of this, crude oil was $3.9 billion, virtually the same as in August. September crude oil imports at 261 million barrels were 19 million barrels more than the 241 million barrels of August, and 39 million barrels more than the January to August 1994 monthly average. The September crude oil average price per barrel ($15.03) was $.98 less than the $16.01 of August and $1.20 more than the January to August 1994 average price of $13.83. Carry-over in September was $0.4 billion (0.9 percent) for exports and $0.4 billion (0.7 percent) for imports. For August, revised exports carry- over was virtually zero, revised down from $0.1 billion (0.2 percent). For August, revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). SOURCE: Report FT900 (CB-94-185), Bureau of the Census, Foreign Trade Division, SEPTEMBER 1994. For more information, contact Haydn R. Mearkle (301-763-5333) or Richard M. Preuss (301-763-7754), Foreign Trade Division.