U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: DECEMBER 1996 This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, February 19, 1997 CB-97-26 Press Copy FT-900 (96-12) 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: Technical: Christopher Bach (202) 606-9545 Media: Larry Moran (202) 606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES DECEMBER 1996 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $71.4 billion and imports of $81.7 billion resulted in a goods and services deficit of $10.3 billion, $2.3 billion more than the $7.9 billion in November, revised. December exports were $1.1 billion less than November exports of $72.5 billion. December imports were $1.2 billion more than November imports of $80.5 billion. For 1996, exports of $835.7 billion and imports of $949.9 billion resulted in a goods and services deficit of $114.2 billion, $9.2 billion more than the 1995 deficit of $105.1 billion. For goods, exports were $611.7 billion and imports were $799.3 billion, resulting in a goods deficit of $187.6 billion. For services, exports were $223.9 billion and imports were $150.5 billion, resulting in a services surplus of $73.4 billion. In December, the goods deficit increased $2.3 billion from November to $16.6 billion, and the services surplus was virtually unchanged at $6.3 billion. Exports of goods decreased to $52.2 billion from $53.3 billion, and imports of goods increased to $68.7 billion from $67.6 billion. Exports of services of $19.2 billion were virtually unchanged, and imports of services of $12.9 billion were virtually unchanged. The November to December change in exports of goods reflected decreases in foods, feeds, and beverages of $0.7 billion (primarily soybeans and corn); automotive vehicles, parts, and engines ($0.2 billion); capital goods ($0.2 billion); other goods ($0.1 billion); and consumer goods ($0.1 billion). An increases occurred in industrial supplies and materials ($0.2 billion). The November to December change in imports of goods reflected increases in industrial supplies and materials of $0.8 billion (primarily crude petroleum and other petroleum products); consumer goods ($0.5 billion); capital goods ($0.5 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.7 billion); and in other goods ($0.2 billion). Note: Total goods are reported on a balance of payments basis; commodity and country detail for goods are on a Census basis. Definitions are explained in the notes starting on page 26 (explain.txt) of this release. For the three months ending in December, exports of goods and services, using a centered three-month moving average, were $71.9 billion, while imports of goods and services averaged $80.6 billion, resulting in an average trade deficit of $8.7 billion. For the three months ending in November, the average trade deficit was $9.1 billion, reflecting average exports of $71.0 billion and average imports of $80.2 billion. Services exports in December were virtually the same as in November. Changes to all categories of services exports were small and nearly offsetting. Services imports in December were virtually the same as in November. Changes to all categories of services imports were small and nearly offsetting. Selected Not Seasonally Adjusted Goods Details Advanced technology products (ATP) exports were $14.4 billion in December and imports were $11.7 billion, resulting in a surplus of $2.7 billion, $0.2 billion less than the November surplus of $2.9 billion. December exports were $0.8 billion more than the $13.6 billion in November, while imports were $1.0 billion more than the $10.8 billion in November. The December figures showed surpluses, in billions of dollars, with Korea $0.6 (for November $0.4), Australia $0.5 ($0.6), Hong Kong $0.5 ($0.3), Brazil $0.4 ($0.5), Egypt $0.3 ($0.2), and Argentina $0.2 ($0.3). Deficits were recorded, in billions of dollars, with Japan -$4.3 (-$4.3), China -$2.6 (-$3.0), Canada -$2.3 (-$1.7), Western Europe -$2.1 (-$1.4), OPEC -$1.9 (-$1.5), Taiwan -$0.7 (-$0.9), Mexico -$0.7 (-$1.5), and Singapore -$0.4 (-$0.2). Carry-over in December was $1.1 billion (2.1 percent) for exports and $0.5 billion (0.7 percent) for imports. For November, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.1 percent). For November, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.3 billion (0.4 percent). Seasonally Adjusted Exhibit 1 International Trade in Goods and Services 4 Exhibit 2 Goods and Services Three - Month Moving Averages 5 Exhibit 3 U.S. Services by Major Category--Exports 6 Exhibit 4 U.S. Services by Major Category--Imports 7 Exhibit 5 U.S. Trade in Goods 8 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category 9 Exhibit 7 Exports of Goods by End-Use Category and Commodity 10 Exhibit 8 Imports of Goods by End-Use Category and Commodity 12 Exhibit 9 Petroleum and Non-Petroleum End-Use Category Totals 14 Exhibit 10 Exports and Imports of Goods by Principal End-Use Category (Constant Dollars) 15 Exhibit 11 Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (Constant Dollars) 16 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods 17 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category 18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas - 1996, 1995 19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodity Groupings 21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products 23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries 25 Information on Goods and Services 26 SOURCE: Report FT900 (CB-97-10), Bureau of the Census, Foreign Trade Division, DECEMBER 1996. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.