U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: JANUARY 1996 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. Friday, March 29, 1996. CB-96-53 Press Copy FT-900 (96-01) 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 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total January exports of $66.6 billion and imports of $76.9 billion resulted in a goods and services deficit of $10.3 billion, $3.3 billion more than the $7.0 billion of December, revised. January exports were $1.5 billion less than December exports of $68.1 billion. January imports were $1.8 billion more than December imports of $75.1 billion. In January, the goods deficit increased $3.1 billion from December to $15.4 billion and the services surplus decreased $0.2 billion from December to $5.2 billion. Exports of goods decreased to $48.9 billion from $50.4 billion, and imports of goods increased to $64.3 billion from $62.7 billion. Exports of services were virtually unchanged at $17.7 billion, and imports of services increased to $12.6 billion from $12.4 billion. The December to January change in exports of goods reflected decreases in capital goods of $1.3 billion (primarily commercial aircraft and telecommunications equipment); other goods ($0.3); industrial supplies and materials ($0.2); and consumer goods ($0.1 billion). Foods, feeds, and beverages increased $0.2 billion and automotive vehicles, parts, and engines increased $0.1 billion. The December to January change in imports of goods reflected increases in industrial supplies and materials of $0.9 billion (primarily fuel oil and crude petroleum); automotive vehicles, parts, and engines ($0.5 billion); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.1 billion). Other goods decreased $0.2 billion and capital goods decreased $0.1 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 28 of this release. For the three months ending in January, exports of goods and services, using a centered three-month moving average, were $67.4 billion, while imports of goods and services averaged $75.4 billion, resulting in an average trade deficit of $8.0 billion. For the three months ending in December, the average trade deficit was $7.3 billion, reflecting average exports of $67.4 billion and average imports of $74.7 billion. Services exports were $17.7 billion in January, unchanged from December. Changes in all categories of services exports were small and offsetting. Services imports increased $0.2 billion from December to $12.6 billion in January, reflecting an increase in other transportation. Changes in other categories of services imports were small and offsetting. Selected Not Seasonally Adjusted Goods Details Advanced technology products (ATP) exports were $11.3 billion for January and imports were $10.7 billion, resulting in a surplus of $0.6 billion, $1.8 billion less than the December surplus of $2.4 billion. January exports were $2.5 billion less than the $13.7 billion of December, while imports were $0.6 billion less than the $11.4 billion of December. The January figures showed surpluses in billions of dollars with Australia $0.7 (for December $0.7), Egypt $0.1 ($0.3), Argentina $0.1 ($0.3), Brazil $0.1 ($0.3), and Hong Kong $0.1 ($0.5). Deficits were recorded in billions of dollars with Japan -$3.8 (-$3.5), China -$2.7 (-$2.0), Canada -$2.0 (-$2.1), OPEC -$1.7 (-$1.4), Mexico -$1.3 (-$1.0), Western Europe -$0.9 ($0.1), Taiwan -$0.9 (-$0.6), Singapore -$0.4 (-$0.2), and Korea -$0.4 ($0.4). Carry-over in January was $0.2 billion (0.4 percent) for exports and $0.4 billion (0.6 percent) for imports. For December, revised export carry-over was $0.4 billion (0.8 percent), revised down from $0.5 billion (1.0 percent). For December, revised import carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). Announcement Changes for 1996 Effective with this release, the Census Bureau is replacing the data adjusted for price change (Exhibits 10 and 11). The Bureau is presenting the data on a 1992 constant dollar basis, replacing the 1987 basis. Historical aggregated data (1-digit totals) on a 1992 basis are available monthly beginning with 1989 trade statistics. To obtain this information, contact the Data Dissemination Branch of the Foreign Trade Division on (301) 457-2311. Constant dollar data on a 1987 basis are no longer available for published statistics. The Foreign Trade Division has made changes to Exhibit 15 in this release. The new exhibit shows the information sorted alphabetically instead of by principal commodity groupings. We will continue to provide aggregated totals for agricultural commodities, manufactured goods and, re-exports. We have eliminated several commodities with limited trade from the new exhibit. We have introduced Exhibit 18 which shows "Exports and Imports of Motor Vehicles and Parts By Selected Countries." Seasonally Adjusted Exhibit 1 International Trade in Goods and Services 6 Exhibit 2 Goods and Services Three - Month Moving Averages 7 Exhibit 3 U.S. Services by Major Category--Exports 8 Exhibit 4 U.S. Services by Major Category--Imports 9 Exhibit 5 U.S. Trade in Goods 10 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category 11 Exhibit 7 Exports of Goods by End-Use Category and Commodity 12 Exhibit 8 Imports of Goods by End-Use Category and Commodity 14 Exhibit 9 Petroleum and Non-Petroleum End-Use Category Totals 16 Exhibit 10 Exports and Imports of Goods by Principle End-Use Category (Constant Dollars) 17 Exhibit 11 Exports, Imports, and Balance of Goods, Petroleum and Non- Petroleum End-Use Commodity Category Totals (Constant Dollars) 18 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods 19 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category 20 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas - 1996 21 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodity Groupings 23 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products 25 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum 26 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries 27 Information on Goods and Services 28 SOURCE: Report FT900 (CB-96-53), Bureau of the Census, Foreign Trade Division, JANUARY 1996. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.