U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: MARCH 1996 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. Friday, May 17, 1996. CB-96-77 Press Copy FT-900 (96-03) 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 March 1996 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $68.8 billion and imports of $77.7 billion resulted in a goods and services deficit of $8.9 billion, $1.9 billion more than the $7.0 billion of February, revised. March exports were $0.6 billion less than February exports of $69.4 billion. March imports were $1.3 billion more than February imports of $76.4 billion. In March, the goods deficit increased $2.2 billion from February to $14.8 billion, and the services surplus increased $0.3 billion from February to $5.9 billion. Exports of goods decreased to $49.9 billion from $51.0 billion, and imports of goods increased to $64.7 billion from $63.6 billion. Exports of services increased to $18.9 billion from $18.4 billion, and imports of services increased to $13.0 billion from $12.8 billion. The February to March change in exports of goods reflected decreases in automotive vehicles, parts, and engines of $0.6 billion (primarily Canadian cars and parts); consumer goods ($0.3 billion); capital goods ($0.2 billion); and other goods ($0.1). Foods, feeds, and beverages increased ($0.3 billion). Industrial supplies and materials were virtually unchanged. The February to March change in imports of goods reflected increases in industrial supplies and materials of $0.6 billion (primarily chemical products, nonmonetary gold, and other precious metals); capital goods ($0.2 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). Automotive vehicles, parts, and engines decreased $0.7 billion and consumer 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 26 of this release. For the three months ending in March, exports of goods and services, using a centered three-month moving average, were $68.3 billion, while imports of goods and services averaged $76.9 billion, resulting in an average trade deficit of $8.6 billion. For the three months ending in February, the average trade deficit was $8.0 billion, reflecting average exports of $68.1 billion and average imports of $76.0 billion. Services exports increased $0.5 billion from February to $18.9 billion in March, reflecting increases in travel, U.S. military sales contracts, and other private services. Other categories of services exports changed little. Services imports increased $0.2 billion from February to $13.0 billion in March reflecting small increases in travel and other transportation. Other categories of services imports changed little. Selected Not Seasonally Adjusted Goods Details Advanced technology products (ATP) exports were $14.0 billion for March and imports were $11.4 billion, resulting in a surplus of $2.6 billion, $0.7 billion more than the February surplus of $2.0 billion. March exports were $1.9 billion more than the $12.1 billion of February, while imports were $1.2 billion more than the $10.1 billion of February. The March figures showed surpluses in billions of dollars with Australia $0.8 (for February $0.6), Hong Kong $0.5 ($0.2), Korea $0.5 (virtually zero) Brazil $0.3 ($0.2) Argentina $0.2 ($0.2), and Egypt $0.2 ($0.2). Deficits were recorded in billions of dollars with Japan -$4.1 (-$3.9), China -$1.8 (-$2.4), Canada -$1.3 (-$1.2), Mexico -$1.1 (-$1.3), OPEC -$0.9 (-$1.2), Taiwan -$0.6 (-$1.0), Singapore -$0.3 (-$0.1) and Western Europe -$0.3 (-$0.5). Carry-over in March was $1.1 billion (2.0 percent) for exports and $0.2 billion (0.3 percent) for imports. For February, revised export carry-over was virtually zero, revised down from $0.1 billion (0.2 percent). For February, revised import carry-over was $0.1 billion (0.2 percent). ** CONTENTS ** 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 Principle 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 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-96-77), Bureau of the Census, Foreign Trade Division, MARCH 1996. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.