U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: APRIL 1997 This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, June 19, 1997 CB-97-98 Press Copy FT-900 (97-04) 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 April 1997 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $78.4 billion and imports of $86.7 billion resulted in a goods and services deficit of $8.4 billion, $0.6 billion more than the $7.8 billion in March, revised. April exports were $0.2 billion more than March exports of $78.2 billion. April imports were $0.8 billion more than March imports of $85.9 billion. In April, the goods deficit increased $0.2 billion from March to $15.1 billion, and the services surplus decreased $0.4 billion to $6.8 billion. Exports of goods increased to $57.6 billion from $57.2 billion, and imports of goods increased to $72.7 billion from $72.0 billion. Exports of services decreased to $20.7 billion from $21.0 billion, and imports of services increased to $14.0 billion from $13.9 billion. The March to April change in exports of goods reflected an increase in capital goods of $0.8 billion (primarily telecommunications equipment). Decreases occurred in other goods ($0.2 billion); industrial supplies and materials ($0.2 billion); and consumer goods ($0.1 billion). Foods, feeds, and beverages and automotive vehicles, parts, and engines were virtually unchanged. The March to April change in imports of goods reflected increases in consumer goods of $1.2 billion (primarily apparel products; toys, games and sporting goods; and pharmaceutical products); other goods ($0.2 billion); and capital goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.3 billion) and in industrial supplies and materials ($0.3 billion). Foods, feeds, and beverages were virtually unchanged. 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 April, exports of goods and services, using a centered three-month moving average, were $77.0 billion, while imports of goods and services averaged $85.6 billion, resulting in an average trade deficit of $8.7 billion. For the three months ending in March, the average trade deficit was $9.7 billion, reflecting average exports of $74.8 billion and average imports of $84.5 billion. Services exports decreased $0.3 billion from March to April, reflecting a decrease in travel. Changes in other categories of services exports were small and nearly offsetting. Services imports increased $0.1 billion from March to April. Small increases in several categories of services imports were partly offset by small decreases in others. Selected Not Seasonally Adjusted Goods Details Advanced technology products (ATP) exports were $15.4 billion in April and imports were $11.7 billion, resulting in a surplus of $3.7 billion, $0.7 billion less than the March surplus of $4.4 billion. April exports were $0.8 billion less than the $16.3 billion in March, while imports were $0.1 billion less than the $11.9 billion in March. The April figures showed surpluses, in billions of dollars, with Hong Kong $0.6 (for March $0.7), Korea $0.6 ($0.7), Australia $0.5 ($0.8), Brazil $0.4 ($0.6), Argentina $0.2 ($0.3), and Egypt $0.1 ($0.3). Deficits were recorded, in billions of dollars, with Japan -$4.8 (-$4.6), China -$3.5 (-$2.6), OPEC -$1.7 (-$1.4), Mexico -$1.4 (-$1.5), Canada -$1.0 (-$1.3), Taiwan -$1.0 (-$0.7), Western Europe -$0.5 ($0.3), and Singapore -$0.3 ($0.0). Carry-over in April was $1.0 billion (1.7 percent) for exports and $0.9 billion (1.3 percent) for imports. For March, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.5 billion (0.8 percent). For March, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.4 billion (0.6 percent). *** NOTICE *** NOTICE *** NOTICE *** NOTICE *** NOTICE *** NOTICE The Bureau of the Census and the Bureau of the Economic Analysis issued today the U.S. International Trade in Goods and Services 1996 Annual Revisions. Goods The 1996 unadjusted Census Basis goods data were revised to eliminate "carry over" (that portion of the monthly statistics that arrives too late for inclusion in the transaction month) and to include errata (corrections to the published monthly data). The 1995 unadjusted Census Basis goods were revised to include errata. Once these corrections were completed, factors for seasonal, working day adjustments, and constant dollars were recomputed and the seasonally adjusted and constant dollar data were revised for 1994, 1995, 1996, and 1997. Services Several major improvements are introduced to the services estimates. The other private services estimates reflect newly available information from BEA's Benchmark Survey of Selected Services with Unaffiliated Foreigners for 1996, BEA's Annual Surveys of Financial Services with Unaffiliated Foreigners for 1995 and 1996, which update BEA's Benchmark Survey of Financial Services for 1994, and BEA's Benchmark Survey of Foreign Direct Investment in the United States for 1992. In addition, new estimates are incorporated for transactions of temporary workers in the United States. The expanded coverage provided by the benchmark surveys and the new annual surveys of financial services is indicative of BEA's efforts to increase the coverage and quality of measurement of the services estimates. The other transportation receipts estimates reflect newly available information for ocean port service receipts and for freight charges for land transportation between the United States and Canada. The new estimates are based on new source data and BEA research. The travel and passenger fare estimates reflect unusually large revision due to the incorporation of more complete source data. In addition to these improvements, the services estimates are revised to reflect newly available and updated source data. 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 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-97-98), Bureau of the Census, Foreign Trade Division, APRIL 1997. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.