U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: AUGUST 1997 This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday, October 21, 1997 CB-97-172 Press Copy FT-900 (97-08) 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 August 1997 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $78.0 billion and imports of $88.3 billion resulted in a goods and services deficit of $10.4 billion, $0.3 billion more than the $10.0 billion in July, revised. August exports were $0.2 billion more than July exports of $77.8 billion. August imports were $0.5 billion more than July imports of $87.8 billion. In August, the goods deficit increased $0.5 billion from July to $17.4 billion, and the services surplus increased $0.2 billion to $7.0 billion. Exports of goods increased to $56.8 billion from $56.7 billion, and imports of goods increased to $74.2 billion from $73.6 billion. Exports of services increased to $21.1 billion from $21.0 billion, and imports of services decreased to $14.1 billion from $14.2 billion. The July to August change in exports of goods reflected increases in foods, feeds, and beverages of $0.4 billion (primarily soybeans, wheat, and corn) and industrial supplies and materials ($0.2 billion). Decreases occurred in other goods ($0.3 billion); capital goods $0.2 billion (primarily civilian aircraft); and automotive vehicles, parts, and engines ($0.1 billion). Consumer goods were virtually unchanged. The July to August change in imports of goods reflected increases in capital goods of $0.7 billion (primarily computer accessories) and industrial supplies and materials ($0.5 billion). A decrease occurred in automotive vehicles, parts, and engines of $0.5 billion. Other goods; consumer goods; and 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 August, exports of goods and services averaged $78.1 billion, while imports of goods and services averaged $87.6 billion, resulting in an average trade deficit of $9.6 billion. For the three months ending in July, the average trade deficit was $9.3 billion, reflecting average exports of $78.0 billion and average imports of $87.3 billion. Services exports increased $0.1 billion from July to August. Small increases in some categories of services exports more than offset small decreases in others. Services imports decreased $0.1 billion from July to August, reflecting small decreases in several categories. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Australia $0.6 (for July $0.6), Egypt $0.5 ($0.4), Brazil $0.5 ($0.4), Hong Kong $0.4 ($0.2), and Argentina $0.3 ($0.3). Deficits were recorded, in billions of dollars, with China -$5.2 (-$4.7), Japan -$4.5 (-$5.2), OPEC -$2.0 (-$1.8), Western Europe -$2.0 (-$4.3), Canada -$1.6 (-$1.3), Taiwan -$1.1 (-$1.0), Mexico -$1.0 (-$1.0), and Singapore -$0.2 (-$0.2). Advanced technology products (ATP) exports were $14.3 billion in August and imports were $12.6 billion, resulting in a surplus of $1.7 billion, $0.2 billion less than the July surplus of $1.9 billion. August exports were $0.6 billion less than the $14.9 billion in July, while imports were $0.4 billion less than the $13.0 billion in July. Carry-over in August was $0.7 billion (1.2 percent) for exports and $1.0 billion (1.4 percent) for imports. For July, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.5 billion (0.9 percent). For July, revised import carry-over was $0.2 billion (0.3 percent), revised down from $1.0 billion (1.3 percent). Seasonally Adjusted Exhibit 1 International Trade in Goods and Services 4 Exhibit 2 Goods and Services Centered 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-97-172), Bureau of the Census, Foreign Trade Division, AUGUST 1997. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.