REVISED (see notice) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: FEBRUARY 1997 This release contains sensitive economic data not to be released before 10:00 a.m. Friday, April 25, 1997 CB-97-66 Press Copy FT-900 (97-R02) 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 February 1997 (REVISIED) The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total February exports of $73.5 billion and imports of $83.9 billion resulted in a goods and services deficit of $10.4 billion, $1.9 billion less than the $12.3 billion in January, revised. February exports were $2.8 billion more than January exports of $70.6 billion. February imports were $0.9 billion more than January imports of $83.0 billion. In February, the goods deficit decreased $1.7 billion from January to $16.9 billion, and the services surplus increased $0.2 billion to $6.5 billion. Exports of goods increased to $54.1 billion from $51.4 billion, and imports of goods increased to $71.0 billion from $70.0 billion. Exports of services increased to $19.4 billion from $19.3 billion, and imports of services decreased to $12.9 billion from $13.0 billion. The January to February change in exports of goods reflected increases in capital goods of $1.3 billion (primarily civilian aircraft); industrial supplies and materials ($0.7 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.3 billion). A decrease occurred in other goods ($0.1 billion). Foods, feeds, and beverages were virtually unchanged. The January to February change in imports of goods reflected increases in automotive vehicles, parts, and engines of $0.3 billion (primarily trucks); capital goods ($0.3 billion); other goods ($0.3 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in industrial supplies and materials ($0.3 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 February, exports of goods and services, using a centered three-month moving average, were $71.8 billion, while imports of goods and services averaged $82.9 billion, resulting in an average trade deficit of $11.1 billion. For the three months ending in January, the average trade deficit was $10.3 billion, reflecting average exports of $71.5 billion and average imports of $81.7 billion. Services exports increased $0.1 billion from January to February. Most categories of services exports registered small increases. Services imports decreased $0.1 billion from January to February. Small decreases in some categories more than offset small increases in others. Selected Not Seasonally Adjusted Goods Details Advanced technology products (ATP) exports were $12.9 billion in February and imports were $10.2 billion, resulting in a surplus of $2.7 billion, $0.9 billion more than the January surplus of $1.9 billion. February exports were $0.5 billion more than the $12.4 billion in January, while imports were $0.4 billion less than the $10.6 billion in January. The February figures showed surpluses, in billions of dollars, with Australia $0.7 (for January $0.5), Korea $0.5 ($0.2), Hong Kong $0.5 ($0.2), Brazil $0.3 ($0.1), Western Europe $0.3 ($-1.3), Egypt $0.2 ($0.2), and Argentina $0.2 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$4.3 (-$4.3), China -$3.3 (-$3.7), OPEC -$1.7 (-$2.4), Canada -$1.5 (-$1.7), Mexico -$1.2 (-$1.2), Taiwan -$0.9 (-$1.1), and Singapore -$0.1 (-$0.1). Carry-over in February was $0.5 billion (0.9 percent) for exports and $0.3 billion (0.5 percent) for imports. For January, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.8 billion (1.6 percent). For January, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.4 billion (0.6 percent). *** NOTICE NOTICE NOTICE *** With this release, the Commerce Department is correcting all data series affected by the January and February data for petroleum imports as originally reported on April 17. The Census Bureau discovered a problem with the petroleum import data after the report was published and made a detailed examination of documents processed for January and February. That examination revealed that some of the documents were actually related to petroleum import transactions occurring in 1996 and 1995. The Census Bureau has removed the data for the late filings of petroleum imports from the January and February 1997 data series in this release and will incorporate these changes in the 1996 and 1995 trade statistics when it releases its annual revision of prior year trade statistics on June 19, 1997. 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-97-66), Bureau of the Census, Foreign Trade Division, FEBRUARY 1997R. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.