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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES - Annual Revision for1997


*** NOTICE *** NOTICE *** NOTICE *** NOTICE *** NOTICE*** NOTICE

With this release, the Bureau of the Census and the Bureau of theEconomic
Analysis are publishing revised U.S. goods and services trade statistics.


Select:


Goods

The 1997 unadjusted Census basis goods data were revised to eliminate "carry over" (that portion of the monthly statistics that arrive too late for inclusion in the transaction month) and to include errata (corrections to the published monthly data). Once these corrections were completed, factors for seasonal adjustments, working day adjustments, and constant dollars were recomputed, and the seasonally adjusted and constant dollars series were revised for 1995, 1996, 1997. With this release, the Bureau of the Census and the Bureau of Economic Analysis (BEA) are introducing monthly seasonal adjustment for exports of civilian aircraft. The monthly pattern of exports of civilian aircraft exhibits high variability. The series does not meet the Census Bureau's usual criteria for seasonal adjustment. There is, however, evidence that seasonally adjusting this series will contribute to a more accurate picture of seasonally adjusted total exports, particularly when the data are aggregated on a quarterly basis. The BEA will carry this adjustment through the National Income and Product Accounts, where they expect it to increase the accuracy of the quarterly Gross Domestic Product estimates. At this time next year, we will assess the effects of seasonally adjusting exports of civilian aircraft on the monthly and quarterly export statistics and on the yearly revisions to the statistics to determine whether to continue the practice.

Services

Several major improvements and reclassifications are introduced to the services estimates. "Other" private services and royalties and license fees incorporate newly available information from BEA's 1994 Benchmark Survey of U.S. Direct Investment Abroad; for the period after 1994, the estimates are revised by extrapolating forward the 1994 universe data and by incorporating new or adjusted data from BEA's quarterly sample surveys for 1995-97. In addition, to consolidate all nonfinancial leasing transactions into one account, the leasing of transportation equipment, which was previously included with "other" transportation, has been reclassified to "other" private services. Similarly, computer software royalties and license fees are reclassified from the "other" private services accounts to the royalties and license fees accounts. For the "other" transportation accounts, revised estimates of freight charges for land transportation between the United States and Canada are introduced. In addition to these improvements, the services estimates are revised to reflect newly available and updated source data.

CONTENTS:

Seasonally Adjusted

Not Seasonally Adjusted

1992 and 1994 Revisions

Compressed File

  • 1997 Final Revisions - Compressed Version (ZIP)

     

    SOURCE: Report FT900 (97) (CB-97-99), Bureau of the Census, ForeignTrade Division, FINAL 1997. For more information, contact Haydn R. Mearkle(301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.











  • February 2014
    Trade Numbers

    Deficit: $42.3 Billion
    Exports: $190.4 Billion
    Imports: $232.7 Billion

    Next release: May 6, 2014
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    Source: U.S. Census Bureau | Foreign Trade | ftdwebmaster@census.gov |  Last Revised: July 12, 2011