U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: JUNE 1997 This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, August 20, 1997 CB-97-133 Press Copy FT-900 (97-06) 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 June 1997 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $78.4 billion and imports of $86.6 billion resulted in a goods and services deficit of $8.2 billion, $1.4 billion less than the $9.5 billion in May, revised. June exports were $0.7 billion more than May exports of $77.7 billion. June imports were $0.6 billion less than May imports of $87.2 billion. In June, the goods deficit decreased $1.3 billion from May to $15.0 billion, and the services surplus was virtually unchanged at $6.9 billion. Exports of goods increased to $57.5 billion from $56.9 billion, and imports of goods decreased to $72.5 billion from $73.2 billion. Exports of services increased to $21.0 billion from $20.8 billion, and imports of services increased to $14.1 billion from $14.0 billion. The May to June change in exports of goods reflected increases in industrial supplies and materials of $0.6 billion (primarily precious metals); automotive vehicles, parts, and engines ($0.3 billion); and consumer goods ($0.1 billion). Decreases occurred in capital goods ($0.3 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). The May to June change in imports of goods reflected decreases in industrial supplies and materials of $0.5 billion (primarily crude oil and petroleum products); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). An increase occurred in capital goods ($0.3 billion). Other goods 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 June, exports of goods and services averaged $78.0 billion, while imports of goods and services averaged $86.8 billion, resulting in an average trade deficit of $8.8 billion. For the three months ending in May, the average trade deficit was $8.7 billion, reflecting average exports of $77.9 billion and average imports of $86.6 billion. Services exports increased $0.1 billion from May to June. Small increases occurred in most categories of services exports. Services imports increased $0.1 billion from May to June, mainly reflecting an increase in other private services. Selected Not Seasonally Adjusted Goods Details The June figures showed surpluses, in billions of dollars, with Australia $0.8 (for May $0.6), Brazil $0.5 ($0.4), Hong Kong $0.5 ($0.6), Argentina $0.3 ($0.3), Korea $0.3 ($0.5), and Egypt $0.2 ($0.3). Deficits were recorded, in billions of dollars, with China -$4.3 (-$3.8), Japan -$4.1 (-$3.6), OPEC -$1.9 (-$1.7), Canada -$1.4 (-$1.5), Mexico -$1.2 (-$1.7), Taiwan -$1.0 (-$1.1), Western Europe -$0.8 (-$1.3), and Singapore -$0.3 (-$0.2). Advanced technology products (ATP) exports were $14.9 billion in June and imports were $12.4 billion, resulting in a surplus of $2.4 billion, $1.3 billion less than the May surplus of $3.7 billion. June exports were $0.3 billion less than the $15.2 billion in May, while imports were $0.9 billion more than the $11.5 billion in May. Carry-over in June was $0.7 billion (1.2 percent) for exports and $1.0 billion (1.4 percent) for imports. For May, revised export carry-over was virtually zero, revised down from $0.4 billion (0.7 percent). For May, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.0 billion (1.4 percent). 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-97-133), Bureau of the Census, Foreign Trade Division, JUNE 1997. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.