U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: NOVEMBER 1997 This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, January 21, 1998 CB-98-13 Press Copy FT-900 (97-11) 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 November 1997 The Bureau of the Census and the Bureau ofEconomic Analysis, through the Department of Commerce, announced today that total November exports of $79.2 billion and imports of $87.2 billion resulted in a goods and services deficit of $8.0 billion, $1.1 billion less than the $9.1 billion in October, revised. November exports were $1.0 billion less than October exports of $80.2 billion. November imports were $2.1 billion less than October imports of $89.3 billion. In November, the goods deficit decreased $1.4 billion from October to $15.1 billion, and the services surplus decreased $0.3 billion to $7.1 billion. Exports of goods decreased to $57.8 billion from $58.5 billion, and imports of goods decreased to $72.9 billion from $74.9 billion. Exports of services decreased to $21.4 billion from $21.8 billion, and imports of services of $14.4 billion were virtually unchanged. The October to November change in exports of goods reflected decreases in capital goods of $0.7 billion (primarily semiconductors and computer accessories); other goods ($0.4 billion); consumer goods ($0.2 billion); and industrial supplies and materials ($0.2 billion). An increase occurred in automotive vehicles, parts, and engines of $0.5 billion. Foods, feeds, and beverages were virtually unchanged. The October to November change in imports of goods reflected decreases in industrial supplies and materials of $1.2 billion (primarily crude oil); capital goods ($1.0 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). Increases occurred in automotive vehicles, parts, and engines of $0.5 billion and consumer goods ($0.1 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 November, exports of goods and services averaged $79.2 billion, while imports of goods and services averaged $88.6 billion, resulting in an average trade deficit of $9.5 billion. For the three months ending in October, the average trade deficit was $9.8 billion, reflecting average exports of $79.1 billion and average imports of $88.9 billion. Services exports decreased $0.4 billion from October to November, partly reflecting a $0.2 billion decrease in travel. Smaller decreases occurred in most other categories of services exports. Services imports in November were virtually the same as in October. Small decreases in several categories of services imports were largely offset by small increases in others. Selected Not Seasonally Adjusted Goods Details The November figures showed surpluses, in billions of dollars, with Brazil $0.8 (for October $0.8), Australia $0.6 ($0.6), Argentina $0.5 ($0.3), Hong Kong $0.4 ($0.2), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$4.2 (-$5.9), China -$4.1 (-$5.2), Canada -$1.5 (-$0.9), Western Europe -$1.5 (-$2.8), OPEC -$1.4 (-$2.3), Taiwan -$1.0 (-$1.3), Mexico -$0.9 (-$1.5), and Singapore -$0.1 (-$0.4). Advanced technology products (ATP) exports were $14.7 billion in November and imports were $12.1 billion, resulting in a surplus of $2.7 billion, $1.1 billion more than the October surplus of $1.6 billion. November exports were $0.8 billion less than the $15.5 billion in October, while imports were $1.9 billion less than the $14.0 billion in October. Carry-over in November was $1.3 billion (2.2 percent) for exports and $0.8 billion (1.1 percent) for imports. For October, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.8 billion (1.3 percent). For October, revised import carry-over was $0.3 billion (0.4 percent), revised down from $1.1 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 & 14a 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-98-13), Bureau of the Census, Foreign Trade Division, NOVEMBER 1997. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.