This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday, October 20, 1998 CB-98-196 Press Copy FT-900 (98-08) 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 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $74.8 billion and imports of $91.6 billion resulted in a goods and services deficit of $16.8 billion, $2.2 billion more than the $14.5 billion in July, revised. August exports were $0.3 billion less than July exports of $75.1 billion. August imports were $2.0 billion more than July imports of $89.6 billion. In August, the goods deficit increased $2.2 billion from July to $23.2 billion, and the services surplus decreased $0.1 billion to $6.4 billion. Exports of goods decreased to $53.7 billion from $53.8 billion, and imports of goods increased to $76.9 billion from $74.9 billion. Exports of services decreased to $21.1 billion from $21.3 billion and imports of services decreased to $14.7 billion from $14.8 billion. Goods The July to August change in exports of goods reflected increases in automotive vehicles, parts, and engines of $0.8 billion (primarily parts and accessories); other goods ($0.2 billion); and industrial supplies and materials ($0.2 billion). Decreases occurred in capital goods ($0.9 billion) and foods, feeds, and beverages ($0.1 billion). Consumer goods were virtually unchanged. The July to August change in imports of goods reflected increases in automotive vehicles, parts, and engines of $1.7 billion (primarily automobiles); industrial supplies and materials ($0.2 billion); and other goods ($0.1 billion). Decreases occurred in consumer goods ($0.2 billion) and foods, feeds, and beverages ($0.1 billion). Capital 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. Services Services exports decreased $0.1 billion from July to August, mainly because of a decrease in transfers under U.S. military sales contracts. Services imports decreased $0.1 billion from July to August, reflecting small decreases in nearly all categories. Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $75.4 billion, while imports of goods and services averaged $90.4 billion, resulting in an average trade deficit of $15.0 billion. For the three months ending in July, the average trade deficit was $14.7 billion, reflecting average exports of $76.0 billion and average imports of $90.6 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Australia $0.6 (for July $0.5), Brazil $0.4 ($0.3), Argentina $0.3 ($0.4), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China -$5.9 (-$5.4), Japan -$5.2 (-$5.2), Western Europe -$2.2 (-$5.1), Canada -$1.8 (-$1.7), Mexico -$1.8 (-$1.1), Taiwan -$1.6 (-$1.5), OPEC -$1.3 (-$1.1), Korea -$0.8 (-$0.8), Singapore -$0.2 (-$0.2), and Hong Kong -$0.1 (-$0.1). Advanced technology products (ATP) exports were $14.0 billion in August and imports were $13.0 billion, resulting in a surplus of $1.0 billion. August exports were $0.1 billion less than the $14.1 billion in July, while imports were $0.3 billion less than the $13.3 billion in July. Revisions Goods carry-over in August was $0.6 billion (1.1 percent) for exports and $1.0 billion (1.3 percent) for imports. For July, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.2 percent). For July, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.9 percent). Services exports for July were revised down $0.5 billion to $21.3 billion. The revision was primarily attributable to travel exports and passenger fare exports, which now include updated source data on foreign visitors to the United States. Seasonally Adjusted Exhibit 1 International Trade in Goods and Services . . . . . .4 Exhibit 2 Goods and Services Centered Three - Month Moving Averages5 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 Category9 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 Category18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas . . . . . . . . . . . . . . . 19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodity Groupings21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products23 Exhibit 17 Imports of Energy - Related Petroleum Products, Including Crude Petroleum . . . . . . . . . . . . . 24 Exhibit 18 Exports and Imports of Motor Vehicles and Parts By Selected Countries25 Information on Goods and Services. . . . . . . . . . . . . . . 26 SOURCE: Report FT900 (CB-98-196), Bureau of the Census, Foreign Trade Division, August 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.