U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: FEBRUARY 1998 This release contains sensitive economic data not to be released before 8:30 a.m. Friday, April 17, 1998 CB-98-60 Press Copy FT-900 (98-02) 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 1998 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total February exports of $77.1 billion and imports of $89.1 billion resulted in a goods and services deficit of $12.1 billion, $0.5 billion more than the $11.6 billion in January, revised. February exports were $0.6 billion less than January exports of $77.6 billion. February imports were $0.1 billion less than January imports of $89.3 billion. In February, the goods deficit increased $0.2 billion from January to $18.6 billion, and the services surplus decreased from $0.3 billion to $6.5 billion. Exports of goods decreased to $55.6 billion from $56.7 billion, and imports of goods decreased to $74.2 billion from $75.0 billion. Exports of services increased to $21.4 billion from $21.0 billion, and imports of services increased to $14.9 billion from $14.2 billion. The January to February change in exports of goods reflected decreases in industrial supplies and materials of $0.5 billion (primarily nonmonetary gold and organic chemicals); automotive vehicles, parts, and engines ($0.3 billion); and consumer goods ($0.2 billion). An increase occurred in capital goods of $0.2 billion. Foods, feeds, and beverages and other goods were virtually unchanged. The January to February change in imports of goods reflected decreases in industrial supplies and materials of $0.6 billion (primarily crude oil); consumer goods ($0.4 billion); and other goods ($0.2 billion). Increases occurred in automotive vehicles, parts, and engines ($0.5 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. For the three months ending in February, exports of goods and services averaged $78.0 billion, while imports of goods and services averaged $89.5 billion, resulting in an average trade deficit of $11.5 billion. For the three months ending in January, the average trade deficit was $10.5 billion, reflecting average exports of $78.6 billion and average imports of $89.0 billion. Services exports increased $0.4 billion from January to February, reflecting increases of $0.3 billion in travel and $0.1 billion in other private services. Changes in all other categories of services exports were small. Services imports increased $0.7 billion from January to February, mainly reflecting a $0.4 billion increase in royalties and license fees, that resulted from payments for the acquisition of broadcast rights for the 1998 Winter Olympic Games. Travel and other private services each increased $0.1 billion. Changes in all other categories of services imports were small. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Australia $0.7 (for January $0.5), Hong Kong $0.4 ($0.1), Brazil $0.4 ($0.3), Argentina $0.2 ($0.2), and Egypt $0.1 ($0.3). Deficits were recorded, in billions of dollars, with Japan -$5.3 (-$4.4), China -$3.5 (-$4.2), Canada -$1.5 (-$1.5), Taiwan -$0.7 (-$1.1), OPEC -$0.6 (-$0.8), Korea -$0.6 (-$0.9), Mexico - $0.6 (-$0.8), and Western Europe -$0.3 (-$0.4). Advanced technology products (ATP) exports were $14.2 billion in February and imports were $11.1 billion, resulting in a surplus of $3.1 billion, $0.5 billion more than the January surplus of $2.6 billion. February exports were $0.1 billion more than the $14.1 billion in January, while imports were $0.4 billion less than the $11.5 billion in January. Carry-over in February was $0.9 billion (1.6 percent) for exports and $1.1 billion (1.6 percent) for imports. For January, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.1 percent). For January, revised import carry-over was $0.2 billion (0.3 percent), revised down from $1.1 billion (1.6 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 Exports, Imports, and Balance of Goods by Selected Countries and Areas 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-98-60), Bureau of the Census, Foreign Trade Division, FEBRUARY 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.