U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: JANUARY 1998 This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, March 19, 1998 CB-98-39 Press Copy FT-900 (98-01) 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 January 1998 The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total January exports of $77.3 billion and imports of $89.3 billion resulted in a goods and services deficit of $12.0 billion, $1.1 billion more than the $10.9 billion in December, revised. January exports were $2.1 billion less than December exports of $79.4 billion. January imports were $0.9 billion less than December imports of $90.2 billion. In January, the goods deficit increased $1.1 billion from December to $18.8 billion, and the services surplus was virtually unchanged at $6.8 billion. Exports of goods decreased to $56.3 billion from $58.4 billion, and imports of goods decreased to $75.1 billion from $76.1 billion. Exports of services of $21.0 billion were virtually unchanged, and imports of services increased to $14.2 billion from $14.1 billion. The December to January change in exports of goods reflected decreases in capital goods of $2.5 billion (primarily civilian aircraft); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). Increases occurred in automotive vehicles, parts, and engines of $0.6 billion; and consumer goods ($0.2 billion). Industrial supplies and materials were virtually unchanged. The December to January change in imports of goods reflected decreases in capital goods of $0.7 billion (primarily civilian aircraft, computers, and semiconductors); automotive vehicles, parts, and engines ($0.3 billion); industrial supplies and materials ($0.2 billion); foods, feeds, and beverages ($0.1 billion); and consumer goods ($0.1 billion). An increase occurred in other goods of $0.3 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 January, exports of goods and services averaged $78.4 billion, while imports of goods and services averaged $89.0 billion, resulting in an average trade deficit of $10.6 billion. For the three months ending in December, the average trade deficit was $9.6 billion, reflecting average exports of $79.4 billion and average imports of $89.0 billion. Services exports in January were virtually the same as in December. Small increases in several categories of services exports were largely offset by small decreases in others. Services imports increased $0.1 billion from December to January, reflecting small increases in nearly all categories of services imports. Selected Not Seasonally Adjusted Goods Details The January figures showed surpluses, in billions of dollars, with Australia $0.5 (for December $0.6), Brazil $0.3 ($0.8), Egypt $0.3 ($0.2), Argentina $0.2 ($0.4), and Hong Kong $0.1 ($0.5). Deficits were recorded, in billions of dollars, with Japan -$4.4 (-$5.1), China -$4.2 (-$3.9), Canada -$1.7 (-$2.2), Taiwan -$1.1 (-$0.7), OPEC -$1.0 (-$0.3), Korea -$0.9 (-$0.3), Mexico -$0.8 (-$0.6), Western Europe -$0.4 (-$2.5), and Singapore -$0.3 (-$0.2). Advanced technology products (ATP) exports were $14.1 billion in January and imports were $11.5 billion, resulting in a surplus of $2.6 billion, $1.4 billion less than the December surplus of $4.0 billion. January exports were $3.5 billion less than the $17.6 billion in December, while imports were $2.1 billion less than the $13.6 billion in December. Carry-over in January was $0.6 billion (1.1 percent) for exports and $1.1 billion (1.6 percent) for imports. For December, revised export carry-over was $0.3 billion (0.5 percent), revised down from $1.0 billion (1.7 percent). For December, revised import carry-over was $0.2 billion (0.3 percent), revised down from $1.3 billion (1.7 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-98-39), Bureau of the Census, Foreign Trade Division, JANUARY 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.