This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, September 17, 1998 CB-98-169 Press Copy FT-900 (98-07) 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: Ralph Morris (202) 606-2649 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES July 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $75.4 billion and imports of $89.3 billion resulted in a goods and services deficit of $13.9 billion, $0.3 billion more than the $13.6 billion in June, revised. July exports were $1.0 billion less than June exports of $76.4 billion. July imports were $0.7 billion less than June imports of $90.0 billion. In July, the goods deficit increased $0.4 billion from June to $20.9 billion, and the services surplus increased $0.1 billion to $7.0 billion. Exports of goods decreased to $53.6 billion from $54.8 billion, and imports of goods decreased to $74.5 billion from $75.3 billion. Exports of services increased to $21.8 billion from $21.6 billion and imports of services increased to $14.8 billion from $14.7 billion. Goods The June to July change in exports of goods reflected decreases in automotive vehicles, parts, and engines of $0.9 billion (primarily automotive parts); industrial supplies and materials ($0.2 billion); consumer goods ($0.2 billion); and other goods ($0.2 billion). An increase occurred in capital goods of $0.4 billion. Foods, feeds, and beverages were virtually unchanged. The June to July change in imports of goods reflected decreases in automotive vehicles, parts, and engines of $1.2 billion (primarily automobiles); foods, feeds, and beverages ($0.2 billion); and industrial supplies and materials ($0.1 billion). An increase occurred in other goods of $0.6 billion. Capital goods and consumer 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 increased $0.2 billion from June to July, reflecting small increases in transfers under U.S. military sales contracts, other transportation, and travel. The other categories of services exports were virtually unchanged. Services imports increased $0.1 billion from June to July. Small increases in several categories of services imports were partly offset by small decreases in others. Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $76.1 billion, while imports of goods and services averaged $90.5 billion, resulting in an average trade deficit of $14.4 billion. For the three months ending in June, the average trade deficit was $14.5 billion, reflecting average exports of $76.8 billion and average imports of $91.3 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Australia $0.5 (for June $0.5), Argentina $0.4 ($0.4), Brazil $0.3 ($0.4), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with China -$5.4 (-$4.7), Japan -$5.2 (-$5.3), Western Europe -$5.1 (-$3.0), Canada -$1.9 (-$1.0), Taiwan -$1.5 (-$1.5), Mexico -$1.1 (-$1.6), OPEC -$1.1 (-$0.7), Korea -$0.8 (-$0.9), Singapore -$0.2 (-$0.2), and Hong Kong -$0.1 ($0.2). Advanced technology products (ATP) exports were $14.1 billion in July and imports were $13.3 billion, resulting in a surplus of $0.8 billion. July exports were $1.5 billion less than the $15.5 billion in June, while imports were $0.2 billion less than the $13.4 billion in June. Revisions to Goods Carry-over in July was $0.6 billion (1.2 percent) for exports and $0.7 billion (0.9 percent) for imports. For June, revised export carry-over was $0.2 billion (0.4 percent), revised down from $0.7 billion (1.2 percent). For June, revised import carry-over was $0.2 billion (0.3 percent), revised down from $0.9 billion (1.2 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-98-169), Bureau of the Census, Foreign Trade Division, JULY 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.