This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday, August 18, 1998 CB-98-148 Press Copy FT-900 (98-06) 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 June 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $76.2 billion and imports of $90.3 billion resulted in a goods and services deficit of $14.2 billion, $1.4 billion less than the $15.5 billion in May, revised. June exports were $0.4 billion less than May exports of $76.6 billion. June imports were $1.8 billion less than May imports of $92.1 billion. In June, the goods deficit decreased $1.7 billion from May to $20.9 billion, and the services surplus decreased $0.3 billion to $6.8 billion. Exports of goods decreased to $54.6 billion from $54.7 billion, and imports of goods decreased to $75.5 billion from $77.3 billion. Exports of services decreased to $21.6 billion from $21.9 billion and imports of services were virtually unchanged at $14.8 billion. Goods The May to June change in exports of goods reflected decreases in industrial supplies and materials of $0.5 billion (primarily organic chemicals and platinum); automotive vehicles, parts, and engines ($0.4 billion); and other goods ($0.1 billion). Increases occurred in capital goods ($0.6 billion); consumer goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). The May to June change in imports of goods reflected decreases in capital goods of $0.9 billion (primarily computer accessories and semiconductors); industrial supplies and materials ($0.7 billion); and automotive vehicles, parts, and engines ($0.7 billion). Increases occurred in consumer goods ($0.3 billion); foods, feeds, and beverages ($0.1 billion); and other 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. Services Services exports decreased $0.3 billion from May to June. A decrease in travel of $0.2 billion and small decreases in most other categories were partly offset by an increase in other private services of $0.1 billion. Services imports in June were virtually the same as in May. Small decreases in travel and in passenger fares were nearly offset by small increases in several other categories. Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $76.7 billion, while imports of goods and services averaged $91.3 billion, resulting in an average trade deficit of $14.7 billion. For the three months ending in May, the average trade deficit was $14.3 billion, reflecting average exports of $77.7 billion and average imports of $92.0 billion. Selected Not Seasonally Adjusted Goods Details The June figures showed surpluses, in billions of dollars, with Australia $0.5 (for May $0.5), Argentina $0.4 ($0.3), Brazil $0.4 ($0.4), Hong Kong $0.2 ($0.4), and Egypt $0.2 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$5.3 (-$5.0), China -$4.7 (-$4.6), Western Europe -$3.0 (-$1.7), Mexico -$1.6 ($-1.5), Taiwan -$1.5 (-$1.2), Canada -$1.2 (-$1.3), Korea -$0.9 (-$0.6), OPEC -$0.7 (-$1.1), and Singapore -$0.2 (-$0.3). Advanced technology products (ATP) exports were $15.5 billion in June and imports were $13.4 billion, resulting in a surplus of $2.1 billion. June exports were $1.0 billion more than the $14.6 billion in May, while imports were $1.1 billion more than the $12.3 billion in May. Revisions Carry-over in June was $0.7 billion (1.2 percent) for exports and $0.9 billion (1.2 percent) for imports. For May, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.4 billion (0.7 percent). For May, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.9 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-98-148), Bureau of the Census, Foreign Trade Division, JUNE 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.