U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: MARCH 1998 This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, May 20, 1998 CB-98-85 Press Copy FT-900 (98-03) 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 March 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $79.4 billion and imports of $92.4 billion resulted in a goods and services deficit of $13.0 billion, $0.8 billion more than the $12.2 billion in February, revised. March exports were $2.5 billion more than February exports of $76.9 billion. March imports were $3.4 billion more than February imports of $89.1 billion. In March, the goods deficit increased $1.7 billion from February to $20.2 billion, and the services surplus increased $0.8 billion to $7.2 billion. Exports of goods increased to $57.5 billion from $55.5 billion, and imports of goods increased to $77.7 billion from $74.1 billion. Exports of services increased to $21.9 billion from $21.3 billion, and imports of services decreased to $14.7 billion from $15.0 billion. Goods The February to March change in exports of goods reflected increases in capital goods of $1.0 billion (primarily civilian aircraft); automotive vehicles, parts, and engines ($0.5 billion); industrial supplies and materials ($0.4 billion); other goods ($0.2 billion); and consumer goods ($0.2 billion ). A decrease occurred in foods, feeds, and beverages of ($0.2 billion). The February to March change in imports of goods reflected increases in capital goods of $1.4 billion (primarily engines for civilian aircraft and civialian aircraft); consumer goods ($1.0 billion); automotive vehicles, parts, and engines ($0.7 billion); industrial supplies and materials ($0.2 billion); and foods, feeds and beverages ($0.1 billion). Other 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 $0.6 billion from February to March. Increases in transfers under U.S. military sales contracts of $0.5 billion and other private services of $0.2 billion were partly offset by a decrease in travel of $0.2 billion. Changes in all other categories of services exports were small. Services imports decreased $0.3 billion from February to March. Royalties and license fees decreased $0.4 billion, after having been boosted in February by a large one-time payment for broadcast rights for the Winter Olympics. Changes in the other major categories of services imports, of which the largest was a $0.1 billion increase in other private services, were relatively small and largely offsetting. Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $78.0 billion, while imports of goods and services averaged $90.2 billion, resulting in an average trade deficit of $12.3 billion. For the three months ending in February, the average trade deficit was $11.6 billion, reflecting average exports of $78.0 billion and average imports of $89.5 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Australia $0.6 (for February $0.7), Brazil $0.5 ($0.4), Hong Kong $0.4 ($0.4), Argentina $0.3 ($0.2), and Egypt $0.2 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$5.8 (-$5.3), China -$3.8 (-$3.5), Western Europe -$1.6 (-$0.3), Mexico -$1.4 (-$0.6), Canada -$1.1 (-$1.4), Taiwan -$1.1 (-$0.7), Korea -$0.7 (-$0.6), OPEC -$0.5 (-$0.6), and Singapore -$0.3 (virtually zero). Advanced technology products (ATP) exports were $17.0 billion in March and imports were $13.9 billion, resulting in a surplus of $3.1 billion, virtually the same as in February. March exports were $2.8 billion more than the $14.2 billion in February, while imports were $2.8 billion more than the $11.1 billion in February. Revisions Carry-over in March was $0.6 billion (1.0 percent) for exports and $0.9 billion (1.1 percent) for imports. For February, revised export carry-over was $0.2 billion (0.4 percent), revised down from $0.9 billion (1.6 percent). For February, 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-98-85), Bureau of the Census, Foreign Trade Division, MARCH 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.