This release contains sensitive economic data not to be released before 8:30 a.m. Friday, July 17, 1998 CB-98-120 Press Copy FT-900 (98-05) 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 May 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $76.2 billion and imports of $92.0 billion resulted in a goods and services deficit of $15.7 billion, $1.5 billion more than the $14.3 billion in April, revised. May exports were $1.0 billion less than April exports of $77.2 billion. May imports were $0.5 billion more than April imports of $91.5 billion. In May, the goods deficit increased $1.5 billion from April to $22.8 billion, and the services surplus was virtually unchanged at $7.1 billion. Exports of goods decreased to $54.4 billion from $55.3 billion, and imports of goods increased to $77.2 billion from $76.7 billion. Exports and imports of services were virtually unchanged at $21.9 billion and $14.8 billion, respectively. Goods The April to May change in exports of goods reflected decreases in automotive vehicles, parts, and engines of $0.5 billion (primarily trucks); other goods ($0.2 billion); foods, feeds, and beverages ($0.1 billion); capital goods ($0.1 billion); and consumer goods ($0.1 billion). An increase occurred in industrial supplies and materials of $0.1 billion. The April to May change in imports of goods reflected increases in capital goods $0.8 billion (primarily computer accessories and civilian aircraft); automotive vehicles, parts, and engines ($0.4 billion); and industrial supplies and materials ($0.1 billion). Decreases occurred in consumer goods ($0.4 billion); and other goods ($0.3 billion). Foods, feeds, and beverages 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 and imports in May were virtually the same as in April. For both exports and imports small decreases in some categories were largely offset by small increases in others. Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $77.5 billion, while imports of goods and services averaged $91.9 billion, resulting in an average trade deficit of $14.4 billion. For the three months ending in April, the average trade deficit was $13.1 billion, reflecting average exports of $78.0 billion and average imports of $91.1 billion. Selected Not Seasonally Adjusted Goods Details The May figures showed surpluses, in billions of dollars, with Australia $0.5 (for April $0.5), Hong Kong $0.4 ($0.3), Brazil $0.4 ($0.4), Argentina $0.3 ($0.3), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$5.0 (-$5.4), China -$4.6 (-$4.3), Western Europe -$1.7 (-$3.2), Mexico -$1.5 ($-1.3), Canada -$1.5 (-$1.1), Taiwan -$1.2 (-$1.1), OPEC -$1.1 (-$1.2), Korea -$0.6 (-$0.5), and Singapore -$0.3 (-$0.4). Advanced technology products (ATP) exports were $14.6 billion in May and imports were $12.3 billion, resulting in a surplus of $2.3 billion. May exports were $0.2 billion more than the $14.4 billion in April, while imports were virtually unchanged. Revisions Carry-over in May was $0.4 billion (0.7 percent) for exports and $0.7 billion (0.9 percent) for imports. For April, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.1 percent). For April, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.8 billion (1.1 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-98-120), Bureau of the Census, Foreign Trade Division, MAY 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.