This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, January 21, 1999 CB-99-14 Press Copy FT-900 (98-11) 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 November 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $78.7 billion and imports of $94.1 billion resulted in a goods and services deficit of $15.5 billion, $1.9 billion more than the $13.6 billion in October, revised. November exports were $1.6 billion less than October exports of $80.2 billion. November imports were $0.3 billion more than October imports of $93.8 billion. In November, the goods deficit increased $1.7 billion from October to $21.9 billion, and the services surplus decreased $0.2 billion to $6.4 billion. Exports of goods decreased to $56.8 billion from $58.3 billion, and imports of goods increased to $78.7 billion from $78.5 billion. Exports of services decreased to $21.8 billion from $21.9 billion and imports of services increased to $15.4 billion from $15.3 billion. Goods The October to November change in exports of goods reflected decreases in capital goods of $1.0 billion (primarily civilian aircraft, computer accessories, and semiconductors) , consumer goods ($0.3 billion), foods, feeds, and beverages ($0.2 billion), and industrial supplies and materials ($0.1 billion). An increase occurred in automotive vehicles, parts, and engines of $0.4 billion. Other goods were virtually unchanged. The October to November change in imports of goods reflected increases in capital goods of $0.4 billion (primarily semiconductors, computer accessories and telecommunications equipment), automotive vehicles, parts, and engines ($0.3 billion), and consumer goods ($0.1 billion). A decrease occurred in industrial supplies and materials of $0.5 billion. Foods, feeds, and beverages and 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 decreased $0.1 billion from October to November. Small decreases in several categories of services exports were partially offset by small increases in others. Services imports increased $0.1 billion from October to November, reflecting small increases in nearly all categories. Goods and Services Moving Average For the three months ending in November, exports of goods and services averaged $78.8 billion, while imports of goods and services averaged $93.3 billion, resulting in an average trade deficit of $14.5 billion. For the three months ending in October, the average trade deficit was $14.9 billion, reflecting average exports of $77.6 billion and average imports of $92.4 billion. Selected Not Seasonally Adjusted Goods Details The November figures showed surpluses, in billions of dollars, with Australia $0.5 (for October $0.6), Brazil $0.5 ($0.6), OPEC $0.3 (-$1.0), Egypt $0.3 ($0.2), Argentina $0.2 ($0.4) and Hong Kong $0.2 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$5.8 (-$6.0), China -$5.0 (-$5.5), Western Europe -$3.0 (-$3.2), Canada -$2.0 (-$1.9), Mexico -$1.2 (-$1.7), Taiwan -$1.1 (-$1.3), Korea -$0.5 (-$0.6), and Singapore -$0.3 (-$0.3). Advanced technology products (ATP) exports were $16.5 billion in November and imports were $13.9 billion, resulting in a surplus of $2.6 billion. November exports were $0.7 billion less than the $17.2 billion in October, while imports were $0.4 billion less than the $14.3 billion in October. Revisions Goods carry-over in November was $0.8 billion (1.4 percent) for exports and $1.0 billion (1.3 percent) for imports. For October, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.7 billion (1.1 percent). For October, revised import carry-over was $0.3 billion (0.4 percent), revised down from $1.2 billion (1.4 percent). Services exports for October were revised up $0.2 billion to $21.9 billion. The revision was primarily attributable to travel, which now includes updated source data on foreign visitors to the United States. Services imports for October were virtually unrevised at $15.3 billion. NOTICE Scheduled Release Dates for 1999 are Located on Page 29 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-99-14), Bureau of the Census, Foreign Trade Division, November 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.