This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, December 17, 1998 CB-98-235 Press Copy FT-900 (98-10) 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 October 1998 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $79.6 billion and imports of $93.8 billion resulted in a goods and services deficit of $14.2 billion, $0.2 billion less than the $14.4 billion in September, revised. October exports were $2.2 billion more than September exports of $77.5 billion. October imports were $2.0 billion more than September imports of $91.8 billion. In October, the goods deficit decreased $0.2 billion from September to $20.6 billion, and the services surplus remained virtually unchanged at $6.4 billion. Exports of goods increased to $57.9 billion from $56.0 billion, and imports of goods increased to $78.6 billion from $76.8 billion. Exports of services increased to $21.7 billion from $21.5 billion and imports of services increased to $15.3 billion from $15.0 billion. Goods The September to October change in exports of goods reflected increases in foods, feeds, and beverages of $0.7 billion (primarily soybeans and wheat), capital goods ($0.6 billion), industrial supplies and materials ($0.6 billion), other goods ($0.1 billion), and consumer goods ($0.1 billion). Automotive vehicles, parts, and engines were virtually unchanged. The September to October change in imports of goods reflected increases in capital goods of $0.7 billion (primarily civilian aircraft and engines), industrial supplies and materials ($0.4 billion), automotive vehicles, parts, and engines ($0.3 billion), and consumer goods ($0.1 billion). Other goods and 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 increased $0.2 billion from September to October, mostly reflecting an increase in travel. Changes to the other categories of services exports were small. Services imports increased $0.2 billion from September to October, reflecting small increases in nearly all categories. Goods and Services Moving Average For the three months ending in October, exports of goods and services averaged $77.4 billion, while imports of goods and services averaged $92.4 billion, resulting in an average trade deficit of $15.1 billion. For the three months ending in September, the average trade deficit was $15.3 billion, reflecting average exports of $75.8 billion and average imports of $91.1 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Australia $0.6 (for September $0.5), Brazil $0.6 ($0.4), Argentina $0.4 ($0.3), Egypt $0.2 ($0.2), and Hong Kong $0.1 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$6.0 (-$5.1), China -$5.5 (-$5.9), Western Europe -$3.2 (-$1.8), Canada -$2.2 (-$2.2), Mexico -$1.7 (-$1.4), Taiwan -$1.3 (-$1.6), OPEC -$1.0 (-$0.9), Korea -$0.6 (-$0.8), and Singapore -$0.3 (-$0.3). Advanced technology products (ATP) exports were $17.2 billion in October and imports were $14.3 billion, resulting in a surplus of $2.9 billion. October exports were $1.3 billion more than the $15.9 billion in September, while imports were $0.3 billion more than the $14.0 billion in September. Revisions Goods carry-over in October was $0.7 billion (1.1 percent) for exports and $1.2 billion (1.4 percent) for imports. For September, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.7 billion (1.3 percent). For September, revised import carry-over was $0.2 billion (0.3 percent), revised down from $0.7 billion (0.9 percent). Services exports for September were revised up $0.2 billion to $21.5 billion. Services exports for August were revised down -$0.4 billion to $21.1 billion. These revisions were primarily attributable to travel and passenger fare exports, reflecting updated source data on foreign visitors to the United States. Services imports for both September and August were revised up $0.3 billion to $15.0 billion and $15.1 billion, respectively. These revisions, primarily to other private services, reflected updated survey data. 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-98-235), Bureau of the Census, Foreign Trade Division, October 1998. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.