This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, June 17, 1999 CB-99-108 Press Copy FT-900 (99-04) For information on goods contact: Bureau of the Census: Haydn R. Mearkle (301) 457-2311 (301) 457-2246 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 April 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $78.0 billion and imports of $97.0 billion resulted in a goods and services deficit of $18.9 billion, virtually the same as in March, revised. April exports were $1.0 billion more than March exports of $77.1 billion. April imports were $1.0 billion more than March imports of $96.0 billion. In April, the goods deficit decreased $0.1 billion from March to $25.5 billion, and the services surplus decreased $0.1 billion to $6.6 billion. Exports of goods increased to $55.1 billion from $54.3 billion, and imports of goods increased to $80.7 billion from $80.0 billion. Exports of services increased to $22.9 billion from $22.7 billion, and imports of services increased to $16.3 billion from $16.0 billion. Goods The March to April change in exports of goods reflected increases in automotive vehicles, parts, and engines of $0.3 billion (primarily passenger cars and parts); capital goods ($0.3 billion); consumer goods ($0.2 billion); industrial supplies and materials ($0.2 billion); and foods, feeds, and beverages ($0.2 billion). A decrease occurred in other goods ($0.4 billion). The March to April change in imports of goods reflected increases in industrial supplies and materials of $1.0 billion (primarily crude petroleum and petroleum products); consumer goods ($0.4 billion); capital goods ($0.3 billion); and foods, feeds, and beverages ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.9 billion) and other goods ($0.3 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 increased $0.1 billion from March to April. The increase was mostly accounted for by an increase in travel. Changes to the other categories of services exports were small and nearly offsetting. Services imports increased $0.3 billion from March to April, reflecting small increases in all categories. Goods and Services Moving Average For the three months ending in April, exports of goods and services averaged $77.4 billion, while imports of goods and services averaged $96.2 billion, resulting in an average trade deficit of $18.8 billion. For the three months ending in March, the average trade deficit was $17.9 billion, reflecting average exports of $77.4 billion and average imports of $95.3 billion. Selected Not Seasonally Adjusted Goods Details The April figures showed surpluses, in billions of dollars, with Australia $0.4 (for March $0.6), Hong Kong $0.3 ($0.5), Egypt $0.2 ($0.2), Argentina $0.2 ($0.1), and Brazil $0.2 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$5.6 (-$6.5), China -$4.8 (-$4.1), Western Europe -$2.9 (-$3.2), Canada -$2.2 (-$2.2), OPEC -$1.8 (-$0.6), Mexico -$1.7 (-$2.5), Taiwan -$1.3 (-$1.4), Korea -$0.2 (-$0.5), and Singapore -$0.2 ($0.2). Advanced technology products (ATP) exports were $16.1 billion in April and imports were $13.7 billion, resulting in a surplus of $2.4 billion. April exports were $2.0 billion less than the $18.0 billion in March, while imports were $0.8 billion less than the $14.5 billion in March. Revisions Goods carry-over in April was $0.6 billion (1.1 percent) for exports and $0.9 billion (1.1 percent) for imports. For March, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.6 billion (1.0 percent). For March, revised import carry-over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.8 percent). Revisions to services exports and imports for the month of March and for all months shown in this release reflect updated source data and the incorporation of annual revisions to the U.S.international transactions accounts. In addition, services exports and imports have been redefined to bring them into alignment with the concepts used in the U.S. national income and product accounts and into closer conformity with international guidelines established by the International Monetary Fund. 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 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 NOTICE With this release, the Bureau of the Census and the Bureau of Economic Analysis are publishing revised U.S. goods and services trade statistics for 1997, 1998, and the first quarter of 1999. Also released today was the "U.S. International Trade in Goods and Services Annual Revision for 1998," which contains revised goods and services data for 1992-1998. More detailed information will be provided in the July issue of the Survey of Current Business. Goods The 1998 unadjusted Census basis goods data were revised to eliminate "carry-over" (that portion of the monthly statistics that arrive too late for inclusion in the transaction month) and to include errata (corrections to the published monthly data). The 1997 unadjusted Census basis goods data were also revised based on new source data for imports of automobiles from Canada (see table 17a on page 58 of the "U.S. International Trade in Goods and Services Annual Revision for 1998"). Once these corrections were completed, factors for seasonal adjustments, working day adjustments, and constant dollars were recomputed, and the seasonally adjusted and constant dollars series were revised for 1996, 1997, 1998, and the first quarter of 1999. Services The services account has been redefined in order to bring it into alignment with the concepts used in the U.S. national income and product accounts and into closer conformity with international guidelines established by the International Monetary Fund. Compensation of foreign workers temporarily employed in the United States and of U.S. workers temporarily employed abroad, which until now has been included indistinguishably as a component of "Other private services", is removed from both services receipts and payments for all time periods shown in this release. (The amounts removed are reclassified to the income account of the U.S. international transactions accounts, which are released separately by the Bureau of Economic Analysis). As a result of this redefinition, service payments are reduced more than service receipts, thereby increasing the services surplus. Other revisions to the services account result from the use of newly developed data for travel payments for 1997-98, the incorporation of results from annual surveys, and newly available and updated source data. SOURCE: Report FT900 (CB-99-108), Bureau of the Census, Foreign Trade Division, April 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or (301-457-2311), Foreign Trade Division.