This release contains sensitive economic data not to be released before 8:30 a.m. Wednesday, October 20, 1999 CB-99-202 Press Copy FT-900 (99-08) For information on goods contact: Bureau of the Census: Haydn R. Mearkle (301) 457-2246 Nick Orsini (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 August 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $82.0 billion and imports of $106.1 billion resulted in a goods and services deficit of $24.1 billion, $0.8 billion less than the deficit of $24.9 billion in July, revised. August exports were $2.9 billion more than July exports of $79.1 billion. August imports were $2.1 billion more than July imports of $104.0 billion. In August, the goods deficit decreased $0.8 billion from July to $30.6 billion, and the services surplus was virtually unchanged at $6.5 billion. Exports of goods increased to $58.8 billion from $55.9 billion, and imports of goods increased to $89.4 billion from $87.3 billion. Exports of services were virtually unchanged at $23.2 billion, and imports of services increased to $16.8 billion from $16.7 billion. Goods The July to August change in exports of goods reflected increases in capital goods of $1.6 billion (primarily civilian aircraft); industrial supplies and materials ($0.9 billion); automotive vehicles, parts, and engines ($0.6 billion); and foods, feeds, and beverages ($0.1 billion). Decreases occurred in other goods ($0.4 billion) and consumer goods ($0.1 billion). The July to August change in imports of goods reflected increases in industrial supplies and materials of $1.2 billion (primarily crude petroleum); other goods ($0.4 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.1 billion). A decrease occurred in capital goods ($0.4 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 were virtually unchanged from July to August, as small increases were largely offset by small decreases. Services imports increased $0.1 billion from July to August, reflecting an increase in other transportation. Changes in the other categories of services imports were small and mostly offsetting. Goods and Services Moving Average For the three months ending in August, exports of goods and services averaged $79.9 billion, while imports of goods and services averaged $104.5 billion, resulting in an average trade deficit of $24.5 billion. For the three months ending in July, the average trade deficit was $23.6 billion, reflecting average exports of $78.6 billion and average imports of $102.2 billion. Selected Not Seasonally Adjusted Goods Details The August figures showed surpluses, in billions of dollars, with Australia $0.4 (for July $0.5), Argentina $0.2 ($0.1), Egypt $0.1 ($0.2), Singapore $0.1 (-$0.4). Deficits were recorded, in billions of dollars, with China -$6.9 (-$6.3), Japan -$6.4 (-$6.8), Western Europe -$4.4 (-$6.8), Canada -$3.5 (-$3.1), OPEC -$2.7 (-$1.9), Mexico -$2.2 (-$2.1), Taiwan -$1.4 (-$1.3), and Korea -$0.4 (-$0.8). Advanced technology products (ATP) exports were $16.6 billion in August and imports were $15.4 billion, resulting in a surplus of $1.1 billion. August exports were $0.9 billion more than the $15.6 billion in July, while imports were $0.6 billion less than the $16.0 billion in July. Revisions Goods carry-over in August was $0.7 billion (1.2 percent) for exports and $0.8 billion (0.9 percent) for imports. For July, revised export carry-over was $0.2 billion (0.4 percent), revised down from $0.8 billion (1.5 percent). For July, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.1 billion (1.3 percent). Services exports for July were virtually unrevised at $23.2 billion. Services imports for July were virtually unrevised at $16.7 billion. 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-99-202), Bureau of the Census, Foreign Trade Division, August 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.