This release contains sensitive economic data not to be released before 8:30 a.m. Friday, February 18, 2000 CB-00-28 Press Copy FT-900 (99-12) 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 December 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $85.2 billion and imports of $110.7 billion resulted in a goods and services deficit of $25.5 billion, $1.6 billion less than the deficit of $27.1 billion in November, revised. December exports were $2.7 billion more than November exports of $82.5 billion. December imports were $1.1 billion more than November imports of $109.6 billion. In December, the goods deficit decreased $1.4 billion from November to $31.5 billion, and the services surplus increased $0.2 billion to $5.9 billion. Exports of goods increased to $61.7 billion from $59.2 billion, and imports of goods increased to $93.2 billion from $92.1 billion. Exports of services increased to $23.4 billion from $23.3 billion, and imports of services of $17.5 billion were virtually unchanged. Goods The November to December change in exports of goods reflected increases in capital goods of $2.1 billion (primarily civilian aircraft); automotive vehicles, parts, and engines ($0.4 billion); consumer goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in industrial supplies and materials ($0.1 billion). Other goods were virtually unchanged. The November to December change in imports of goods reflected increases in automotive vehicles, parts, and engines of $0.5 billion (primarily passenger cars); industrial supplies and materials ($0.3 billion); consumer goods ($0.2 billion); capital goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in other goods ($0.1 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 November to December. The increase was mostly accounted for by a small increase in other private services; this category includes services such as business, professional, and technical services, financial services, and education services. Services imports in December were virtually the same as in November. Small decreases in several categories of services imports were nearly offset by small increases in others. Goods and Services Moving Average For the three months ending in December, exports of goods and services averaged $83.3 billion, while imports of goods and services averaged $109.4 billion, resulting in an average trade deficit of $26.1 billion. For the three months ending in November, the average trade deficit was $25.6 billion, reflecting average exports of $82.2 billion and average imports of $107.9 billion. Selected Not Seasonally Adjusted Goods Details The December figures showed surpluses, in billions of dollars, with Australia $0.5 (for November $0.8), Hong Kong $0.3 ($0.2), Egypt $0.2 ($0.2), Argentina $0.2 ($0.2), and Brazil $0.0 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$7.0 (-$6.4), China -$5.6 (-$6.5), Western Europe -$3.9 (-$5.5), Canada -$3.4 (-$3.0), Taiwan -$1.2 (-$1.6), OPEC -$1.2 (-$2.8), Mexico -$0.9 (-$1.7), Korea -$0.8 (-$1.2), and Singapore -$0.1 (-$0.3). Advanced technology products (ATP) exports were $20.4 billion in December and imports were $17.1 billion, resulting in a surplus of $3.3 billion. December exports were $4.1 billion more than the $16.2 billion in November, while imports were $0.2 billion more than the $16.8 billion in November. Revisions Goods carry-over in December was $1.0 billion (1.6 percent) for exports and $1.1 billion (1.2 percent) for imports. For November, revised export carry- over was $0.1 billion (0.2 percent), revised down from $1.0 billion (1.6 percent). For November, revised import carry-over was $0.4 billion (0.4 percent), revised down from $1.3 billion (1.4 percent). Services exports for November were virtually unrevised at $23.3 billion. Services imports for November were revised up $0.1 billion to $17.6 billion. The revision was primarily attributable to other transportation and reflects the incorporation of newly available source data. Scheduled Release Dates are Located on Page 29 Annual Summary for 1999 Goods and Services For 1999, exports of $958.5 billion and imports of $1,229.8 billion resulted in a goods and services deficit of $271.3 billion, $107.0 billion more than the 1998 deficit of $164.3 billion. For goods, exports were $683.0 billion and imports were $1,030.2 billion, resulting in a goods deficit of $347.1 billion, $100.2 billion more than the 1998 deficit of $246.9 billion. For services, exports were $275.5 billion and imports were $199.7 billion, resulting in a services surplus of $75.8 billion, $6.8 billion less than the 1998 surplus of $82.7 billion. Goods (census basis) For 1999, exports of goods were up $12.9 billion from 1998. Increases occurred in capital goods of $11.0 billion (primarily semiconductors and electrical apparatus); automotive vehicles, parts, and engines ($1.5 billion); other goods ($1.4 billion); and consumer goods ($1.4 billion). Decreases occurred in industrial supplies and materials ($1.3 billion) and foods, feeds, and beverages ($1.1 billion). For 1999, imports of goods were up $113.1 billion from 1998. Increases occurred in automotive vehicles, parts, and engines of $30.5 billion (primarily passenger cars and trucks and buses); capital goods ($27.3 billion); consumer goods ($23.1 billion); industrial supplies and materials ($21.4 billion); other goods ($8.5 billion); and foods, feeds, and beverages ($2.3 billion). Services For 1999, exports of services were up $11.8 billion from 1998. Increases occurred in other private services ($6.5 billion), mostly business, professional, and technical services and financial services; travel ($2.4 billion); other transportation ($1.8 billion); passenger fares ($1.0 billion); and royalties and license fees ($0.6 billion). Transfers under U.S. military sales contracts decreased $0.6 billion. U.S. Government miscellaneous services were virtually unchanged. For 1999, imports of services were up $18.6 billion from 1998. Increases occurred in all categories: Other private services ($5.0 billion), mostly affiliated services and business, professional, and technical services; travel ($4.6 billion); other transportation ($4.1 billion); direct defense expenditures ($2.1 billion); passenger fares ($1.6 billion); royalties and license fees ($1.1 billion); and U.S. Government miscellaneous services ($0.1 billion). For detailed descriptions of the types of transactions included in each of the services categories, see "Information on Goods and Services" starting on page 26 of this release. 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-00-28), Bureau of the Census, Foreign Trade Division, December 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.