This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday, April 20, 1999 CB-99-73 Press Copy FT-900 (99-02) 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 February 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total February exports of $76.6 billion and imports of $96.0 billion resulted in a goods and services deficit of $19.4 billion, $2.6 billion more than the $16.8 billion in January, revised. February exports were $0.5 billion less than January exports of $77.1 billion. February imports were $2.1 billion more than January imports of $93.9 billion. In February, the goods deficit increased $2.9 billion from January to $26.2 billion, and the services surplus increased $0.3 billion to $6.7 billion. Exports of goods decreased to $54.3 billion from $55.2 billion, and imports of goods increased to $80.5 billion from $78.4 billion. Exports of services increased to $22.3 billion from $21.9 billion and imports of services of $15.5 billion were up slightly. Goods The January to February change in exports of goods reflected decreases in capital goods of $1.1 billion (primarily civilian aircraft); foods, feeds, and beverages ($0.1 billion); and other goods ($0.1 billion). Increases occurred in automotive vehicles, parts, and engines ($0.3 billion); consumer goods ($0.2 billion); and industrial supplies and materials ($0.1 billion). The January to February change in imports of goods reflected increases in consumer goods of $1.0 billion (primarily apparel products; toys, games, and sporting goods; and televisions and other video equipment); automotive vehicles, parts, and engines ($0.7 billion); and capital goods ($0.7 billion). Decreases occurred in industrial supplies and materials ($0.2 billion); foods, feeds, and beverages ($0.1 billion); and 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 $0.3 billion from January to February, mostly reflecting an increase in other private services; this category includes services such as business, professional, and technical services, financial services, and education. Changes to the other categories of services exports were small. Services imports increased $0.1 billion from January to February, reflecting small changes in all categories. Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $77.2 billion, while imports of goods and services averaged $94.0 billion, resulting in an average trade deficit of $16.8 billion. For the three months ending in January, the average trade deficit was $15.3 billion, reflecting average exports of $78.0 billion and average imports of $93.3 billion. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Australia $0.5 (for January $0.4), Argentina $0.2 ($0.2), Hong Kong $0.2 ($0.1), Brazil $0.2 ($0.3), and Egypt $0.2 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$5.3 (-$4.7), China -$4.6 (-$4.9), Canada -$2.4 (-$2.5), Western Europe -$2.2 (-$1.4), Mexico -$1.8 (-$1.4), Taiwan -$1.2 (-$1.2), Korea -$0.6 (-$0.5), OPEC -$0.5 (-$0.9), and Singapore -$0.1 ($0.1). Advanced technology products (ATP) exports were $14.9 billion in February and imports were $12.5 billion, resulting in a surplus of $2.4 billion. February exports were $0.6 billion less than the $15.5 billion in January, while imports were $0.5 billion more than the $12.1 billion in January. Revisions Goods carry-over in February was $0.8 billion (1.5 percent) for exports and $1.1 billion (1.5 percent) for imports. For January, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.5 billion (1.0 percent). For January, revised import carry-over was $0.2 billion (0.3 percent), revised down from $0.8 billion (1.1 percent). Services exports for January were virtually unrevised at $21.9 billion. Services imports for January were virtually unrevised at $15.5 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-99-73), Bureau of the Census, Foreign Trade Division, February 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.