This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, March 18, 1999 CB-99-55 Press Copy FT-900 (99-01) 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 January 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total January exports of $76.8 billion and imports of $93.8 billion resulted in a goods and services deficit of $17.0 billion, $2.9 billion more than the $14.1 billion in December, revised. January exports were $1.1 billion less than December exports of $77.9 billion. January imports were $1.8 billion more than December imports of $91.9 billion. In January, the goods deficit increased $2.9 billion from December to $23.4 billion, and the services surplus was virtually unchanged at $6.4 billion. Exports of goods decreased to $54.8 billion from $56.1 billion, and imports of goods increased to $78.3 billion from $76.6 billion. Exports of services increased to $21.9 billion from $21.7 billion, and imports of services increased to $15.5 billion from $15.3 billion. Goods The December to January change in exports of goods reflected decreases in industrial supplies and materials of $0.5 billion (primarily cotton and fertilizers), foods, feeds, and beverages ($0.4 billion), other goods ($0.3 billion), automotive vehicles, parts, and engines ($0.2 billion), and capital goods ($0.2 billion). Consumer goods were virtually unchanged. The December to January change in imports of goods reflected increases in capital goods of $0.7 billion (primarily computer accessories), consumer goods ($0.5 billion), other goods ($0.2 billion),industrial supplies and materials ($0.2 billion), automotive vehicles, parts, and engines ($0.1 billion), and foods, feeds, and beverages ($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 $0.2 billion from December to January, reflecting small increases in nearly all categories. Services imports increased $0.2 billion from December to January, mostly reflecting an increase in travel. Changes to the other categories of services imports were small. Goods and Services Moving Average For the three months ending in January, exports of goods and services averaged $77.9 billion, while imports of goods and services averaged $93.3 billion, resulting in an average trade deficit of $15.4 billion. For the three months ending in December, the average trade deficit was $14.4 billion, reflecting average exports of $79.1 billion and average imports of $93.5 billion. Selected Not Seasonally Adjusted Goods Details The January figures showed surpluses, in billions of dollars, with Australia $0.4 (for December $0.4), Brazil $0.3 ($0.6), Argentina $0.2 ($0.3), Egypt $0.2 ($0.3), Hong Kong $0.1 ($0.3) and Singapore $0.1 (virtually zero). Deficits were recorded, in billions of dollars, with China -$4.9 (-$4.0), Japan -$4.7 (-$5.9), Canada -$2.7 (-$2.2), Mexico -$1.4 (-$1.3), Western Europe -$1.4 (-$3.4), Taiwan -$1.2 (-$1.2), OPEC -$0.9 (-$0.1) and Korea -$0.5 ($0.3). Advanced technology products (ATP) exports were $15.5 billion in January and imports were $12.1 billion, resulting in a surplus of $3.5 billion. January exports were $3.5 billion less than the $19.0 billion in December, while imports were $1.6 billion less than the $13.7 billion in December. Revisions Goods carry-over in January was $0.5 billion (1.0 percent) for exports and $0.8 billion (1.1 percent) for imports. For December, revised export carry-over was $0.3 billion (0.5 percent), revised down from $1.1 billion (1.9 percent). For December, revised import carry-over was $0.2 billion (0.3 percent), revised down from $1.1 billion (1.4 percent). Services exports and imports for January through December 1998 were revised to reflect BEA's revised quarterly U.S. international transactions accounts (ITA's), which were released March 11 (see the Information on Goods and Services section at the end of this release for the monthly revision policy). For July through December 1998, the revised quarterly and monthly estimates are based on more complete source data than were available previously. For services exports, the largest revisions were in other private services, royalties and license fees, and travel. For services imports, the largest revisions were in other private services and travel. In addition, all months of 1998 include revisions from forcing the seasonally adjusted months to sum to the quarterly and annual totals in the ITA's. For December, services exports were revised down $0.2 billion and services imports were revised down $0.1 billion. The revision to both exports and imports were more than accounted for by other private services. 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-99-55), Bureau of the Census, Foreign Trade Division, January 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.