This release contains sensitive economic data not to be released before 8:30 a.m. Tuesday, September 21, 1999 CB-99-169 Press Copy FT-900 (99-07) 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 July 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $79.0 billion and imports of $104.2 billion resulted in a goods and services deficit of $25.2 billion, $0.6 billion more than the deficit of $24.6 billion in June, revised. July exports were $0.4 billion more than June exports of $78.6 billion. July imports were $1.0 billion more than June imports of $103.2 billion. In July, the goods deficit increased $0.5 billion from June to $31.7 billion, and the services surplus decreased $0.1 billion to $6.5 billion. Exports of goods increased to $55.8 billion from $55.5 billion, and imports of goods increased to $87.5 billion from $86.7 billion. Exports of services were virtually unchanged at $23.2 billion, and imports of services increased to $16.7 billion from $16.6 billion. Goods The June to July change in exports of goods reflected increases in capital goods of $1.0 billion (primarily semiconductors, medicinal equipment, and drilling and oilfield equipment) and consumer goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.4 billion); other goods ($0.3 billion); industrial supplies and materials ($0.2 billion); and foods, feeds, and beverages ($0.1 billion). The June to July change in imports of goods reflected increases in industrial supplies and materials of $0.4 billion (primarily crude petroleum, organic chemicals, and lumber); consumer goods ($0.4 billion); capital goods ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in foods, feeds, and beverages ($0.1 billion). Other goods 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 June to July. An increase in travel was partly offset by small decreases in several other categories. Services imports increased $0.1 billion from June to July, reflecting small increases in nearly all categories. Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $78.5 billion, while imports of goods and services averaged $102.3 billion, resulting in an average trade deficit of $23.7 billion. For the three months ending in June, the average trade deficit was $21.6 billion, reflecting average exports of $78.2 billion and average imports of $99.8 billion. Selected Not Seasonally Adjusted Goods Details The July figures showed surpluses, in billions of dollars, with Australia $0.5 (for June $0.5), Egypt $0.2 ($0.2), Argentina $0.1 ($0.2), Brazil $0.1 ($0.1), and Hong Kong $0.1 ($0.1). Deficits were recorded, in billions of dollars, with Western Europe -$6.8 (-$4.9), Japan -$6.8 (-$6.3), China -$6.3 (-$5.7), Canada -$3.3 (-$2.6), Mexico -$2.1 (-$2.5), OPEC -$1.9 (-$2.0), Taiwan -$1.3 (-$1.5), Korea -$0.8 (-$0.7), and Singapore -$0.4 (-$0.2). Advanced technology products (ATP) exports were $15.6 billion in July and imports were $16.0 billion, resulting in a deficit of $0.4 billion. July exports were $0.9 billion less than the $16.5 billion in June, while imports were $0.2 billion more than the $15.8 billion in June. Revisions Goods carry-over in July was $0.8 billion (1.5 percent) for exports and $1.1 billion (1.3 percent) for imports. For June, revised export carry-over was $0.2 billion (0.3 percent), revised down from $0.9 billion (1.6 percent). For June, revised import carry-over was $0.1 billion (0.1 percent), revised down from $1.0 billion (1.1 percent). Services exports and imports for January through June 1999 were revised to incorporate BEA's quarterly U.S. international transactions accounts, which were released September 14 (see the Information on Goods and Services section at the end of this release for the monthly revision policy). The revised quarterly and monthly estimates are based on more complete source data than were available previously. Services exports for June were revised up $0.1 billion to $23.3 billion; increases in several categories were partly offset by decreases in others. Services imports for June were revised up $0.3 billion to $16.6 billion; the revision was largely attributable to increases in other private services and other transportation. 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-99-169), Bureau of the Census, Foreign Trade Division, July 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.