This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, May 20, 1999 CB-99-89 Press Copy FT-900 (99-03) For information on goods contact: Bureau of the Census: Haydn R. Mearkle (301) 457-2311 (301) 457-2246 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 March 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $77.5 billion and imports of $97.2 billion resulted in a goods and services deficit of $19.7 billion, $0.6 billion more than the $19.1 billion in February, revised. March exports were $0.7 billion more than February exports of $76.8 billion. March imports were $1.3 billion more than February imports of $95.9 billion. In March, the goods deficit increased $0.5 billion from February to $26.5 billion, and the services surplus was virtually unchanged at $6.8 billion. Exports of goods increased to $54.9 billion from $54.4 billion, and imports of goods increased to $81.3 billion from $80.3 billion. Exports of services increased to $22.6 billion from $22.4 billion, and imports of services increased to $15.9 billion from $15.7 billion. Goods The February to March change in exports of goods reflected increases in capital goods of $0.4 billion (primarily telecommunications equipment and generators); industrial supplies and materials ($0.4 billion); and foods, feeds and beverages ($0.1 billion). Decreases occurred in other goods ($0.3 billion); consumer goods ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). The February to March change in imports of goods reflected increases in industrial supplies and materials of $0.8 billion (primarily crude petroleum and iron and steel mill products); other goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.4 billion). Decreases occurred in capital goods ($0.4 billion) and consumer goods ($0.2 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 increased $0.2 billion from February to March. The increase was accounted for about equally by travel and other private services; the latter 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 $0.2 billion from February to March, reflecting small increase in nearly all categories. Goods and Services Moving Average For the three months ending in March, exports of goods and services averaged $77.1 billion, while imports of goods and services averaged $95.7 billion, resulting in an average trade deficit of $18.6 billion. For the three months ending in January, the average trade deficit was $16.7 billion, reflecting average exports of $77.3 billion and average imports of $93.9 billion. Selected Not Seasonally Adjusted Goods Details The March figures showed surpluses, in billions of dollars, with Australia $0.6 (for February $0.5), Hong Kong $0.5 ($0.2), Egypt $0.2 ($0.2), Argentina $0.1 ($0.2), and Brazil $0.1 ($0.2). Deficits were recorded, in billions of dollars, with Japan -$6.5 (-$5.3), China -$4.1 (-$4.6), Western Europe -$3.2 (-$2.2), Mexico -$2.5 (-$2.0), Canada -$2.4 (-$2.2), Taiwan -$1.4 (-$1.2), OPEC -$0.6 (-$0.5), Korea -$0.5 ($0.6), and Singapore -$0.2 (-$0.1). Advanced technology products (ATP) exports were $18.0 billion in March and imports were $14.5 billion, resulting in a surplus of $3.5 billion. March exports were $3.1 billion more than the $14.9 billion in February, while imports were $2.0 billion more than the $12.5 billion in February. Revisions Goods carry-over in March was $0.6 billion (1.0 percent) for exports and $0.7 billion (0.8 percent) for imports. For February, revised export carry-over was $0.3 billion (0.6 percent), revised down from $0.8 billion (1.5 percent). For February, revised import carry-over was $0.3 billion (0.4 percent), revised down from $1.1 billion (1.5 percent). Services exports for February were revised up $0.2 billion to $22.4 billion. The revision was more than accounted for by transfers under U.S. military sales contracts, which now includes updated source data. Services imports for February were revised up $0.1 billion to $15.7 billion. The revision was primarily attributable to small increases in travel and other transportation, reflecting updated source data. 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-99-89), Bureau of the Census, Foreign Trade Division, March 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or (301-457-2311), Foreign Trade Division.