This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, December 16, 1999 CB-99-241 Press Copy FT-900 (99-10) 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 October 1999 Goods and Services The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $81.9 billion and imports of $107.9 billion resulted in a goods and services deficit of $25.9 billion, $1.8 billion more than the deficit of $24.2 billion in September, revised. October exports were $0.1 billion less than September exports of $82.0 billion. October imports were $1.7 billion more than September imports of $106.2 billion. In October, the goods deficit increased $1.8 billion from September to $32.0 billion, and the services surplus was unchanged at $6.1 billion. Exports of goods decreased to $58.7 billion from $58.9 billion, and imports of goods increased to $90.7 billion from $89.1 billion. Exports of services increased to $23.2 billion from $23.1 billion and imports of services increased to $17.2 billion from $17.0 billion. Goods The September to October change in exports of goods reflected decreases in capital goods of $0.4 billion (primarily telecommunications equipment); other goods ($0.3 billion); consumer goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion). Increases occurred in industrial supplies and materials ($0.3 billion) and in automotive vehicles, parts, and engines ($0.1 billion). The September to October change in imports of goods reflected increases in capital goods of $0.9 billion (primarily computers, computer accessories, and semiconductors); consumer goods ($0.7 billion); industrial supplies and materials ($0.4 billion); and other goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.3 billion) and in 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 $0.1 billion from September to October as an increase in other private services more than offset a decrease in transfers under U.S. military sales contracts. Changes to the other categories of services exports were small. Services imports increased $0.1 billion from September to October, 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 October, exports of goods and services averaged $82.0 billion, while imports of goods and services averaged $106.7 billion, resulting in an average trade deficit of $24.7 billion. For the three months ending in September, the average trade deficit was $24.5 billion, reflecting average exports of $81.0 billion and average imports of $105.5 billion. Selected Not Seasonally Adjusted Goods Details The October figures showed surpluses, in billions of dollars, with Australia $0.8 (for September $0.6), Brazil $0.4 ($0.1), Argentina $0.2 ($0.3), Egypt $0.2 ($0.2), and Hong Kong $0.0 ($0.1). Deficits were recorded, in billions of dollars, with Japan -$7.2 (-$6.6), China -$7.2 (-$6.9), Western Europe -$5.0 (-$3.5), Canada -$3.2 (-$2.8), OPEC -$2.7 (-$3.0), Mexico -$1.4 (-$2.2), Taiwan -$1.1 (-$1.5), Korea -$1.0 (-$0.9), and Singapore -$0.2 ($0.0). Advanced technology products (ATP) exports were $17.5 billion in October and imports were $16.7 billion, resulting in a surplus of $0.7 billion. October exports were $0.5 billion more than the $17.0 billion in September, while imports were $0.6 billion more than the $16.1 billion in September. Revisions Goods carry-over in October was $1.0 billion (1.6 percent) for exports and $0.9 billion (1.0 percent) for imports. For September, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.7 billion (1.2 percent). For September, revised import carry-over was $0.3 billion (0.3 percent), revised down from $1.1 billion (1.2 percent). Services exports and imports for April through September 1999 were revised to incorporate BEA's quarterly U.S. international transactions accounts, which were released December 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 September were revised down $0.1 billion, reflecting small downward revisions to most categories. Services imports for September were revised up $0.1 billion, as an upward revision to other private services more than offset a downward revision to royalties and license fees. NOTICE Scheduled Release Dates for 2000 are Located on Page 29 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-99-241), Bureau of the Census, Foreign Trade Division, October 1999. For more information, contact Haydn R. Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign Trade Division.