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U.S. International Trade in Goods and Services - Annual Revision for 2013

Release date: June 4, 2014

Contents:


Notices

In this release and in the accompanying “U.S. International Trade in Goods and Services: April 2014,”release, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on both U.S. trade in goods and U.S. trade in services for January 1999 to March 2014.  The revised statistics will also be reflected in “U.S International Transactions: First Quarter 2014 and Annual Revisions” and in the U.S. international transactions accounts (ITAs), both to be released by BEA on June 18, 2014.

This annual revision has not changed the overall trend in the goods and services balance. On an annual basis for 1999–2013, the goods and services deficit was revised less than 2 percent for all years; for most years, the revisions were less than 1 percent. The goods deficit was revised downward for all years. For most years, the services surplus was also revised downward.

  • Goods and Services

    With the annual revision of the U.S. International Transactions Accounts (ITAs), BEA will also introduce new table presentations, including a new presentation of services, as part of a comprehensive restructuring of BEA’s international economic accounts. This change in presentation, combined with changes in definitions and classifications, enhances the quality and usefulness of the accounts for data users and brings the statistics into closer alignment with international guidelines. Table templates of the new presentation are available on BEA’s Web site. Additional information was presented in the March 2014 Survey of Current Business article, “The Comprehensive Restructuring of the International Economic Accounts: Changes in Definitions, Classifications, and Presentations.” Changes that impact the “U.S. International Trade in Goods and Services” release are discussed below. These changes do not impact the balance on goods and services.

    Beginning with statistics for 1999, net exports of goods under merchanting, which were previously included in exports of services under other private services, have been reclassified to exports of goods on a balance of payments (BOP) basis. These net exports reflect the net value of goods that are purchased and subsequently sold abroad without entering the United States. Because these goods do not cross the U.S. customs frontier, their value is not recorded in the data for goods on a Census basis. This reclassification was made through a new BOP adjustment. BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis, are combined and presented as net adjustments in this release.

    Beginning with statistics for 1999, the services categories shown in Exhibits 3 and 4 have changed, and the number of categories has increased from seven to nine. The new categories are: maintenance and repair services n.i.e. (not included elsewhere); transport; travel (for all purposes including education); insurance services; financial services; charges for the use of intellectual property n.i.e.; telecommunications, computer, and information services; other business services; and government goods and services n.i.e.

    The category other transportation is renamed transport and now includes passenger fares, which is no longer shown as a separate category in the trade release. However, a monthly series for passenger fares is available on BEA’s Web site at www.bea.gov/newsreleases/international/trade/trad_time_series.xls. The definition of travel is broadened to include health-related and education-related travel and the expenditures on goods and services by border, seasonal, and other short-term workers, all of which were previously included in other private services. To distinguish it from the old measure, the new measure is named travel (for all purposes including education). As with passenger fares, a monthly series for the old definition of travel is available on BEA’s Web site in the file referenced above. Royalties and license fees is renamed charges for the use of intellectual property n.i.e. Transfers under U.S. military agency sales contracts (for exports), direct defense expenditures (for imports), and U.S. government miscellaneous services (for exports and imports) are now part of government goods and services n.i.e. Maintenance and repair services n.i.e., financial services, and insurance services, all of which were previously included in other private services, are now shown as separate categories. Other business services consists of the remaining components of other private services.

  • Goods

    Exports and imports of goods on a Census basis for 2011–2013 were revised to apply corrections and adjustments to previously published not seasonally adjusted statistics. Statistics for 2013 were also revised to redistribute monthly data that arrived too late for inclusion in the month of transaction and were initially included in the month in which the data were received. Seasonal and trading-day adjustments were then recalculated, and the seasonally adjusted current-dollar series were revised beginning with statistics for 2011.

  • In addition to revised statistics on goods on a Census basis and to the new BOP adjustment for net exports of goods under merchanting described above, exports and imports of goods on a BOP basis were revised to incorporate newly available and revised source data on other BOP adjustments beginning with 2009.

  • Services

    In addition to the new categories described above, exports and imports of services were revised beginning with statistics for 1999 to incorporate 1) an improved estimation methodology for travel, 2) revised source data on the number of U.S. residents traveling abroad that resulted in revisions to travel (for all purposes including education) exports and imports and to transport imports, which include passenger fares, 3) revised seasonal adjustments, and 4) revised interpolations of quarterly source data to monthly statistics (see the information section on page A-4 of the “U.S. International Trade in Goods and Services: April 2014” release). Statistics beginning with 2011 were also revised to incorporate newly available and revised source data, primarily from BEA’s surveys of international services transactions.

  • Seasonally Adjusted Countries and Area for Goods and Services

    Beginning with this release, the “U.S. International Trade in Goods and Services: Annual Revision for 2013” report includes a new exhibit (Exhibit 19) that presents quarterly seasonally adjusted trade in goods and services on a balance of payments basis for selected major trading partner countries and areas. In the accompanying “U.S. International Trade in Goods and Services: April 2014” release, data for the fourth quarter of 2012 to the first quarter of 2014 are presented in Exhibit 20. Historical data beginning with 1999 and a list of frequently asked questions are available at www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. With the release of the ITAs on June 18, 2014, data for goods will be presented in new ITA table 2.2, and data for services will be presented in new ITA table 3.2.

    If you have questions or need additional information, please contact BEA’s Balance of Payments Division at InternationalAccounts@bea.gov.


Current Issue

Exhibit Number Title Format
Full Report
FT900 U.S. International Trade in Goods and Services - Annual Revision for 2013
Individual Exhibits
Seasonally Adjusted (by Commodity/Service)
Exhibit 1 U.S. International Trade in Goods and Services
Exhibit 2 U.S. Services by Major Category - Exports
Exhibit 3 U.S. Services by Major Category - Imports
Exhibit 4 U.S. Trade in Goods
Exhibit 5 Exports of Goods by Principal End-Use Category
Exhibit 5a Imports of Goods by Principal End-Use Category
Exhibit 6 Exports of Goods by End-Use Category and Commodity
Exhibit 7 Imports of Goods by End-Use Category and Commodity
Exhibit 8 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals
Exhibit 9 Real Exports of Goods by Principal End-Use Category - Chained (2009) Dollars
Exhibit 9a Real Imports of Goods by Principal End-Use Category - Chained (2009) Dollars
Exhibit 10 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals - Chained (2009) Dollars
Not Seasonally Adjusted
Exhibit 11 U.S. Trade in Goods
Exhibit 12 Exports of Goods by Principal End-Use Category
Exhibit 12a Imports of Goods by Principal End-Use Category
Exhibit 13 Exports, Imports, and Trade Balance by Country and Area: 2013
Exports, Imports, and Trade Balance by Country and Area: 2012
Exports, Imports, and Trade Balance by Country and Area: 2011
Exhibit 14 Exports and Imports of Goods by Principal SITC Commodity Groupings: Annual Totals
Exports and Imports of Goods by Principal SITC Commodity Groupings: 2013
Exports and Imports of Goods by Principal SITC Commodity Groupings: 2012
Exports and Imports of Goods by Principal SITC Commodity Groupings: 2011
Exhibit 15 Exports, Imports, and Balance of Advanced Technology Products
Exhibit 15a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas: Annual Totals
Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas: 2013
Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas: 2012
Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas: 2011
Exhibit 16 Imports of Energy-Related Petroleum Products, Including Crude Oil
Exhibit 17 Exports and Imports of Motor Vehicles and Parts by Selected Countries: Annual Totals
Exports and Imports of Motor Vehicles and Parts by Selected Countries: 2013
Exports and Imports of Motor Vehicles and Parts by Selected Countries: 2012
Exports and Imports of Motor Vehicles and Parts by Selected Countries: 2011
Seasonally Adjusted (by Geography)
Exhibit 18 U.S. Trade in Goods by Selected Countries and Areas - Census Basis
Exhibit 19 U.S. Trade in Goods and Services by Selected Countries and Areas - BOP Basis
Exhibit 19a U.S. Trade in Goods by Selected Countries and Areas - BOP Basis
Exhibit 19b U.S. Trade in Services by Selected Countries and Areas
Historical Data (1999-2010)
Exhibit 20 U.S. International Trade in Goods and Services
Exhibit 21 U.S. Services by Major Category - Exports
Exhibit 22 U.S. Services by Major Category - Imports

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December 2014
Trade Numbers

Deficit: $46.6 Billion
Exports: $194.9 Billion
Imports: $241.4 Billion

Next release: March 6, 2015
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Source: U.S. Census Bureau | Foreign Trade | ftdwebmaster@census.gov |  Last Revised: June 04, 2014