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United States Department of
COMMERCE NEWS
Washington, D.C. 20230
ECONOMICS
AND
STATISTICS
ADMINISTRATION
------------
U.S. Census Bureau
Bureau of Economic Analysis
This release contains sensitive economic data not to be released before
8:30 a.m. Wednesday,
March 12, 2003
CB-03-45 Press Copy
FT-900 (03-01)
For information on goods contact:
U.S. Census Bureau:
Haydn R. Mearkle (301) 763-2246
Nick Orsini (301) 763-2311
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 2003
Goods and Services
The U.S. Census Bureau and the Bureau of Economic Analysis, through the
Department of Commerce, announced today that total January exports of
$81.9 billion and imports of $123.0 billion resulted in a goods and
services deficit of $41.1 billion, $3.8 billion less than the $44.9
billion in December, revised. January exports were $1.3 billion more
than December exports of $80.6 billion. January imports were $2.5
billion less than December imports of $125.5 billion.
In January, the goods deficit decreased $3.7 billion from December to
$44.8 billion, and the services surplus increased $0.1 billion to $3.7
billion. Exports of goods increased $1.4 billion to $56.8 billion, and
imports of goods decreased $2.3 billion to $101.6 billion. Exports of
services decreased to $25.1 billion from $25.2 billion, and imports of
services decreased to $21.4 billion from $21.6 billion.
Goods
The December to January change in exports of goods reflected increases
in capital goods ($0.6 billion); consumer goods ($0.5 billion); industrial
supplies and materials ($0.4 billion); and automotive vehicles, parts,
and engines ($0.1 billion). A decrease occurred in other goods ($0.2
billion). Foods, feeds, and beverages were virtually unchanged.
The December to January change in imports of goods reflected decreases
in consumer goods ($1.1 billion); automotive vehicles, parts, and engines
($0.9 billion); capital goods ($0.3 billion); other goods ($0.3 billion);
and foods, feeds, and beverages ($0.1 billion). An increase occurred in
industrial supplies and materials ($0.3 billion).
Services
Services exports decreased $0.1 billion from December to January.
Decreases in travel and passenger fares were partly offset by increases in
royalties and license fees and other private services (which includes items
such as business, professional, and technical services, insurance services,
and financial services). Changes in the other categories of services exports
were small.
Services imports decreased $0.2 billion from December to January. Decreases
in travel and passenger fares were partly offset by small increases in all
other categories of services imports.
Goods and Services Moving Average
For the three months ending in January, exports of goods and services
averaged $81.8 billion, while imports of goods and services averaged
$123.9 billion, resulting in a average trade deficit of $42.1 billion.
For the three months ending in December, the average trade deficit was
$40.1 billion, reflecting average exports of $81.8 billion and average
imports of $122.0 billion.
Selected Not Seasonally Adjusted Goods Details
The January figures showed surpluses, in billions of dollars, with
Australia $0.3 (for December $0.7), Hong Kong $0.1 ($0.3), and Egypt $0.1
($0.2). Deficits were recorded, in billions of dollars, with China $9.4
($9.5), Western Europe $7.0 ($9.6), Japan $5.2 ($7.1), Canada $5.0 ($4.6),
OPEC $3.6 ($3.2), Mexico $3.0 ($2.8), Taiwan $1.4 ($1.3), Korea $1.1 ($1.1),
Brazil $0.6 ($0.6), Singapore $0.4 ($0.2), and Argentina $0.1 ($0.2).
Advanced technology products (ATP) exports were $13.1 billion in January
and imports were $15.4 billion, resulting in a deficit of $2.4 billion.
January exports were $1.2 billion less than the $14.2 billion in December,
while imports were $1.8 billion less than the $17.3 billion in December.
Revisions
Goods carry-over in January was $0.3 billion (0.5 percent) for exports and
$0.9 billion (0.9 percent) for imports. For December, revised export
carry-over was $0.2 billion (0.4 percent), revised down from $0.6 billion
(1.1 percent). For December, revised import carry-over was $0.3 billion
(0.3 percent), revised down from $1.1 billion (1.1 percent).
Goods and services exports and imports for all months of 2002 were revised
in order to align the seasonally adjusted monthly estimates with the annual
totals.
Services exports and imports for July through December 2002 were revised to
incorporate more complete source data than were available previously
(see page 30 for the monthly revision policy). For services exports, the
largest revisions were in other private services and royalties and license
fees. For services imports, the largest revisions were in royalties and
license fees and travel.
Services exports for December were revised down $0.4 billion to $25.2
billion; the revision was mostly accounted for by downward revisions in
other private services and royalties and license fees. Services imports
for December were revised up $0.1 billion to $21.6 billion; upward revisions
in travel and passenger fares were partly offset by a downward revision in
royalties and license fees.
Notice to Users of Constant Dollar (Real) Data
The U.S. Census Bureau will replace its fixed-weighted constant dollar
series with a chained dollar series effective with the June 13, 2003
release of the U.S. International Trade in Goods and Services (FT-900).
We are adopting this methodology to improve the quality of the constant
dollar series and for consistency with other official government
statistics released by the Department of Commerce.
In the January 2001 FT900, we notified users of the constant dollar
series (Exhibits 10 and 11) that we were considering changing the
methodology used to calculate the series and asked for comments. The
comments we received indicated that most data users want a merchandise
trade constant dollar (real) series that is based on the methodology
used by the Bureau of Economic Analysis (BEA) for the National Income
and Product Accounts (NIPA). The new Census constant dollar series will
be based on the same methodology used by BEA; however, the merchandise t
rade data are a monthly series and will use monthly chaining. The NIPA
are quarterly and use quarterly chaining. Users are reminded, however,
that the Census-basis dollar series will not match BEA's NIPA-basis
constant dollar series, because of the underlying coverage differences.
The base year for the new constant dollar series will be 2000. Three
years of chained dollar data (2000 - 2002) will be published in the 2002
annual revision report, released on June 13, 2003. Data for 1994 through
1999 will be available at that time upon request. A list of questions and
answers explaining more about the new series and the differences between
the constant dollar data produced by the two methodologies is available
on the Foreign Trade Division's Web site at:
http://www.census.gov/foreign-trade/www or by contacting the Special
Projects Branch of the Foreign Trade Division on (301)763-3251.
Table of Contents
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
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