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GOODS

CENSUS BASIS

The Census basis goods data are compiled from the documents collected by the U.S.
Customs Service and reflect the movement of goods between foreign countries and the
50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and U.S.
Foreign Trade Zones.  They include government and non-government shipments of goods,
and exclude shipments between the United States and its territories and possessions,
transactions with U.S. military, diplomatic and consular installations abroad, U.S.
goods returned to the United States by its Armed Forces, personal and household effects
of travelers, and in-transit shipments.  The General Imports value reflects the total
arrival of merchandise from foreign countries that immediately enters consumption
channels, warehouses, or Foreign Trade Zones.

For imports, the value reported is the U.S. Customs Service appraised value of merchandise;
generally, the price paid for merchandise for export to the United States.  Import duties,
freight, insurance, and other charges incurred in bringing merchandise to the United
States are excluded.

Exports are valued at the f.a.s.- free alongside ship value of merchandise at the U.S.
port of export, based on the transaction price including inland freight, insurance,
and other charges incurred in placing the merchandise alongside the carrier at the
U.S. port of exportation.

Monthly data include actual month's transactions as well as a small number of transactions
for previous months.  Each month we revise the aggregate seasonally adjusted (current and
chain-weighted dollar) and unadjusted export, import and trade balance figures, as well
as the end-use totals for the prior month.  SITC and country detail data are not revised
monthly.  The timing adjustment shown in Exhibit 14 is the difference between monthly data
as originally reported and as recompiled.  Quarterly revisions are made to the chain-
weighted dollar series. In the last month of each quarter, the current and previous
quarter are revised to incorporate the Bureau of Labor Statistics's monthly revisions
and align Census and the U.S. Bureau of Economic Analysis' quarterly data.  Annual
revisions for the months are made in June to reflect corrections received subsequent
to the monthly revision. These revisions are reflected in totals, end-use, SITC and
country summary data.  The monthly end-use, commodity, and country and area data presented
in this release are on a Census basis.  This refers to Exhibits 6 - 18.

U.S./CANADA DATA EXCHANGE AND SUBSTITUTION

The data for U.S. exports to Canada are derived from import data compiled by Canada.
The use of Canada's import data to produce U.S. export data requires several alignments
in order to compare the two series.

    1.  Coverage -- Canadian imports are based on country of origin.  U.S. goods shipped
        from a third country are included.  U.S. exports exclude these foreign shipments.
        For May 2004,  these shipments totaled $62.3  million.  U.S. export coverage
        also excludes certain Canadian postal shipments.  For May 2004 these shipments
        totaled $12.9 million.

        U.S. import coverage includes shipments of railcars and locomotives from Canada.
        Effective with January 2004 statistics, Canada excludes these shipments from
        its goods exports to the United States, therefore creating coverage differences
        between the two countries for these goods.

    2.  Valuation -- Canadian imports are valued at point of origin in the United States.
        However, U.S. exports are valued at the port of exit in the United States and
        include inland freight charges, making the U.S. export value slightly larger.
        Canada requires inland freight to be reported. Inland freight charges for May
        2004 account for 1.8 percent of the value of U.S. exports to Canada.

    3.  Reexports -- U.S. exports include reexports of foreign goods.  Again, the aggregate
        U.S. export figure is slightly larger.  For May 2004, reexports to Canada were
        $2,119 million.

    4.  Exchange Rate -- Average monthly exchange rates are applied to convert the published
        data to U.S. currency. For May 2004, the average exchange rate was 1.3789 Canadian
        dollars per U.S. dollar.

    5.  Other -- There are other minor differences which are statistically insignificant,
        such as rounding error.

Canadian Estimates

Effective with January 2001 statistics, the current month data for exports to Canada
contain an estimate for late arrivals and corrections.  The following month, this estimate
will be replaced, in the press release tables only, with the actual value of late receipts
and corrections.  This estimate improves the current month data for exports to Canada and
treats late receipts for exports to Canada in a manner more consistent with the treatment
of late receipts for exports to other countries.

Nonsampling errors

The goods data are a complete enumeration of documents collected by the U.S. Customs
Service and are not subject to sampling errors; but they are subject to several types
of nonsampling errors.  Quality assurance procedures are performed at every stage of
collection, processing and tabulation; however the data are still subject to several
types of nonsampling errors.  The most significant of these include reporting errors,
undocumented shipments, timeliness, data capture errors, and errors in the estimation
of low-valued transactions:

Reporting Errors: Reporting errors are mistakes or omissions made by importers, exporters
or their agents in their import or export declarations.  Most errors involve missing or
invalid commodity classification codes and missing or incorrect quantities or shipping
weights.  They have a negligible effect on import, export and balance of trade statistics.
However, they can affect the detailed commodity statistics.

Undocumented Shipments: Federal regulations require importers, exporters or their agents
to report all merchandise shipments above established exemption levels.  The U.S.
Census Bureau has determined that not all required documents are filed, particularly
for exports.

Timeliness and Data Capture Errors: The U.S. Census Bureau captures import and export
information from administrative documents and through various automated collection programs.
Documents may be lost, data may be incorrectly keyed, coded or recorded.  Transactions may
be included in a subsequent month's statistics if received late.

Low-valued Transactions: The total values of transactions valued as much as or below
$2,500 for exports and $2,000 ($250 for certain quota items) for imports are estimated
for each country, using factors based on the ratios of low-valued shipments to individual
country totals for past periods.

The U.S. Census Bureau recommends that data users incorporate this information into their
analyses, as nonsampling errors could impact the conclusion drawn from the results.  For
a detailed discussion of errors affecting the goods data, see "U.S. Merchandise Trade
Statistics:  A Quality Profile" available on the INTERNET at www.census.gov/foreign-
trade/aip/index.htm#infopapers or from the Foreign Trade Division, U.S. Census Bureau.

AREA GROUPINGS (See Exhibits 14 and 14A)

North America - Canada, Mexico

Western Europe - Andorra, Austria, Belgium, Bosnia-Hercegovina, Croatia, Cyprus, Denmark,
Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy,
Liechtenstein, Luxembourg, Malta and Gozo, Macedonia, Monaco, Netherlands, Norway,
Portugal, San Marino, Serbia and Montenegro, Slovenia, Spain, Svalbard, Jan Mayen Island,
Sweden, Switzerland, Turkey, United Kingdom, Vatican City.

European Union (25) - Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,  Malta,
Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

European Union (15) - Austria, Belgium,  Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom.

Euro Area - Austria,  Belgium, Finland, France, Germany, Greece, Ireland,  Italy, Luxembourg,
Netherlands, Portugal, Spain.

European Free Trade Association - Iceland, Liechtenstein, Norway, Switzerland.

Eastern Europe - Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia,
Georgia, Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Poland, Romania,
Russia, Slovakia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.

Pacific Rim - Australia, Brunei, China, Hong Kong, Indonesia, Japan, Korea, Macao, Malaysia,
New Zealand, Papua New Guinea, Philippines, Singapore, Taiwan.

South/Central America -  Anguilla, Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados,
Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia,
Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands,
French Guiana, Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Jamaica, Martinique,
Montserrat, Netherlands Antilles, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis,
St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos
Islands, Uruguay, Venezuela.

OPEC - Algeria,  Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
United Arab Emirates, Venezuela.

Adjustments for Seasonal and Working-Day Variations

Goods are initially classified under the Harmonized System (HS) which describes and
measures the characteristics of goods traded.  Combining trade into approximately 140
export and 140 import end-use categories makes it possible to examine goods according
to their principal uses (See Exhibits 7 and 8).  These categories are used as the basis
for computing the seasonal and working-day adjusted data.  These adjusted data are then
summed to the six end-use aggregates for publication (Exhibit 6).  These data are provided
to the U.S. Bureau of Economic Analysis, from the U.S. Census  Bureau, for use in the
Balance of Payments and the National Income and Product Accounts.

The seasonal adjustment procedure is based on a model that estimates the monthly movements
as percentages above or below the general level of each end-use commodity series (unlike
other methods that redistribute the actual series values over the calendar year).  Because
of the extremely variable movements of the data series for aircraft, users studying data
trends may wish to analyze aircraft separately from other trade.

Adjustments for Price Change

Data adjusted for seasonal variation on a real dollar basis (2000 base year) are presented
in Exhibits 10 and 11.  This adjustment for price change is done using the Fisher
chain-weighted methodology.  The deflators are primarily based upon the monthly price
indexes published by the Bureau of Labor Statistics using techniques developed for the
National Income and Product Accounts by the U.S. Bureau of Economic Analysis.

SITC Data

Goods data appearing in Exhibit 15 are classified in terms of the Standard International
Trade Classification (SITC) Revision 3.  Agricultural goods consist of non-marine food
products and other products of agriculture which have not passed through complex processes
of manufacture, such as raw hides and skins, fats and oils, and wine.  A few goods such
as essential oils, starches, casein, and albumin, considered to be agricultural by the
U.S. Department of Agriculture, have been excluded from agricultural goods and are
included in manufactured goods where they are classified in the SITC.

Manufactured goods conform to the SITC sections that include chemicals and related products;
manufactured goods classified chiefly by material; machinery and transport equipment;
miscellaneous manufactured articles; and goods and transactions not classified elsewhere.

Reexports are foreign merchandise entering the country as imports, and at the time of
exportation are in substantially the same condition as when imported.  Reexports,
included in overall export totals, appear as separate line items in Exhibit 15.

Advanced Technology Products (ATP)

About 500 of some 22,000 commodity classification codes used in reporting U.S. merchandise
trade are identified as "advanced technology" codes and they meet the following criteria:

1.  The code contains products whose technology is from a recognized high
    technology field (e.g., biotechnology).

2.  These products represent leading edge technology in that field.

3.  Such products constitute a significant part of all items covered in the selected
    classification code.

The aggregation of the goods results in a measure of advanced technology trade which appears
in Exhibit 16.  This product and commodity-based measure of advanced technology differs from
broader NAICS industry-based measures which include all goods produced by a particular
industry group, regardless of the level of technology embodied in the goods.

BALANCE OF PAYMENTS (BOP) BASIS

Goods on a Census basis are adjusted by the U.S. Bureau of Economic Analysis to goods
on a BOP basis to bring the data in line with the concepts and definitions used to
prepare the international and national accounts.  Broadly, the adjustments include
changes in ownership that occur without goods passing into or out of the customs
territory of the United States.  These adjustments are necessary to supplement coverage
of the Census basis data, to eliminate duplication of transactions recorded elsewhere
in the international accounts, and to value transactions according to a standard definition.

The export adjustments include:

  U.S. military sales contracts - This deduction of U.S. military sales contracts is made
  because the U.S. Census Bureau has included these contracts in the goods data, but BEA
  includes them in the service category "Transfers Under U.S. Military Sales Contracts."
  BEA's source material for these contracts is more comprehensive, but has no distinction
  between goods and services.

  Private gift parcels - This addition is made for parcels mailed to foreigners by
  individuals through the U.S. Postal Service. (Only commercial shipments are covered
  in Census goods exports.)

  Gold exports, nonmonetary - This addition is made for gold that is purchased by foreign
  official agencies from private dealers in the United States and held at the Federal
  Reserve Bank of New York.  The Census data only include gold that leaves the customs
  territory.

  Some smaller adjustments are also made to exports:
  Deductions for repairs of goods, developed motion picture film, and military grant-aid.
  Additions for sales of fish in U.S. territorial waters, exports of electricity to Mexico,
  and vessels and oil rigs that change ownership for which no export document is filed.

The import adjustments include:

  Inland freight in Canada - An addition is made for inland freight in Canada.  Imports of
  goods from all countries are valued at the foreign port of export, including inland
  freight charges ("customs value").  In the case of Canada, this should be the cost of
  the goods at the U.S. border.  However, the customs value for imports for certain  Canadian
  goods is the point of origin in Canada.  The BEA makes an addition for the inland freight
  charges of transporting these Canadian goods to the U.S. border to make the value comparable
  to the customs value as reported by all other countries.  Insurance and freight charges
  for transporting goods to the United States from all other countries to the U.S. border
  are included in services by the BEA.  (The same procedure is used for Mexico as an
  Other Adjustment, but is much smaller.)

  Gold imports, nonmonetary - This addition is made for gold sold by foreign official
  agencies to private purchasers out of stock held at the Federal Reserve Bank of New York.
  The Census data only include gold that enters the customs territory.

  Imports by U.S. military agencies - This deduction of U.S. military sales contracts
  is made because the U.S. Census Bureau has included these contracts in the goods data,
  but BEA includes them in the service category "Direct Defense Expenditures".  BEA's
  source material is more comprehensive, but has no distinction between goods and services.

  Some smaller adjustments are also made to imports:
  Deductions for repairs of goods, and developed  motion picture film.  Additions for
  imported electricity from Mexico, conversion of vessels for commercial use, and repairs
  to U.S. vessels abroad, and valuation of prepackaged software imports at market value.

SERVICES

The statistics are estimates of services transactions between foreign countries and the
50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and other
U.S. territories and possessions.  Transactions with U.S. military, diplomatic, and
consular installations abroad are excluded because they are considered to be part of
the U.S. economy.

Services are shown in seven broad categories.  Types of services for imports and exports
are the same for six of the seven categories.  For the seventh, exports is "Transfers
Under U.S. Military Sales Contracts" while for imports the category is "Direct Defense
Expenditures".  The following is a brief description of the types of services included
in each category:

    Travel - Purchases of services and goods by U.S. travelers abroad and by foreign
    visitors to the United States.  A traveler is defined as a person who stays for
    a period of less than 1 year in a country of which the person is not a resident.
    Includes expenditures for food, lodging, recreation, gifts, and other items
    incidental to a foreign visit.

    Passenger Fares - Fares paid by residents of one country to residents of other
    countries.  Receipts consist of fares received by U.S. carriers from foreign
    residents for travel between the United States and foreign countries and between
    two foreign points.  Payments consist of fares paid by U.S. residents to foreign
    carriers for travel between the United States and foreign countries.

    Other Transportation - Charges for the transportation of goods by ocean, air, waterway,
    pipeline, and rail carriers to and from the United States.  Includes freight charges,
    operating expenses that transportation companies incur in foreign ports, and payments
    for vessel charter and aircraft rentals with crew.

    Royalties and License Fees - Transactions with foreign residents involving intangible
    assets and proprietary rights, such as the use of patents, techniques, processes,
    formulas, designs, know-how, trademarks, copyrights, franchises, and manufacturing
    rights.  The term "royalties" generally refers to payments for the utilization of
    copyrights or trademarks, and the term "license fees" generally refers to payments
    for the use of patents or industrial processes.

    Other Private Services - Transactions with affiliated foreigners, for which no
    identification by type is available, and of transactions with unaffiliated foreigners.
    (The term "affiliated" refers to a direct investment relationship, which exists
    when a U.S. person has ownership or control, directly or indirectly, of 10 percent
    or more of a foreign business enterprise's voting securities or the equivalent, or
    when a foreign person has a similar interest in a U.S. enterprise.)  Transactions with
    unaffiliated foreigners consist of education services; financial services
    (includes commissions and other transactions fees associated with the
    purchase and sale of securities and noninterest income of banks, and
    excludes investment income); insurance services; telecommunications
    services (includes transmission services and value-added services); and
    business, professional, and technical services. Included in the last group
    are advertising services; computer and data processing services; database
    and other information services; research, development, and testing
    services; management, consulting, and public relations services; legal
    services; construction, engineering, architectural, and mining services;
    industrial engineering services; installation, maintenance, repair of
    equipment; and other services, including medical services and film and
    tape rentals.

    Transfers Under U.S. Military Sales Contracts (Exports only) - Exports of goods and
    services in which U.S. Government military agencies participate.  Includes both
    goods, such as equipment, and services, such as repair services and training, that
    cannot be separately identified.

    Direct Defense Expenditures (Imports only) - Expenditures incurred by U.S. military
    agencies abroad, including expenditures by U.S. personnel, payments of wages to
    foreign residents, construction expenditures, payments for foreign contractual
    services, and procurement of foreign goods.  Includes both goods and services that
    cannot be separately identified.

    U.S. Government Miscellaneous Services - Transactions of U.S. Government nonmilitary
    agencies with foreign residents.  Most of these transactions involve the provision
    of services to, or purchases of services from, foreigners; transfers of some goods
    are also included.

Services estimates are based on quarterly, annual, and benchmark surveys and partial
information generated from monthly reports.  Service transactions are estimated at market
prices.  Estimates are seasonally adjusted when statistically significant seasonal
patterns are present.  No country or area detail is available due to the lack of adequate
source data upon which to base estimates.

The revision policy is as follows:  Each month, a preliminary estimate for the current
month and a revised estimate for the immediately preceding month are released.  After
a revised month is released, no further changes are made to that month until more
complete source data become available in March, June, September, and December.  The
releases in March, June, September, and  December contain revised data for the previous
six months.  The release in March also contains revisions for all months of the previous
year in order to align the seasonally adjusted monthly data with annual totals.  The
release in June contains annual revisions, which reflect updated source data and changes
in estimating methodologies.

Quarterly and annual estimates of services are included as part of the U.S. international
transactions accounts, published in the April, July, October, and January issues of
the Survey of Current Business.  The next release of the U.S. international transactions
accounts is scheduled for September 14, 2004.  The Survey is available from the
Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.

     MONTHLY RELEASE SCHEDULE

DATE                       Day


Jan. . . . .03-10-04     Wednesday
Feb. . . . .04-14-04     Wednesday
Mar. . . . .05-12-04     Wednesday
Apr. . . . .06-14-04     Monday
May. . . . .07-13-04     Tuesday
Jun. . . . .08-13-04     Friday

Jul. . . . .09-10-04     Friday
Aug. . . . .10-14-04     Thursday
Sep. . . . .11-10-04     Wednesday
Oct. . . . .12-14-04     Tuesday
Nov. . . . .01-12-05     Wednesday
Dec. . . . .02-10-05     Thursday

ELECTRONIC AVAILABILITY

The FT-900 and supplement are available on the following:

INTERNET  The U.S. International Trade in Goods and Services reports are available
at: www.census.gov/foreign-trade/ or www.bea.gov/newsreleases/rels.htm.

STAT-USA  The U.S. Department of Commerce's electronic  information facility. Call
1 800 STAT-USA for product information.

Additional data and information on goods are obtainable from: Foreign Trade Division,
U.S. Census Bureau,  Washington, D.C.  20233

Additional data and information on services are obtainable from:   Balance of Payments
Division, U.S. Bureau of Economic Analysis,  Washington, D.C.  20230