Home > News > News Release Archive > 2006 > News Release: U.S. International Trade in Goods and Services

News Release: U.S. International Trade in Goods and Services

Available for this release: Full Release (PDF - KB) | Information Section, Tables (XLS - KB), Highlights (PDF - KB)

Note:   Information on the effect of Hurricanes Katrina and Rita.
Note:   Revisions to trade in services.

                            U.S. Census Bureau
                      U.S. Bureau of Economic Analysis
                                   NEWS
             U.S. Department of Commerce  Washington, D.C. 20230

                          FOR IMMEDIATE RELEASE
                  8:30 A.M. EST FRIDAY, FEBRUARY 10, 2006

CB06-21
BEA06-04
FT-900 (05-12)

For information on goods contact:
U.S. Census Bureau:
Nick Orsini    (301) 763-6959
Vanessa Ware   (301) 763-2311

For information on services contact:
U.S. Bureau of Economic Analysis:
Technical: Christopher Bach   (202) 606-9545
Media:     Ralph Stewart      (202) 606-2649

             U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                             December 2005

Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the
Department of Commerce, announced today that total December exports of $111.5
billion and imports of $177.2 billion resulted in a goods and services deficit of
$65.7 billion, $1.0 billion more than the $64.7 billion in November, revised.
December exports were $2.3 billion more than November exports of $109.2 billion.
December imports were $3.3 billion more than November imports of $173.9 billion.

In December, the goods deficit increased $1.2 billion from November to $70.6 billion,
and the services surplus increased $0.3 billion to $4.9 billion.  Exports of goods
increased $1.9 billion to $79.0 billion, and imports of goods increased $3.1 billion
to $149.6 billion.  Exports of services increased $0.5 billion to $32.5 billion, and
imports of services increased $0.2 billion to $27.6 billion.

In December, the goods and services deficit was up $11.0 billion from December 2004.
Exports were up $9.8 billion, or 9.6 percent, and imports were up $20.8 billion, or
13.3 percent.

Goods

The November to December change in exports of goods reflected increases in consumer
goods ($0.6 billion); industrial supplies and materials ($0.6 billion); automotive
vehicles, parts, and engines ($0.4 billion); other goods ($0.3 billion); and capital
goods ($0.2 billion).  Foods, feeds, and beverages were virtually unchanged.

The November to December change in imports of goods reflected increases in consumer
goods ($1.8 billion); capital goods ($0.8 billion); automotive vehicles, parts, and
engines ($0.5 billion); foods, feeds, and beverages ($0.2 billion); and industrial
supplies and materials ($0.1 billion).  A decrease occurred in other goods
($0.2 billion).

The December 2004 to December 2005 change in exports of goods reflected increases in
capital goods ($3.7 billion); industrial supplies and materials ($1.6 billion);
consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($1.0 billion);
and other goods ($0.7 billion).  Foods, feeds, and beverages were virtually unchanged.

The December 2004 to December 2005 change in imports of goods reflected increases in
industrial supplies and materials ($10.4 billion); capital goods ($3.2 billion);
consumer goods ($2.5 billion); automotive vehicles, parts, and engines ($2.1 billion);
foods, feeds, and beverages ($0.6 billion); and other goods ($0.3 billion).

Services

Services exports increased $0.5 billion from November to December.  The increase was
mostly accounted for by increases in travel, transfers under U.S. military sales
contracts, and other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services).
Changes in other categories of services exports were small.

Services imports increased $0.2 billion from November to December.  The increase was
more than accounted for by increases in travel, passenger fares, and other private
services.  Changes in other categories of services imports were small.

From December 2004 to December 2005, services exports increased $1.8 billion.  The
largest increases were in travel ($0.5 billion), other transportation, which includes
freight and port services ($0.5 billion), and other private services ($0.4 billion).

From December 2004 to December 2005, services imports increased $1.7 billion.  The
largest increases were in other private services ($0.8 billion) and other
transportation ($0.6 billion).

Goods and Services Moving Average

For the three months ending in December, exports of goods and services averaged
$109.3 billion, while imports of goods and services averaged $175.4 billion,
resulting in an average trade deficit of $66.1 billion.  For the three months ending
in November, the average trade deficit was $66.1 billion, reflecting average exports
of $107.3 billion and average imports of $173.5 billion.

Selected Not Seasonally Adjusted Goods Details

The December figures showed surpluses, in billions of dollars, with Australia $0.7
($0.7 for November), Hong Kong $0.7 ($0.5), Singapore $0.3 ($0.3), and Egypt $0.1
(virtually zero).  Deficits were recorded, in billions of dollars, with China $16.3
($18.5), Europe $11.8 ($12.6), the European Union $10.1 ($11.2), Canada $8.0 ($7.7),
OPEC $7.6 ($7.8), Japan $6.8 ($7.3), Mexico $4.3 ($4.6), Korea $1.1 ($1.9),
Taiwan $1.1 ($1.4), and Brazil $0.6 ($0.7).

Advanced technology products (ATP) exports were $20.3 billion in December and imports
were $23.6 billion, resulting in a deficit of $3.2 billion.  December exports were
$1.4 billion more than the $18.9 billion in November, while imports were $0.2 billion
less than the $23.8 billion in November.

Revisions

Goods carry-over in December was $0.4 billion (0.5 percent) for exports and $1.2
billion (0.9 percent) for imports.  For November, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent).  For
November, revised import carry-over was $0.2 billion (0.1 percent), revised down
from $0.7 billion (0.4 percent).

The seasonally adjusted goods data for January through November were also revised to
align the seasonally adjusted months with the annual totals.

Services exports for November were revised up $0.1 billion to $32.0 billion.  The
revision was mostly accounted for by upward revisions in other transportation and
travel.  Services imports for November were revised up $0.1 billion to $27.4 billion.
The revision was mostly accounted for by upward revisions in passenger fares and
other private services.

                              Annual Summary for 2005

Goods and Services

For 2005, exports of $1,271.1 billion and imports of $1,996.9 billion resulted in a
goods and services deficit of $725.8 billion, $108.2 billion more than the 2004
deficit of $617.6 billion.  For goods, exports were $892.5 billion and imports
were $1,674.6 billion, resulting in a goods deficit of $782.1 billion, $116.7
billion more than the 2004 deficit of $665.4 billion.  For services, exports were
$378.6 billion and imports were $322.2 billion, resulting in a services surplus of
$56.3 billion, $8.5 billion more than the 2004 surplus of $47.8 billion.

The goods and services deficit in 2005 was $725.8 billion.  As a percentage of U.S.
gross domestic product, the goods and services deficit increased from 5.3 percent
in 2004 to 5.8 percent in 2005.

Goods

For 2005, exports of goods were up $85.0 billion from 2004.  Increases occurred in
capital goods ($30.4 billion); industrial supplies and materials ($27.8 billion);
consumer goods ($12.4 billion); automotive vehicles, parts, and engines ($8.5 billion);
other goods ($4.2 billion); and foods, feeds, and beverages ($2.2 billion).

For 2005, imports of goods were up $201.7 billion from 2004.  Increases occurred in
industrial supplies and materials ($107.9 billion);  capital goods ($36.1 billion);
consumer goods ($34.1 billion); automotive vehicles, parts, and engines ($11.7 billion);
foods, feeds, and beverages ($6.0 billion); and other goods ($5.5 billion).

Services

For 2005, exports of services were $378.6 billion, up $34.7 billion from 2004.
Increases occurred in other private services, which includes items such as business,
professional, and technical services, insurance services, and financial services
($10.0 billion); travel ($9.0  billion); royalties and license fees ($5.2 billion);
other transportation, which includes freight and port services ($4.5 billion);
transfers under U.S. military sales contracts ($3.5 billion); and passenger fares
($2.5 billion).  U.S. Government miscellaneous services were virtually unchanged.

For 2005, imports of services were $322.2 billion, up $26.1 billion from 2004.
Increases occurred in other private services ($9.9 billion); other transportation
($8.1 billion); travel ($3.9 billion); passenger fares ($1.8 billion); royalties and
license fees ($1.4 billion); direct defense expenditures ($0.8 billion); and U.S.
Government miscellaneous services ($0.1 billion).

For detailed descriptions of the types of transactions included in each of the
services categories, see "Information on Goods and Services" starting on page 26
of this release.

                                  Notice
                         Advanced Technology Products

With the release of January 2006 statistics on March 9, 2006, the FT-900 report will
include Exhibit 16a, Exports, Imports, and Balance of Advanced Technology Products by
Technology Group and Selected Countries and Areas.  For an example of the new exhibit,
go to http://www.census.gov/foreign-trade/Press-Release/example16a.html.  If you have
any questions or comments, please contact Vanessa Ware at (301) 763-2311 or e-mail at
vanessa.ware@census.gov.