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

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                             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. EDT THURSDAY, JULY 12, 2007

CB07-100
BEA07-33
FT-900 (07-05)

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
                                   May 2007

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 May exports of $132.0 billion and imports of
$192.1 billion resulted in a goods and services deficit of $60.0 billion, compared
with $58.7 billion in April, revised.  May exports were $2.9 billion more than April
exports of $129.2 billion.  May imports were $4.2 billion more than April imports of
$187.8 billion.

In May, the goods deficit increased $1.7 billion from April to $69.0 billion, and the
services surplus increased $0.3 billion to $9.0 billion.  Exports of goods increased
$2.4 billion to $93.3 billion, and imports of goods increased $4.0 billion to $162.3
billion.  Exports of services increased $0.5 billion to $38.7 billion, and imports of
services increased $0.2 billion to $29.8 billion.

In May, the goods and services deficit was down $5.7 billion from May 2006.  Exports
were up $13.2 billion, or 11.1 percent, and imports were up $7.5 billion, or 4.1
percent.

Goods

The April to May change in exports of goods reflected increases in capital goods
($1.9 billion); industrial supplies and materials ($0.6 billion); and consumer goods
($0.1 billion).  Decreases occurred in other goods ($0.2 billion) and foods, feeds,
and beverages ($0.1 billion).  Automotive vehicles, parts, and engines were virtually
unchanged.

The April to May change in imports of goods reflected increases in industrial supplies
and materials ($2.4 billion); capital goods ($1.0 billion); consumer goods ($0.6 billion);
other goods ($0.3 billion); and foods, feeds, and beverages ($0.2 billion).  A decrease
occurred in automotive vehicles, parts, and engines ($0.5 billion).

The May 2006 to May 2007 change in exports of goods reflected increases in capital goods
($2.6 billion); industrial supplies and materials ($2.6 billion); consumer goods ($1.4
billion); automotive vehicles, parts, and engines ($1.2 billion); foods, feeds, and
beverages ($1.1 billion); and other goods ($0.6 billion).

The May 2006 to May 2007 change in imports of goods reflected increases in consumer
goods ($3.2 billion); capital goods ($2.1 billion); foods, feeds, and beverages
($0.7 billion); and other goods ($0.3 billion).  Decreases occurred in automotive
vehicles, parts, and engines ($0.5 billion) and industrial supplies and materials
($0.1 billion).

Services

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

Services imports increased $0.2 billion from April to May.  The increase was more
than accounted for by increases in other transportation (which includes freight and
port services) and other private services.  Changes in other categories of services
imports were small.

From May 2006 to May 2007, services exports increased $3.8 billion.  The largest
increases were in other private services ($2.2 billion), royalties and license fees
($0.6 billion), and travel ($0.5 billion).

From May 2006 to May 2007, services imports increased $1.2 billion.  The largest
increases were in other private services ($1.1 billion) and royalties and license
fees ($0.2 billion).

Goods and Services Moving Average

For the three months ending in May, exports of goods and services averaged $130.1
billion, while imports of goods and services averaged $190.5 billion, resulting in
an average trade deficit of $60.4 billion.  For the three months ending in April,
the average trade deficit was $59.6 billion, reflecting average exports of $128.1
billion and average imports of $187.7 billion.

Selected Not Seasonally Adjusted Goods Details

The May figures showed surpluses, in billions of dollars, with Hong Kong $1.0
($1.0 for April), Australia $0.8 ($0.7), Singapore $0.2 ($0.4), and Argentina
$0.1($0.1).  Deficits were recorded, in billions of dollars, with China $20.0
($19.4), OPEC $11.0 ($9.8), Europe $9.9 ($10.0), the European Union $8.8 ($9.0),
Japan $5.9 ($7.4), Mexico $5.9 ($5.2), Canada $5.2 ($5.8), Korea $1.5 ($1.0),
Taiwan $1.0 ($0.7), and Brazil $0.2 ($0.3).

Advanced technology products (ATP) exports were $22.3 billion in May and imports
were $25.4 billion, resulting in a deficit of $3.1 billion.  May exports were $1.7
billion more than the $20.6 billion in April, while imports were $0.1 billion more
than the $25.3 billion in April.

Revisions

Goods carry-over in May was $0.2 billion (0.3 percent) for exports and $1.3 billion
(0.8 percent) for imports.  For April, revised export carry-over was $0.1 billion
(0.1 percent), revised down from $0.3 billion (0.3 percent).  For April, revised
import carry-over was $0.1 billion (0.1 percent), revised down from $1.1 billion
(0.7 percent).

Services exports for April were revised down $0.1 billion to $38.2 billion.  The
revision was mostly accounted for by downward revisions in other transportation and
travel.  Services imports for April were revised down $0.2 billion to $29.6 billion.
The revision was mostly accounted for by downward revisions in passenger fares and travel.