FOR IMMEDIATE RELEASE AT 8:30 A.M. EST, FRIDAY, MARCH 7, 2014
CB 14-36
BEA 14-08
FT-900 (14-01)



* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.

                                     U.S. Census Bureau
                              U.S. Bureau of Economic Analysis
                                            NEWS
                     U.S. Department of Commerce * Washington, DC 20230
                       U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                        January 2014

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 January exports of $192.5 billion and imports of $231.6 billion resulted
in a goods and services deficit of $39.1 billion, up from $39.0 billion in December, revised. January
exports were $1.2 billion more than December exports of $191.3 billion. January imports were
$1.3 billion more than December imports of $230.3 billion.

In January, the goods deficit increased $0.7 billion from December to $59.3 billion, and the services
surplus increased $0.5 billion from December to $20.2 billion. Exports of goods increased $1.0
billion to $133.8 billion, and imports of goods increased $1.7 billion to $193.1 billion. Exports of
services increased $0.2 billion to $58.7 billion, and imports of services decreased $0.4 billion to
$38.5 billion.

The goods and services deficit decreased $3.0 billion from January 2013 to January 2014. Exports
were up $5.7 billion, or 3.0 percent, and imports were up $2.6 billion, or 1.2 percent.

Goods (Census Basis)

The December to January increase in exports of goods reflected increases in industrial supplies
and materials ($1.2 billion), capital goods ($0.4 billion), and consumer goods ($0.2 billion).
Decreases occurred in foods, feeds, and beverages ($0.8 billion); other goods ($0.3 billion); and
automotive vehicles, parts, and engines ($0.2 billion).

The December to January increase in imports of goods reflected increases in industrial supplies and
materials ($3.7 billion); capital goods ($0.3 billion); and foods, feeds, and beverages
($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.4 billion);
consumer goods ($1.0 billion); and other goods ($0.1 billion).

The January 2013 to January 2014 increase in exports of goods reflected increases in industrial
supplies and materials ($2.5 billion); capital goods ($0.3 billion); and foods, feeds, and beverages
($0.3 billion). Decreases occurred in other goods ($0.3 billion) and consumer goods ($0.2 billion).
Automotive vehicles, parts, and engines was virtually unchanged.

The January 2013 to January 2014 increase in imports of goods reflected increases in capital goods
($1.9 billion); automotive vehicles, parts, and engines ($1.3 billion);  foods, feeds, and beverages
($0.5 billion); and consumer goods ($0.3 billion). Decreases occurred in industrial supplies and
materials ($2.9 billion) and other goods ($0.2 billion).

Services

Exports of services increased $0.2 billion from December to January.  Increases in other private
services ($0.3 billion), which includes items such as business, professional, and technical services,
insurance services, and financial services, and in royalties and license fees ($0.1 billion) were
partly offset by decreases in passenger fares ($0.1 billion), in travel ($0.1 billion), and in other
transportation ($0.1 billion), which includes freight and port services. Changes in the other
categories of services exports were relatively small.

Imports of services decreased $0.4 billion from December to January.  The decrease was more than
accounted for by decreases in travel ($0.2 billion) and in passenger fares ($0.2 billion).  Partly
offsetting these decreases was an increase in other private services ($0.1 billion).  Changes in the
other categories of services imports were relatively small.

The January 2013 to January 2014 increase in exports of services was $2.7 billion or 4.9 percent.
The largest increases were in other private services ($1.2 billion), in travel ($0.9 billion), and
in royalties and license fees ($0.5 billion).  Within other private services, the largest increase
was in business, professional, and technical services.

The January 2013 to January 2014 increase in imports of services was $1.6 billion or 4.2 percent.
The largest increases were in other private services ($1.0 billion), in travel ($0.3 billion),
and in passenger fares ($0.3 billion).  Within other private services, the largest increase was
in business, professional, and technical services.

Goods and Services Moving Average

For the three months ending in January, exports of goods and services averaged $192.8 billion,
while imports of goods and services averaged $230.6 billion, resulting in an average trade deficit
of $37.7 billion. For the three months ending in December, the average trade deficit was $38.0 billion,
reflecting average exports of $193.0 billion and average imports of $231.0 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures show surpluses, in billions of dollars, with Hong Kong $3.9 ($3.3 for December),
Singapore $1.6 ($1.2), Australia $1.4 ($1.6), and Brazil $1.2 ($1.5). Deficits were recorded, in
billions of dollars, with China $27.8 ($24.5), European Union $8.8 ($11.3), OPEC $7.0 ($4.0),
Japan $5.3 ($6.0), Germany $5.2 ($5.9), Canada $4.1 ($3.4), Saudi Arabia $3.9 ($2.8),
Mexico $2.8 ($4.2), Venezuela $2.3 ($1.6), India $2.1 ($1.5), South Korea $1.9 ($0.8), and
Ireland $1.7 ($1.8).

Advanced technology products exports were $25.3 billion in January and imports were $30.0 billion,
resulting in a deficit of $4.7 billion. January exports were $2.9 billion less than the $28.2 billion
in December, while January imports were $4.2 billion less than the $34.2 billion in December.

Revisions

For all months in 2013, the seasonally adjusted goods data, on both a Census basis and a balance of
payments basis, and the seasonally adjusted services data were revised so that the totals of the
seasonally adjusted months equal the annual totals.

Census Basis (not seasonally adjusted)

For December, exports of goods were revised up $0.1 billion and imports of goods were revised down
$0.1 billion. Goods carry-over in January was $0.3 billion (0.3 percent) for exports and $1.8 billion
(1.0 percent) for imports. For December, revised export carry-over was virtually zero, while revised
import carry-over was $0.2 billion (0.1 percent).

Balance of Payments Basis (seasonally adjusted)

For July through December 2013, exports and imports of goods and services were revised to incorporate
more comprehensive and updated quarterly and monthly data.

For December, exports of goods were virtually unrevised and imports of goods were revised down $0.2
billion.

For December, exports of services were virtually unrevised as upward revisions in other private
services and in other transportation were largely offset by downward revisions in royalties and
license fees and in transfers under U.S. military sales contracts.  For December, imports of services
were revised up $0.4 billion, mostly reflecting an upward revision in other private services.

NOTICE

Seasonally Adjusted Countries and Areas

Beginning with this release, the “U.S. International Trade in Goods and Services” report (FT-900)
includes a new exhibit (Exhibit 19) that presents monthly and quarterly seasonally adjusted trade
in goods on a Census basis for selected major trading partner countries and areas. Historical data
beginning with January 2012 and more information are available at
www.census.gov/foreign-trade/statistics/country/.

With the release of April 2014 statistics on June 4, 2014, the FT-900 will include an additional
new exhibit that presents quarterly seasonally adjusted trade in goods and services on a balance of
payments basis for the same countries and areas. An example of this exhibit will be made available
at a later date.

If you have questions or need additional information, please contact the Data Dissemination Branch
of the U.S. Census Bureau’s Foreign Trade Division on (301) 763-2311 or at
ftd.data.dissemination@census.gov.

Entry of Latvia into the Euro Area

Beginning with this release, the Euro Area includes Latvia, which joined on January 1, 2014.
This change affects Exhibit 14 of the FT-900 and Exhibit 6 of the FT-900 Supplement.

Upcoming Profile Changes

With the release of the final report “A Profile of U.S. Importing and Exporting Companies, 2011 – 2012”
on April 3, 2014, the company North American Industry Classification System (NAICS) category Other
Companies will be combined with the category Unclassified Companies. Combining these into a single
category will improve the published data on company type and employment size in Exhibits 1, 3, and 4
of the report. More data can be shown because fewer cells will require suppression.

If you have questions or need additional information, please contact the Special Projects Branch of
the U.S. Census Bureau’s Foreign Trade Division on (301) 763-3629 or at ftd.profile.list@census.gov.

Upcoming Revisions to Goods and Services and Comprehensive Restructuring of the International Accounts

On June 4, 2014, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) will release
“U.S. International Trade in Goods and Services: April 2014” and “U.S. International Trade in Goods
and Services: Annual Revision for 2013.” With these releases, statistics on trade in goods on a
Census basis will be revised beginning with 2011, and statistics on trade in goods on a balance
of payments (BOP) basis and on trade in services will be revised beginning with 1999. The revised
statistics on trade in goods on a Census basis will reflect corrections and adjustments to previously
published not seasonally adjusted statistics, minor reclassifications of commodities to end-use
categories, and recalculated seasonal and trading-day adjustments. The revised statistics on trade
in goods on a BOP basis and on trade in services will reflect newly available and revised
source data, changes in estimation methods, and changes in definitions and classifications. The
revised statistics will also be included in “U.S. International Transactions: First Quarter 2014”
and in the annual revision of the U.S. International Transactions Accounts (ITAs), 
both to be released by BEA on June 18, 2014.

With this year’s annual revision, BEA will also introduce a new presentation of the ITAs, including
a new presentation of services, as part of a comprehensive restructuring of BEA’s international
economic accounts. This change in presentation, combined with the changes in definitions and
classifications, will bring the statistics into closer alignment with international guidelines.
Additional information on BEA’s comprehensive restructuring of the international accounts will
appear in the March 2014 issue of the Survey of Current Business, 
which BEA will release in mid-March. Changes that will impact the “U.S. International Trade in Goods 
and Services” release are discussed below.

Goods on a BOP Basis

Net exports of goods under merchanting, which are currently included in trade in services under
other private services, will be reclassified to goods through a new BOP adjustment. These net exports
reflect the net value of goods that are purchased and subsequently sold abroad without entering the
United States. Because these goods don’t cross the U.S. customs frontier, their value is not recorded
in the data for goods on a Census basis. BOP adjustments—adjustments that BEA applies to goods on a
Census basis to convert them to a BOP basis—are presented as net adjustments in this release.

Services

The services categories shown in Exhibits 3 and 4 will change, and the number of services categories
will increase from seven to nine. The new categories will be: 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 current category other transportation will be renamed transport and will include passenger fares,
which will no longer be shown as a separate category. Royalties and license fees will be 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) will be moved to government goods and services n.i.e.
The definition of travel will be 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 are currently included in other private services. To distinguish it from the current measure,
the new measure will be called travel (for all purposes including education).  Maintenance and
repair services n.i.e., financial services, and insurance services, all of which are currently
included in other private services, will be shown as separate categories. Other business services
will consist of the remaining components of other private services.

Examples of the new presentation for Exhibits 3 and 4 are available at
www.bea.gov/newsreleases/international/trade/2014/xls/trad0114_prototype.xls. If you have
questions or need additional information, please contact BEA’s Balance of Payments Division at
InternationalAccounts@bea.gov.