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The first two pages of this release are shown in plain text below.
A PDF version of the entire release is also available and the tables from this release are available in an XLS spreadsheet.
For plain text copies of the tables, please visit the Census web site.
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United States Department of
COMMERCE NEWS
Washington, D.C. 20230
ECONOMICS
AND
STATISTICS
ADMINISTRATION
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U.S. Census Bureau
Bureau of Economic Analysis
This release contains sensitive economic data not to be released before
8:30 a.m. Friday,
July 11, 2003
CB-03-107 Press Copy
BEA-03-27
FT-900 (03-05)
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
May 2003
Goods and Services
The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department
of Commerce, announced today that total May exports of $82.1 billion and imports of
$123.9 billion resulted in a goods and services deficit of $41.8 billion, $0.2
billion more than the $41.6 billion in April, revised. May exports were $0.7
billion more than April exports of $81.3 billion. May imports were $0.9 billion
more than April imports of $123.0 billion.
In May, the goods deficit increased $0.4 billion from April to $46.8 billion, and
the services surplus increased $0.2 billion to $4.9 billion. Exports of goods
increased $0.4 billion to $57.6 billion, and imports of goods increased $0.8 billion
to $104.4 billion. Exports of services increased to $24.5 billion from $24.1 billion,
and imports of services increased to $19.5 billion from $19.4 billion.
In May, the goods and services deficit was up $6.7 billion from May 2002. Exports were
up $1.0 billion, or 1.2 percent, and imports were up $7.7 billion, or 6.7 percent.
Goods
The April to May change in exports of goods reflected increases in capital goods
($0.3 billion); automotive vehicles, parts, and engines ($0.1 billion); and industrial
supplies and materials ($0.1 billion). A decrease occurred in other goods ($0.3 billion).
Consumer goods and foods, feeds, and beverages were virtually unchanged.
The April to May change in imports of goods reflected increases in automotive vehicles,
parts, and engines ($0.8 billion) and capital goods ($0.4 billion). Decreases occurred
in industrial supplies and materials ($0.4 billion); other goods ($0.1 billion); and foods,
feeds, and beverages ($0.1 billion). Consumer goods were virtually unchanged.
The May 2002 to May 2003 change in exports of goods reflected increases in industrial
supplies and materials ($1.0 billion); foods, feeds, and beverages ($0.3 billion); and
consumer goods ($0.3 billion). Decreases occurred in capital goods ($0.9 billion) and
other goods ($0.3 billion). Automotive vehicles, parts, and engines were virtually
unchanged.
The May 2002 to May 2003 change in imports of goods reflected increases in industrial
supplies and materials ($2.8 billion); consumer goods ($2.2 billion); capital goods
($0.7 billion); automotive vehicles, parts, and engines ($0.6 billion); and foods, feeds,
and beverages ($0.5 billion). A decrease occurred in other goods ($0.2 billion).
Services
Services exports increased $0.4 billion from April to May. Increases in travel and
passenger fares were partly offset by a decrease in other transportation (which includes
freight and port services). Changes in the other categories of services exports were
small.
Services imports increased $0.1 billion from April to May. Increases in travel and
passenger fares were partly offset by decreases in direct defense expenditures and other
transportation. Changes in the other categories of services imports were small.
From May 2002 to May 2003, services exports increased $0.3 billion. The largest increases
were in other private services ($0.5 billion), which includes items such as business,
professional, and technical services, insurance services, and financial services;
transfers under U.S. military sales contracts ($0.2 billion); and royalties and license
fees ($0.2 billion). The largest decreases were in travel ($0.5 billion) and passenger
fares ($0.3 billion).
From May 2002 to May 2003, services imports increased $1.1 billion. The largest increases
were in other private services ($0.7 billion), direct defense expenditures ($0.4 billion),
and other transportation ($0.4 billion). The largest decrease was in travel ($0.5 billion).
Goods and Services Moving Average
For the three months ending in May, exports of goods and services averaged $82.1 billion,
while imports of goods and services averaged $124.2 billion, resulting in an average trade
deficit of $42.1 billion. For the three months ending in April, the average trade deficit
was $41.0 billion, reflecting average exports of $82.4 billion and average imports of
$123.4 billion.
Selected Not Seasonally Adjusted Goods Details
The May figures showed surpluses, in billions of dollars, with Australia $0.5 (for April
$0.4), Hong Kong $0.4 ($0.4), and Egypt $0.1 ($0.1). Deficits were recorded, in billions
of dollars, with China $9.9 ($9.5), Western Europe $8.3 ($8.4), Japan $4.5 ($6.0), OPEC
$4.4 ($5.0), Canada $4.1 ($3.8), Mexico $3.4 ($3.3), Taiwan $1.4 ($1.4), Korea $0.9 ($1.1),
Brazil $0.5 ($0.6), and Argentina $0.1 ($0.1).
Advanced technology products (ATP) exports were $14.1 billion in May and imports were $15.9
billion, resulting in a deficit of $1.8 billion. May exports were $0.2 billion more than the
$13.9 billion in April, while imports were $0.5 billion less than the $16.4 billion in
April.
Revisions
Goods carry-over in May was $0.5 billion (0.8 percent) for exports and $0.9 billion
(0.9 percent) for imports. For April, revised export carry-over was $0.2 billion (0.3
percent), revised down from $0.4 billion (0.7 percent). For April, revised import
carry-over was $0.1 billion (0.1 percent), revised down from $1.0 billion (1.0 percent).
Services exports for April were revised up $0.3 billion to $24.1 billion; the revision
was mostly accounted for by upward revisions in travel, passenger fares, and other
transportation. Services imports for April were revised up $0.2 billion to
$19.4; the revision was more than accounted for by an upward revision in
travel.
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