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FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, Friday, June 2, 2017
U.S. International Trade in Goods and Services, annual update
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 Annual Revision for 2016 NOTICE Updates to Goods and Services In this release and in the accompanying “U.S. International Trade in Goods and Services: April 2017” release (FT-900), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on trade in goods and services for January 2014 to March 2017. The revised statistics will also be included in the “U.S. International Transactions: First Quarter 2017 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 20, 2017. This annual revision has not changed the overall trend in the goods and services balance. On an annual basis, the goods and services deficit was revised upward less than 0.1 percent for 2014 and 2015 and was revised upward 0.8 percent for 2016. The goods deficit was revised downward for 2014 and 2015 and was revised upward for 2016; the services surplus was revised downward for all three years. Goods Revised statistics on trade in goods reflect 1) corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis, 2) reclassifications of several end-use commodities, 3) revised seasonal and trading-day adjustments, and 4) newly available and revised source data on balance of payments (BOP) adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. BOP adjustments are presented as net adjustments in this release and in the FT-900. Services Revised statistics on trade in services reflect 1) newly available and revised source data, primarily from BEA’s surveys of international services transactions, 2) revised seasonal adjustments, and 3) revised temporal distributions of quarterly source data to monthly statistics (see the information section on page A-4 of the FT-900). If you have questions about this update, please contact BEA’s Balance of Payments Division at [email protected]. Updates to the Real (Chained-Dollar) Series With this release and the release of the accompanying FT-900, the Census Bureau has revised export and import prices of telecommunications equipment beginning with 2002 to incorporate updated prices from the Federal Reserve Board’s Communications Equipment Price Indexes. This change affects the categories Total Census Basis, Capital Goods, and Other Goods in Exhibits 9 and 9a of this release and in Exhibit 10 of the FT-900, and the categories Total Census Basis and Non-Petroleum in Exhibit 10 of this release and in Exhibit 11 of the FT-900. The historical chained-dollar series, which begin in 1994, have also been revised as a result of the recalculated statistics for the base year (2009). If you have questions or need additional information, please see the Guide to Foreign Trade Statistics or contact the Census Bureau’s Economic Indicators Division on (800) 549-0595, option 4, or at [email protected].