News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 6, 2019
CB 19-83
BEA 19-25

U.S. International Trade in Goods and Services, Annual Revision

ERRATA Exhibits 19 and 19b in the "U.S. International Trade in Goods and Services, Annual Revision" report and exhibits 20 and 20b in the "U.S. International Trade in Goods and Services, April 2019" report were updated on June 19, 2019, to correct statistics for services imports from Brazil and the South/Central America and "All other countries" groupings for quarters 2014Q1-2019Q1 and for annual 2016 and 2018. The release text and relevant tables in "U.S. Trade in Goods and Services by Selected Countries and Areas, 1999-present" were also updated to reflect this correction.
 

Notice

Updates to Goods and Services

In this release and in the accompanying "U.S. International Trade in Goods and Services, April 2019" 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. With these releases, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, and statistics on trade in services are revised beginning with 2014.

Revised seasonally adjusted statistics reflect the incorporation of recalculated seasonal and trading-day adjustments beginning with 2014. With the annual update in 2018, BEA extended the period for incorporating revised seasonal adjustments for services statistics from 3 to 5 years. With this annual update, the Census Bureau and BEA have also extended the period for incorporating revised seasonal and trading-day adjustments for goods statistics from 3 to 5 years.

In addition, revised statistics on trade in goods beginning with 2016 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, and 3) newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. For more information on BOP adjustments, see the "Goods (balance of payments basis)" section in the FT-900 explanatory notes.

Revised statistics on trade in services beginning with 2016 also reflect 1) newly available and revised source data, primarily from BEA's surveys of international services transactions, and 2) revised temporal distributions of quarterly source data to monthly statistics (see the "Services" section in the FT-900 explanatory notes for more information).

On an annual basis, the goods and services deficit was revised up 0.2 percent for 2016, was revised down 0.4 percent for 2017, and was revised up 0.9 percent for 2018. The goods deficit and the services surplus were both revised down for all 3 years.

The revised statistics for goods on a BOP basis and for services will also be included in the "U.S. International Transactions, First Quarter 2019 and Annual Update" report and in the international transactions interactive database, both to be released by BEA on June 20, 2019. A preview of BEA's 2019 annual update of the international transactions accounts was published in the April 2019 Survey of Current Business, BEA's monthly online journal.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected] or BEA, Balance of Payments Division, at [email protected].