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 FRIDAY, JUNE 9, 2006 CB06-87 BEA06-26 FT-900 (06-04) 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) 606-9690 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES Annual Revision for 2005 NOTICE In this release and the accompanying "U.S. International Trade in Goods and Services: April 2006," the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 2003-2005 and the first three months of 2006 and revised data on services for 1997-2005 and the first three months of 2006. Goods The 2005 not seasonally adjusted Census-basis goods data were revised to redistribute monthly data that arrived too late for inclusion in the month of transaction but that were included, initially, in the month in which the data were received. In addition, corrections were made to previously published data. Once the redistributions of data to the proper month of transaction and corrections were completed, factors for seasonal adjustments and trading day adjustments were recomputed and the seasonally adjusted current-dollar series were revised for 2003-2005 and the first three months of 2006. Similar changes were made to the chain-weighted dollar series. Services The services estimates were revised for 1997-2005 and the first three months of 2006. The revisions resulted from the incorporation of results from BEA's annual and quarterly surveys. Revisions from these sources have an impact mostly on receipts and payments for 2003-2005 and the first three months of 2006. BEA has instituted a program of quarterly surveys to better capture movements of large and volatile categories of transactions, as well as to improve the coverage of transactions. In addition, this year's revisions include results from BEA's benchmark survey of foreign direct investment in the United States for 2002 and from BEA's benchmark survey of financial services transactions with unaffiliated foreigners for 2004.