FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 2, 2015
CB 15-62
BEA 15-16
FT-900 (15-02)



* 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
                                       February 2015


The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $35.4 billion in February,
down $7.2 billion from $42.7 billion in January, revised. February exports were $186.2 billion,
$3.0 billion less than January exports. February imports were $221.7 billion, $10.2 billion less
than January imports.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit
of $7.4 billion to $55.2 billion and a decrease in the services surplus of $0.1 billion to $19.7
billion.

Year-to-date, the goods and services deficit decreased $2.6 billion, or 3.2 percent, from the
same period in 2014. Exports decreased $5.3 billion or 1.4 percent. Imports decreased $7.9
billion or 1.7 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $1.4 billion to $41.2 billion for the three
months ending in February.
   * Average exports of goods and services decreased $3.5 billion to $190.2 billion in February.
   * Average imports of goods and services decreased $4.9 billion to $231.4 billion in February.

Year-over-year, the average goods and services deficit increased $1.9 billion from the three
months ending in February 2014.
   * Average exports of goods and services decreased $1.0 billion from February 2014.
   * Average imports of goods and services increased $0.8 billion from February 2014.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $2.9 billion to $125.6 billion in February.
   Exports of goods on a Census basis decreased $2.9 billion.
      * Capital goods decreased $1.7 billion.
         o Civilian aircraft decreased $0.6 billion.
         o Semiconductors decreased $0.3 billion.
      * Industrial supplies and materials decreased $1.4 billion.
         o Nonmonetary gold decreased $0.5 billion.
   Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services decreased $0.1 billion to $60.6 billion in February. The decrease was more
than accounted for by decreases in transport ($0.2 billion), which includes freight and port
services and passenger fares, and in financial services ($0.1 billion). Increases in other business
services ($0.1 billion) and in travel (for all purposes including education) ($0.1 billion) were
partly offsetting.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $10.3 billion to $180.8 billion in February.
   Imports of goods on a Census basis decreased $10.3 billion.
      * Industrial supplies and materials decreased $4.4 billion.
         o Crude oil decreased $2.3 billion.
      * Capital goods decreased $2.6 billion.
         o Other industrial machines decreased $0.6 billion.
   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased less than $0.1 billion to $40.9 billion in February. An increase
in travel (for all purposes including education) ($0.1 billion) was mostly offset by a decrease
in transport ($0.1 billion).

Real Goods in 2009 Dollars  Census Basis (Exhibit 11)

The real goods deficit decreased $3.8 billion to $50.8 billion in February.
   * Real exports of goods decreased $2.8 billion to $117.5 billion.
   * Real imports of goods decreased $6.6 billion to $168.2 billion.

Revisions

Revisions to January exports
   * Exports of goods were revised downward $0.2 billion.
   * Exports of services were revised downward less than $0.1 billion.

Revisions to January imports
   * Imports of goods were revised upward $0.7 billion.
   * Imports of services were revised upward less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly  Census Basis (Exhibit 19)

The February figures show surpluses, in billions of dollars, with South and Central America ($3.6),
Brazil ($0.8), and OPEC ($0.3). Deficits were recorded, in billions of dollars, with China ($27.3),
European Union ($11.0), Germany ($6.3), Mexico ($4.5), Japan ($4.3), Italy ($2.5), South Korea
($2.2), India ($2.0), France ($1.6), Canada ($1.4), United Kingdom ($0.5), and Saudi Arabia ($0.4).

   * The deficit with Japan decreased $2.2 billion to $4.3 billion in February. Exports increased
     $0.1 billion to $5.4 billion and imports decreased $2.1 billion to $9.7 billion.
   * The deficit with China decreased $2.0 billion to $27.3 billion in February. Exports decreased
     $1.5 billion to $9.0 billion and imports decreased $3.5 billion to $36.3 billion.
   * The balance with OPEC countries shifted from a deficit of $1.2 billion to a surplus of $0.3
     billion in February. Exports increased $0.3 billion to $6.4 billion and imports decreased
     $1.3 billion to $6.0 billion.

NOTES:
   * All statistics referenced are seasonally adjusted; statistics are on a balance of payments
     basis unless otherwise specified. Additional statistics, including not seasonally adjusted
     statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this
     release. For information on data sources, definitions, and scheduled release dates through
     December 2015, see the information section on page A-1 of this release.
     The next release is May 5, 2015.

   * For definitions of goods on a balance of payments basis, goods on a Census basis, and net
     balance of payments adjustments, see the information section on page A-1 of this release.

NOTICE

New Report on U.S. International Trade in Goods

On July 30, 2015, at 8:30 a.m., the U.S. Census Bureau will introduce a new release, "Advance
Report: U.S. International Trade in Goods." This report will:

   * Be released monthly, 4-7 business days in advance of the "U.S. International Trade in Goods
     and Services" report (FT-900).
   * Present advance statistics for the reference month. For example, the July 30 release will
     feature advance statistics for June 2015.
   * Contain statistics for international trade in goods on a Census basis by principal end-use
     category.
   * Include both seasonally adjusted and not seasonally adjusted statistics.
   * Not include statistics for trade in goods on a balance of payments basis or
     statistics for trade in services, both of which will continue to be featured in the FT-900.
   * Be available at www.census.gov/trade.

In accordance with Section 7 of the Office of Management and Budget's (OMB) Statistical Policy
Directive No. 3, OMB granted the Census Bureau an exception to the previously approved schedule
for the release of the FT-900. OMB granted the exception for the sole purpose of publicly
releasing advance monthly statistics on trade in goods.

The new report will present two sets of statistics: "Advance" statistics, which reflect partial
coverage, and "Final" statistics, which reflect complete coverage and correspond to the most
recently published statistics in Exhibits 6 and 13 of the FT-900. Sample exhibits of the new
report are available at www.census.gov/foreign-trade/statistics/notices/20150405_advrelease.html.

The release schedule for this report through December 2015 is as follows:

Statistical Month         Date             Day

June                      07-30-15         Thu
July                      08-28-15         Fri
August                    09-29-15         Tue
September                 10-28-15         Wed
October                   11-24-15         Tue
November                  12-29-15         Tue

If you have questions, please contact the Census Bureau, Economic Indicators Division, on
(800) 549-0595, option 4, on (301) 763-2311, or at eid.international.trade.data@census.gov.

Upcoming Revisions to Goods and Services

On June 3, 2015, 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 2015" and "U.S. International Trade in
Goods and Services: Annual Revision for 2014." With these releases, statistics on trade in goods,
on both a Census basis and a balance of payments (BOP) basis, will be revised beginning with 2012,
and statistics on trade in services will be revised beginning with 1999. The revised statistics
for goods on a BOP basis and for services will also be included in the report "U.S. International
Transactions: First Quarter 2015 and Annual Revisions" and in the annual revision of the U.S.
International Transactions Accounts (ITAs), both to be released by BEA on June 18, 2015.

Goods

Revised statistics on trade in goods will reflect 1) corrections and adjustments to previously
published not-seasonally-adjusted statistics for goods on a Census basis, 2) recalculated
seasonal and trading-day adjustments, 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. BOP adjustments are presented as net adjustments in this release.

Services

Revised statistics on trade in services beginning with 1999 will reflect the reclassification
of repairs related to Foreign Military Sales from exports of government goods and services n.i.e.
(not included elsewhere) to exports of maintenance and repair services n.i.e. This reclassification
will result in more accurate international account statistics and will bring BEA's statistics
into closer alignment with international guidelines, which recommend that services supplied by
and to governments be classified to a specific services category where possible.

Revised statistics on trade in services beginning with 2012 will also reflect 1) newly available
and revised source data primarily from BEA's surveys of international services transactions,
2) revised seasonal adjustments, and 3) revised interpolations of quarterly source data to
monthly statistics (see the information section on page A-4 of this release).

Additional information on BEA's 2015 annual revision of the ITAs will be presented in the April
2015 issue of the Survey of Current Business, which BEA will release in mid-April. If you have questions, 
please contact BEA's Balance of Payments Division at InternationalAccounts@bea.gov.

To learn more about the FT-900 and other economic indicators the Census Bureau publishes, join
the Economic Indicators Division for the "Investigating Economic Indicators" Webinar series.
For more information, visit www.census.gov/econ/webinar.