United States Department of COMMERCE NEWS Washington, D.C. 20230
ECONOMICS AND STATISTICS ADMINISTRATION ------------
U.S. Census Bureau U.S. Bureau of Economic Analysis
This release contains sensitive economic data not to be released before 8:30 a.m. Thursday, November 13, 2003
CB-03-178 Press Copy BEA-03-44 FT-900 (03-09)
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: U.S. Bureau of Economic Analysis: Technical: Christopher Bach (202) 606-9545 Media: Larry Moran (202) 606-2649
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES September 2003
Goods and Services
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total September exports of $86.2 billion and imports of $127.4 billion resulted in a goods and services deficit of $41.3 billion, $1.8 billion more than the $39.5 billion in August, revised. September exports were $2.4 billion more than August exports of $83.8 billion. September imports were $4.1 billion more than August imports of $123.3 billion.
In September, the goods deficit increased $1.8 billion from August to $46.5 billion, and the services surplus was virtually unchanged at $5.2 billion. Exports of goods increased $2.1 billion to $59.8 billion, and imports of goods increased $3.9 billion to $106.3 billion. Exports of services increased to $26.3 billion from $26.1 billion, and imports of services increased to $21.1 billion from $20.9 billion.
In September, the goods and services deficit was up $4.6 billion from September 2002. Exports were up $3.9 billion, or 4.7 percent, and imports were up $8.5 billion, or 7.1 percent.
Goods
The August to September change in exports of goods reflected increases in capital goods ($0.8 billion); automotive vehicles, parts, and engines ($0.6 billion); consumer goods ($0.3 billion); foods, feeds, and beverages ($0.3 billion); and industrial supplies and materials ($0.1 billion). Other goods were virtually unchanged.
The August to September change in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.7 billion); capital goods ($1.4 billion); consumer goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); other goods ($0.2 billion); and industrial supplies and materials ($0.2 billion).
The September 2002 to September 2003 change in exports of goods reflected increases in industrial supplies and materials ($0.8 billion); consumer goods ($0.7 billion); foods, feeds, and beverages ($0.5 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in capital goods ($0.1 billion). Other goods were virtually unchanged.
The September 2002 to September 2003 change in imports of goods reflected increases in industrial supplies and materials ($3.5 billion); capital goods ($1.7 billion); consumer goods ($1.4 billion); and foods, feeds, and beverages ($0.6 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.4 billion) and other goods ($0.2 billion).
Services
Services exports increased $0.2 billion from August to September. The increase was mostly accounted for by an increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in the other categories of services exports were small.
Services imports increased $0.2 billion from August to September. The increase was mostly accounted for by increases in other private services, travel, and other transportation (which includes freight and port services). Changes in the other categories of services imports were small.
From September 2002 to September 2003, services exports increased $1.8 billion. The largest increase was in other private services ($1.2 billion).
From September 2002 to September 2003, services imports increased $1.9 billion. The largest increases were in other private services ($0.6 billion), other transportation ($0.5 billion), and passenger fares ($0.4 billion).
Goods and Services Moving Average
For the three months ending in September, exports of goods and services averaged $85.3 billion, while imports of goods and services averaged $125.6 billion, resulting in an average trade deficit of $40.3 billion. For the three months ending in August, the average trade deficit was $39.9 billion, reflecting average exports of $84.8 billion and average imports of $124.6 billion.
Selected Not Seasonally Adjusted Goods Details
The September figures showed surpluses, in billions of dollars, with Australia $0.7 (for August $0.5), Hong Kong $0.3 ($0.3), and Egypt $0.3 ($0.2). Deficits were recorded, in billions of dollars, with China $12.7 ($11.7), Western Europe $8.9 ($6.9), Canada $5.2 ($4.8), Japan $5.1 ($4.8), OPEC $4.0 ($4.1), Mexico $3.3 ($3.4), Taiwan $1.4 ($1.2), Korea $1.1 ($0.9), Brazil $0.6 ($0.6), and Singapore $0.1 (surplus of $0.8).
Advanced technology products (ATP) exports were $15.0 billion in September and imports were $18.9 billion resulting in a deficit of $3.9 billion. September exports were $0.5 billion more than the $14.5 billion in August, while imports were $2.7 billion more than the $16.2 billion in August.
Revisions
Goods carry-over in September was $0.3 billion (0.4 percent) for exports and $1.0 billion (0.9 percent) for imports. For August, revised export carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.4 percent). For August, revised import carry-over was virtually zero, revised down from $0.7 billion (0.7 percent).
Services exports for August were revised up $0.2 billion to $26.1 billion. The revision was accounted for by upward revisions in travel and passenger fares. Services imports for August were revised up $0.3 billion to $20.9 billion. The revision was more than accounted for by upward revisions in travel and passenger fares.