U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce ? Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EDT THURSDAY, APRIL 10, 2008 For information on goods contact: For information on services contact: U.S. Census Bureau: U.S. Bureau of Economic Analysis: Nick Orsini 301-763-6959 Technical: Christopher Bach 202-606-9545 Maria Iseman 301-763-2311 Media: Ralph Stewart 202-606-2649 CB08-58, BEA08-14, FT-900 (08-02) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES February 2008 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 February exports of $151.4 billion and imports of $213.7 billion resulted in a goods and services deficit of $62.3 billion, up from $59.0 billion in January, revised. February exports were $3.0 billion more than January exports of $148.4 billion. February imports were $6.3 billion more than January imports of $207.3 billion. In February, the goods deficit increased $3.5 billion from January to $72.9 billion, and the services surplus increased $0.1 billion to $10.6 billion. Exports of goods increased $2.6 billion to $107.3 billion, and imports of goods increased $6.0 billion to $180.2 billion. Exports of services increased $0.4 billion to $44.1 billion, and imports of services increased $0.3 billion to $33.5 billion. In February, the goods and services deficit increased $4.1 billion from February 2007. Exports were up $26.1 billion, or 20.8 percent, and imports were up $30.2 billion, or 16.4 percent. Goods The January to February change in exports of goods reflected increases in industrial supplies and materials ($1.9 billion); foods, feeds, and beverages ($0.7 billion); other goods ($0.6 billion); and automotive vehicles, parts, and engines ($0.4 billion). Decreases occurred in capital goods ($0.7 billion) and consumer goods ($0.1 billion). The January to February change in imports of goods reflected increases in consumer goods ($2.2 billion); automotive vehicles, parts, and engines ($1.8 billion); capital goods ($1.0 billion); foods, feeds, and beverages ($0.1 billion); industrial supplies and materials ($0.1 billion); and other goods ($0.1 billion). The February 2007 to February 2008 change in exports of goods reflected increases in industrial supplies and materials ($8.0 billion); capital goods ($4.2 billion); foods, feeds, and beverages ($3.0 billion); consumer goods ($1.8 billion); automotive vehicles, parts, and engines ($1.4 billion); and other goods ($0.5 billion). The February 2007 to February 2008 change in imports of goods reflected increases in industrial supplies and materials ($19.5 billion); capital goods ($1.9 billion); automotive vehicles, parts, and engines ($1.5 billion); consumer goods ($1.3 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.1 billion). Services Services exports increased $0.4 billion from January to February. The increase was mostly accounted for by increases in travel and royalties and license fees. Changes in other categories of services exports were small and nearly offsetting. Services imports increased $0.3 billion from January to February. The increase was mostly accounted for by increases in other transportation (which includes freight and port services), travel, and other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in other categories of services imports were small and nearly offsetting. From February 2007 to February 2008, services exports increased $7.1 billion. The largest increases were in other private services ($2.8 billion), travel ($2.1 billion), royalties and license fees ($0.9 billion), and other transportation ($0.9 billion). Within other private services, increases were largest in business, professional, and technical services and in financial services. From February 2007 to February 2008, services imports increased $4.0 billion. The largest increases were in other private services ($2.0 billion), other transportation ($0.6 billion), and travel ($0.5 billion). Within other private services, increases were largest in insurance services and in business, professional, and technical services. Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $148.5 billion, while imports of goods and services averaged $208.2 billion, resulting in an average trade deficit of $59.7 billion. For the three months ending in January, the average trade deficit was $59.7 billion, reflecting average exports of $146.0 billion and average imports of $205.7 billion. Selected Not Seasonally Adjusted Goods Details The February figures showed surpluses, in billions of dollars, with Australia $1.2 ($0.6 for January), Hong Kong $1.2 ($0.9), Singapore $1.1 ($0.5), Belgium $0.7 ($0.9), and Egypt $0.4 ($0.3). Deficits were recorded, in billions of dollars, with China $18.4 ($20.3), OPEC $13.2 ($15.5), Japan $6.9 ($6.6), the European Union $6.9 ($6.1), Canada $6.5 ($5.9), Mexico $5.5 ($5.1), Nigeria $2.9 ($3.4), Venezuela $2.6 ($3.4), Korea $1.1 ($1.2), and Taiwan $0.7 ($1.0). Advanced technology products (ATP) exports were $22.3 billion in February and imports were $25.6 billion, resulting in a deficit of $3.3 billion. February exports were $0.1 billion more than the $22.1 billion in January, while imports were virtually unchanged from January at $25.6 billion. Revisions Goods carry-over in February was $0.4 billion (0.4 percent) for exports and $1.7 billion (1.0 percent) for imports. For January, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.2 billion (0.2 percent). For January, revised import carry-over was $0.3 billion (0.2 percent), revised down from $0.8 billion (0.5 percent). Services exports for January were virtually unrevised at $43.6 billion. Downward revisions in travel and passenger fares were partly offset by an upward revision in other transportation. Services imports for January were virtually unrevised at $33.2 billion. TABLE OF CONTENTS Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages. . . . . . . 5 Exhibit 3 U.S. Services by Major Category – Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Exhibit 4 U.S. Services by Major Category – Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Exhibit 5 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 9 Exhibit 7 Exports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 10 Exhibit 8 Imports of Goods by End-Use Category and Commodity. . . . . . . . . . . . . . . . . . . . . . . . . 12 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category (2000 Chain- weighted dollars) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals (2000 Chain-weighted dollars) . . . . . . . . . . . . . . . . . . . . . . 16 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 18 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas. . . . . . . . . . . . 19 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities. . . . . . . . . . . . . . . . . . . . 21 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products. . . . . . . . . . . . . . . . . . 23 Exhibit 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil . . . . . . . . . . . . . . . 25 Exhibit 18 Exports and Imports of Motor Vehicles and Parts by Selected Countries. . . . . . . . . . . . . 26 Information on Goods and Services.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page 27 of this release, or at www.census.gov/ft900 or www.bea.gov/bea/di/home/trade.htm. The next FT-900 release is March 11, 2008. NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page 27 of this release, or at www.census.gov/ft900 or www.bea.gov/bea/di/home/trade.htm. The next FT-900 release is May 9, 2008. Scheduled release dates through February 2009 are located on page 31 SOURCE: Report FT900 (CB-08-42, BEA-08-08), Bureau of the Census, Foreign Trade Division, January 2008. For more information, contact Nick Orsini (301-763-6959) or Maria Iseman (301-763-2311), Foreign Trade Division.