News Release: U.S. International Trade in Goods and Services

The first two pages of this release are shown in plain text below.
A PDF version of the entire release is also available and the tables from this release are available in an XLS spreadsheet.
Also available: a brief summary of highlights.
For plain text copies of the tables, please visit the Census web site.

                         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,
October 14, 2004

CB-04-181    Press Copy
BEA-04-47
FT-900 (04-08)

For information on goods contact:
U.S. Census Bureau:
Nick Orsini  (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
                                  August 2004

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 August exports of $96.0 billion and imports of
$150.1 billion resulted in a goods and services deficit of $54.0 billion, $3.5 billion
more than the $50.5 billion in July, revised.  August exports were $0.1 billion more
than July exports of $95.9 billion.  August imports were $3.6 billion more than July
imports of $146.5 billion.

In August, the goods deficit increased $2.7 billion from July to $57.4 billion, and the
services surplus decreased $0.8 billion to $3.4 billion.  Exports of goods decreased $0.1
billion to $67.4 billion, and imports of goods increased $2.6 billion to $124.8 billion.
Exports of services increased $0.2 billion to $28.6 billion, and imports of services
increased $1.0 billion to $25.2 billion.

In August, the goods and services deficit was up $13.9 billion from August 2003.  Exports
were up $11.9 billion, or 14.2 percent, and imports were up $25.8 billion, or 20.7 percent.

Goods

The July to August change in exports of goods reflected decreases in industrial supplies
and materials ($0.4 billion); foods, feeds, and beverages ($0.2 billion); and other goods
($0.1 billion).  Increases occurred in consumer goods ($0.3 billion) and automotive vehicles,
parts, and engines ($0.2 billion).  Capital goods were virtually unchanged.

The July to August change in imports of goods reflected increases in industrial supplies
and materials ($2.4 billion); other goods ($0.3 billion); and automotive vehicles, parts,
and engines ($0.1 billion).  A decrease occurred in capital goods ($0.1 billion).  Consumer
goods and foods, feeds, and beverages were virtually unchanged.

The August 2003 to August 2004 change in exports of goods reflected increases in capital goods
($3.7 billion); industrial supplies and materials ($2.8 billion); automotive vehicles, parts,
and engines ($1.4 billion); consumer goods ($1.1 billion); and other goods ($0.1 billion).  A
decrease occurred in foods, feeds, and beverages ($0.2 billion).

The August 2003 to August 2004 change in imports of goods reflected increases in industrial
supplies and materials ($10.3 billion); capital goods ($4.8 billion); consumer goods ($3.1
billion); automotive vehicles, parts, and engines ($3.0 billion); other goods ($0.6 billion);
and foods, feeds, and beverages ($0.5 billion).

Services

Services exports increased $0.2 billion from July to August.  An increase in other
transportation (which includes freight and port services) was partly offset by a decrease
in transfers under U.S. military sales contracts.  Changes in the other categories of services
exports were small.

Services imports increased $1.0 billion from July to August.  Royalties and license fees
increased $0.8 billion; it includes payments for the rights to broadcast the 2004 Summer
Olympic Games.  Other transportation increased $0.2 billion.  Changes in the other categories
of services imports were small.

From August 2003 to August 2004, services exports increased $2.8 billion.  The largest
increases were in travel ($1.1 billion), other private services, which includes items such
as business, professional, and technical services, insurance services, and financial
services ($0.7 billion), and other transportation ($0.6 billion).

From August 2003 to August 2004, services imports increased $3.6 billion.  The largest
increases were in royalties and license fees ($0.9 billion), other transportation ($0.9
billion), and other private services ($0.8 billion).

Goods and Services Moving Average

For the three months ending in August, exports of goods and services averaged $95.0 billion,
while imports of goods and services averaged $148.2 billion, resulting in an average trade
deficit of $53.2 billion.  For the three months ending in July, the average trade deficit
was $50.9 billion, reflecting average exports of $95.3 billion and average imports of
$146.2 billion.

Selected Not Seasonally Adjusted Goods Details

The August figures showed surpluses, in billions of dollars, with Singapore $0.6 (for
July $0.5), Australia $0.6 ($0.6), Hong Kong $0.4 ($0.4), and Egypt $0.1 ($0.1).  Deficits
were recorded, in billions of dollars, with China $15.4 ($14.9), Western Europe $10.0 ($11.1),
the European Union (25) $9.6 ($10.5), OPEC $7.0 ($6.0), Canada $6.6 ($5.9), Japan $6.4 ($6.4),
Mexico $3.7 ($3.5), Taiwan $1.5 ($1.3), Korea $1.5 ($1.7), and Brazil $0.6 ($0.8).

Advanced technology products (ATP) exports were $16.0 billion in August and imports were
$20.4 billion, resulting in a deficit of $4.5 billion.  August exports were $0.1 billion
more than the $15.8 billion in July, while imports were $0.9 billion more than the $19.5
billion in July.

Revisions

Goods carry-over in August was $0.5 billion (0.7 percent) for exports and $1.3 billion
(1.0 percent) for imports.  For July, revised export carry-over was $0.1 billion (0.1
percent), revised down from $0.6 billion (1.0 percent).  For July, revised import carry-
over was $0.1 billion (0.1 percent), revised down from $0.7 billion (0.6 percent).

Services exports for July were revised up $0.1 billion to $28.5 billion; the revision was
more than accounted for by an upward revision in travel.  Services imports for July were
revised up $0.2 billion to $24.2 billion; the revision was mostly accounted for by an
upward revision in travel.