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                     United States Department of
                           COMMERCE NEWS
                     Washington, D.C. 20230

                             ECONOMICS
                                AND
                            STATISTICS
                          ADMINISTRATION
                           ------------

                         U.S. Census Bureau
                    Bureau of Economic Analysis

This release contains sensitive economic
data not to be released before
8:30 a.m. Thursday,
September 11, 2003

CB-03-139    Press Copy
BEA-03-34
FT-900 (03-07)

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:
Bureau of Economic Analysis:
Technical:  Christopher Bach  (202) 606-9545
Media:      Larry Moran       (202) 606-2649


                    U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                      July 2003

Goods and Services

The U.S. Census Bureau and the Bureau of Economic Analysis, through the
Department of Commerce, announced today that total July exports of $86.1 billion
and imports of $126.5 billion resulted in a goods and services deficit of $40.3
billion, $0.3 billion more than the $40.0 billion in June, revised.  July exports
were $1.7 billion more than June exports of $84.5 billion.  July imports were
$2.0 billion more than June imports of $124.5 billion

In July, the goods deficit increased $0.2 billion from June to $45.3 billion,
and the services surplus decreased $0.1 billion to $5.0 billion.  Exports of
goods increased $1.3 billion to $60.5 billion, and imports of goods increased
$1.5 billion to $105.8 billion.  Exports of services increased to $25.6 billion
from $25.2 billion, and imports of services increased to $20.7 billion from
$20.2 billion.

In July, the goods and services deficit was up $6.3 billion from July 2002.
Exports were up $3.2 billion, or 3.9 percent, and imports were up $9.4 billion,
or 8.1 percent.

Goods

The June to July change in exports of goods reflected increases in capital goods
($0.6 billion); industrial supplies and materials ($0.4 billion); automotive
vehicles, parts, and engines ($0.3 billion); and foods, feeds, and beverages
($0.2 billion).  Decreases occurred in consumer goods ($0.1 billion) and other
goods ($0.1 billion).

The June to July change in imports of goods reflected increases in industrial
supplies and materials ($1.0 billion); consumer goods ($0.7 billion); and foods,
feeds, and beverages ($0.1 billion).  A decrease occurred in automotive vehicles,
parts, and engines ($0.1 billion).  Capital goods and  other goods were virtually
unchanged.  The July 2002 to July 2003 change in exports of goods of $1.8 billion
reflected increases in industrial supplies and materials ($1.6 billion); consumer
goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion).  Decreases
occurred in capital goods ($0.4 billion) and automotive vehicles, parts, and
engines ($0.1 billion).  Other goods were virtually unchanged.

The July 2002 to July 2003 change in imports of goods of $7.9 billion reflected
increases in industrial supplies and materials ($4.3 billion); consumer goods
($1.7 billion); automotive vehicles, parts, and engines ($0.9 billion); capital
goods ($0.6 billion); foods, feeds, and beverages ($0.4 billion); and other goods
($0.1 billion).

Services

Services exports increased $0.4 billion from June to July.  The increase was
accounted for by increases in travel, other private services (which includes
items such as business, professional, and technical services, insurance services,
and financial services), and passenger fares.  Changes in the other categories
of services exports were small.

Services imports increased $0.5 billion from June to July.  The increase was
mostly accounted for by increases in travel, other transportation (which includes
freight and port services), passenger fares, and other private services.  Changes
in the other categories of services imports were small.

From July 2002 to July 2003, services exports increased $1.3 billion.  The largest
increases were in other private services ($0.8 billion) and other transportation
($0.2 billion).

From July 2002 to July 2003, services imports increased $1.6 billion.  The largest
increases were in other private services ($0.6 billion), other transportation
($0.5 billion), and direct defense expenditures ($0.3 billion).

Goods and Services Moving Average

For the three months ending in July, exports of goods and services averaged
$84.4 billion, while imports of goods and services averaged $125.0 billion,
resulting  in an average trade deficit of $40.7 billion.  For the three months
ending in June, the average trade deficit was $41.2 billion, reflecting average
exports of $82.7 billion and average imports of $123.9 billion.

Selected Not Seasonally Adjusted Goods Details

The July figures showed surpluses, in billions of dollars, with Australia $0.8
(for July $0.8), Singapore $0.4 (virtually zero), Hong Kong $0.2 ($0.4), and
Egypt $0.1 ($0.1).  Deficits were recorded, in billions of dollars, with China
$11.3 ($10.0), Western Europe $11.2 ($8.0), Japan $5.9 ($5.4), Canada $5.0
($3.7), OPEC $4.5 ($4.0), Mexico $3.2 ($3.4), Korea $1.3 ($1.0), Taiwan $1.1
($1.1), and Brazil $0.7 ($0.6).

Advanced technology products (ATP) exports were $14.6 billion in July and
imports were $17.6 billion, resulting in a deficit of $3.0 billion.  July exports
were $0.7 billion less than the $15.3 billion in June, while imports were $0.5
billion more than the $17.1 billion in June.

Revisions

Goods carry-over in July was $0.3 billion (0.6 percent) for exports and $1.3
billion (1.2 percent) for imports.  For June, revised export carry-over was
virtually zero, revised down from $0.3 billion (0.5 percent).  For June, revised
import carry-over was $0.1 billion (0.1 percent), revised down from $0.9 billion
(0.9 percent)

Services exports and imports for January through June 2003 reflect the
incorporation of more comprehensive and revised quarterly and monthly data.  For
services exports, the largest revisions over the entire period were in travel
and transfers under U.S. military sales contracts.  For services imports, the
largest revisions over the entire period were in royalties and license fees,
other transportation, and other private services.

Services exports for June were revised down $0.4 billion to $25.2 billion; the
revision was accounted for by downward revisions in travel, passenger fares,
and transfers under U.S. military sales contracts.  Services imports for June
were virtually unrevised at $20.2 billion.