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                          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. Friday,
September 10, 2004

CB-04-155    Press Copy
BEA-04-42
FT-900 (04-07)

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:
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
                                  July 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 July exports of $95.9 billion
and imports of $146.0 billion resulted in a goods and services deficit of $50.1
billion, $4.9 billion less than the $55.0 billion in June, revised.  July exports
were $2.8 billion more than June exports of $93.1 billion.  July imports were $2.1
billion less than June imports of $148.1 billion.

In July, the goods deficit decreased $4.6 billion from June to $54.5 billion, and
the services surplus increased $0.3 billion to $4.4 billion.  Exports of goods increased
$2.8 billion to $67.5 billion, and imports of goods decreased $1.8 billion to $122.0
billion.  Exports of services were virtually unchanged at $28.4 billion, and imports
of services decreased $0.3 billion to $24.0 billion.

In July, the goods and services deficit was up $9.3 billion from July 2003.  Exports
were up $10.3 billion, or 12.0 percent, and imports were up $19.6 billion, or 15.5
percent.

Goods

The June to July change in exports of goods reflected increases in capital goods
($1.5 billion); industrial supplies and materials ($1.2 billion); and automotive
vehicles, parts, and engines ($0.6 billion).  Decreases occurred in other goods
($0.6 billion) and consumer goods ($0.2 billion).  Foods, feeds, and beverages were
virtually unchanged.

The June to July change in imports of goods reflected decreases in industrial supplies
and materials ($1.4 billion); consumer goods ($0.4 billion); other goods ($0.1 billion);
capital goods ($0.1 billion); and foods, feeds, and beverages ($0.1 billion).  An increase
occurred in automotive vehicles, parts, and engines ($0.4 billion).

The July 2003 to July 2004 change in exports of goods reflected increases in capital goods
($3.4 billion); industrial supplies and materials ($2.4 billion); automotive vehicles,
parts, and engines ($0.9 billion); and consumer goods ($0.7 billion).  Decreases occurred
in foods, feeds, and beverages ($0.2 billion) and other goods ($0.1 billion).

The July 2003 to July 2004 change in imports of goods reflected increases in industrial
supplies and materials ($7.3 billion); capital goods ($4.8 billion); consumer goods ($3.1
billion); automotive vehicles, parts, and engines ($1.3 billion); foods, feeds, and
beverages ($0.6 billion); and other goods ($0.1 billion).

Services

Services exports were virtually unchanged from June to July.  A decrease in transfers
under U.S. military sales contracts was partly offset by an increase in royalties and
license fees.  Changes in the other categories of services exports were small.

Services imports decreased $0.3 billion from June to July.  The decrease was mostly
accounted for by a decrease in other transportation (which includes freight and port
services); travel and passenger fares also decreased.  Changes in the other categories
of services imports were small.

From July 2003 to July 2004, services exports increased $2.9 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 ($0.5 billion).

From July 2003 to July 2004, services imports increased $2.4 billion.  The largest
increases were in other private services ($0.8 billion), travel ($0.7 billion), and other
transportation ($0.4 billion).

Goods and Services Moving Average

For the three months ending in July, exports of goods and services averaged $95.3 billion,
while imports of goods and services averaged $146.0 billion, resulting in an average
trade deficit of $50.7 billion.  For the three months ending in June, the average trade
deficit was $50.1 billion, reflecting average exports of $94.8 billion and average imports
of $144.9 billion.

Selected Not Seasonally Adjusted Goods Details

The July figures showed surpluses, in billions of dollars, with Australia $0.6 (for
June $0.5), Singapore $0.5 ($0.4), Hong Kong $0.4 ($0.5), and Egypt $0.1 ($0.1).  Deficits
were recorded, in billions of dollars, with China $14.9 ($14.2), Western Europe $11.1
($10.7), the European Union (25) $10.5 ($10.6), Japan $6.4 ($6.3), Canada $6.1 ($6.6),
OPEC $6.0 ($6.2), Mexico $3.5 ($4.9), Korea $1.7 ($2.0), Taiwan $1.3 ($1.2), and Brazil
$0.8 ($1.1).

Advanced technology products (ATP) exports were $15.8 billion in July and imports were
$19.5 billion, resulting in a deficit of $3.7 billion.  July exports were $1.4 billion
less than the $17.3 billion in June, while imports were $1.8 billion less than the $21.3
billion in June.

Revisions

Goods carry-over in July was $0.6 billion (1.0 percent) for exports and $0.7 billion
(0.6 percent) for imports.  For June, revised export carry-over was $0.1 billion (0.2
percent), revised down from $0.3 billion (0.4 percent).  For June, revised import
carry-over was $0.1 billion (0.1 percent), revised down from $1.4 billion (1.1 percent).

Services exports and imports for January through June 2004 reflect the incorporation of
quarterly revisions to the U.S. international transactions accounts.  The revised quarterly
and monthly estimates are based on more complete source data than were available previously.
For services exports, the largest revisions over the entire period were in royalties
and license fees and other private services.  For services imports, the largest revisions
over the entire period were in other transportation and other private services.

Services exports for June were revised down $0.2 billion to $28.4 billion; the revision
was more than accounted for by a downward revision in royalties and license fees.  Services
imports for June were revised up $0.1 billion to $24.3 billion; the revision was more
than accounted for by an upward revision in other private services.