 |
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 monthly highlights and annual 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,
February 10, 2005
CB-05-17
BEA-05-05
FT-900 (04-12)
For information on goods contact:
U.S. Census Bureau:
Nick Orsini (301) 763-6959
Vanessa Ware (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
December 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 December exports of $100.2
billion and imports of $156.6 billion resulted in a goods and services deficit
of $56.4 billion, $2.9 billion less than the $59.3 billion in November, revised.
December exports were $3.1 billion more than November exports of $97.1 billion.
December imports were $0.1 billion more than November imports of $156.4 billion.
In December, the goods deficit decreased $2.9 billion from November to $60.6
billion, and the services surplus was virtually unchanged at $4.2 billion.
Exports of goods increased $3.0 billion to $71.1 billion, and imports of goods
increased $0.1 to $131.7 billion. Exports of services increased $0.1 billion to
$29.1 billion, and imports of services increased $0.1 billion to $24.9 billion.
In December, the goods and services deficit was up $12.4 billion from December
2003. Exports were up $10.1 billion, or 11.2 percent, and imports were up $22.5
billion, or 16.8 percent.
Goods
The November to December change in exports of goods reflected increases in capital
goods ($1.6 billion); industrial supplies and materials ($0.7 billion); consumer
goods ($0.6 billion); and automotive vehicles, parts, and engines ($0.3 billion).
A decrease occurred in other goods ($0.2 billion). Foods, feeds, and beverages
were virtually unchanged.
The November to December change in imports of goods reflected increases in capital
goods ($0.6 billion); automotive vehicles, parts, and engines ($0.3 billion); and
foods, feeds, and beverages ($0.1 billion). Decreases occurred in industrial
supplies and materials ($0.9 billion) and other goods ($0.1 billion). Consumer
goods were virtually unchanged.
The December 2003 to December 2004 change in exports of goods reflected increases
in industrial supplies and materials ($3.2 billion); capital goods ($2.7 billion);
consumer goods ($1.6 billion); automotive vehicles, parts, and engines ($0.9
billion); and other goods ($0.3 billion). A decrease occurred in foods, feeds,
and beverages ($0.1 billion).
The December 2003 to December 2004 change in imports of goods reflected increases
in industrial supplies and materials ($11.0 billion); consumer goods ($3.9 billion);
capital goods ($3.6 billion); automotive vehicles, parts, and engines ($1.0 billion);
foods, feeds, and beverages ($0.6 billion); and other goods ($0.2 billion).
Services
Services exports increased $0.1 billion from November to December. Small increases
in most services categories were partly offset by a decrease in other transportation
(which includes freight and port services).
Services imports increased $0.1 billion from November to December. Increases in
passenger fares, travel, and other private services (which includes items such as
business, professional, and technical services, insurance services, and financial
services) were partly offset by a decrease in other transportation.
From December 2003 to December 2004, services exports increased $1.6 billion. The
largest increases were in other private services ($0.4 billion), travel ($0.4
billion), and other transportation ($0.3 billion).
From December 2003 to December 2004, services imports increased $2.0 billion. The
largest increases were in other transportation ($0.8 billion), other private
services ($0.6 billion), and passenger fares ($0.3 billion).
Goods and Services Moving Average
For the three months ending in December, exports of goods and services averaged
$98.4 billion, while imports of goods and services averaged $155.7 billion,
resulting in an average trade deficit of $57.3 billion. For the three months
ending in November, the average trade deficit was $55.5 billion, reflecting average
exports of $97.6 billion and average imports of $153.0 billion.
Selected Not Seasonally Adjusted Goods Details
The December figures showed surpluses, in billions of dollars, with Hong Kong $0.7
(for November $0.5), Australia $0.5 ($0.5), Singapore $0.2 ($0.1), and Egypt $0.1
($0.1). Deficits were recorded, in billions of dollars, with China $14.3 ($16.6),
the European Union (25) $10.3 ($10.5), Japan $6.9 ($7.3), OPEC $5.8 ($6.9), Canada
$4.9 ($5.9), Mexico $3.4 ($3.9), Korea $1.3 ($2.3), Brazil $0.9 ($0.8), and Taiwan
$0.6 ($1.4).
Advanced technology products (ATP) exports were $18.0 billion in December and
imports were $21.5 billion, resulting in a deficit of $3.6 billion. December
exports were $1.7 billion more than the $16.3 billion in November, while imports
were $0.4 billion less than the $21.9 billion in November.
Revisions
Goods carry-over in December was $0.4 billion (0.6 percent) for exports and $2.0
billion (1.6 percent) for imports. For November, revised export carry-over was
$0.1 billion (0.2 percent), revised down from $0.3 billion (0.4 percent). For
November, revised import carry-over was $0.2 billion (0.1 percent), revised down
from $1.1 billion (0.8 percent).
The seasonally adjusted goods data for January through November were also revised
to align the seasonally adjusted months with the annual totals.
Services exports for November were virtually unchanged at $29.0 billion; downward
revisions in travel and passenger fares were mostly offset by an upward revision
in other transportation. Services imports for November were revised down $0.3
billion to $24.8 billion; the revision was mostly accounted for by a downward
revision in travel.
Annual Summary for 2004
Goods and Services
For 2004, exports of $1,146.1 billion and imports of $1,763.9 billion resulted in
a goods and services deficit of $617.7 billion, $121.2 billion more than the 2003
deficit of $496.5 billion. For goods, exports were $807.6 billion and imports
were $1,473.8 billion, resulting in a goods deficit of $666.2 billion, $118.6
billion more than the 2003 deficit of $547.6 billion. For services, exports were
$338.6 billion and imports were $290.1 billion resulting in a services surplus of
$48.5 billion, $2.6 billion less than the 2003 surplus of $51.0 billion.
The goods and services deficit in 2004 was $617.7 billion. As a percentage of U.S.
gross domestic product, the goods and services deficit increased from 4.5 percent
in 2003 to 5.3 percent in 2004.
Goods
For 2004, exports of goods were up $94.5 billion from 2003. Increases occurred in
capital goods ($37.5 billion); industrial supplies and materials ($30.5 billion);
consumer goods ($12.9 billion); automotive vehicles, parts, and engines ($7.5
billion); other goods ($4.5 billion); and foods, feeds, and beverages ($1.3 billion).
For 2004, imports of goods were up $213.1 billion from 2003. Increases occurred
in industrial supplies and materials ($98.6 billion); capital goods ($48.0 billion);
consumer goods ($39.3 billion); automotive vehicles, parts, and engines ($18.2
billion); foods, feeds, and beverages ($6.3 billion); and other goods ($2.9
billion).
Services
For 2004, exports of services were $338.6 billion, up $31.2 billion from 2003.
Increases occurred in travel ($10.2 billion); other private services ($8.5 billion),
which includes items such as business, professional, and technical services,
insurance services, and financial services; other transportation ($5.5 billion),
which includes freight and port services; passenger fares ($3.1 billion); royalties
and license fees ($2.9 billion); and transfers under U.S. military sales contracts
($1.1 billion). A decrease occurred in U.S. Government miscellaneous services ($0.1
billion).
For 2004, imports of services were $290.1 billion, up $33.8 billion from 2003.
Increases occurred in other transportation ($8.9 billion); other private services
($8.5 billion); travel ($8.0 billion); direct defense expenditures ($3.2 billion);
royalties and license fees ($2.6 billion); passenger fares ($2.3 billion); and U.S.
Government miscellaneous services ($0.2 billion).
For detailed descriptions of the types of transactions included in each of the
services categories, see "Information on Goods and Services" starting on page 26
of this release.
Notices
** Special Note on U.S. Exports to Canada**
On January 31, 2005, Statistics Canada announced that November 2004 imports were
understated in its January 12, 2005 release. The U.S. Census Bureau and Statistics
Canada cooperate in a data exchange program where Canadian import transactions,
collected by the Canadian Customs organization, are provided through Statistics
Canada to the Census Bureau to derive U.S. exports to Canada. Statistics Canada
recently notified the Census Bureau that a portion of Canadian import transactions
for November 2004 were omitted in the data exchange resulting in an understatement
of U.S. exports to Canada of approximately $1.4 billion. With this release, the
November 2004 export statistics have been revised to include the omitted transactions.
** Country Grouping Changes**
With the release of the January 2005 statistics on March 11, 2005, exhibits 14 and
14a of the U.S. International Trade in Goods and Services release and exhibits 6
and 6a of the FT-900 Supplement will be revised. The primary modifications are to
add lines to the exhibits for Europe, Africa, and individual countries that have
accounted for increased trade activity in recent years. In addition, lines
pertaining to Western Europe, Eastern Europe, European Union (15), and the former
Soviet Republics will be removed. For examples of the revised exhibits, go to
www.census.gov/foreign-trade/2005_examples.html.
**Update To Advanced Technology Product Group**
With the release of the January 2005 statistics on March 11, 2005, the advanced
technology product group will be updated to reflect changes in the commodities
designated as advanced technology. A complete list of advanced technology product
codes is available at http://www.census.gov/foreign-trade/reference/glossary/a/atp.html.
If you have any questions or comments, please contact Vanessa Ware at (301) 763-2311
or e-mail at vanessa.ware@census.gov.
|
|
