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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce Washington, D.C. 20230
CB05-50
BEA05-14
FT-900 (05-02)
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
February 2005
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 $100.5
billion and imports of $161.5 billion resulted in a goods and services deficit
of $61.0 billion, $2.5 billion more than the $58.5 billion in January, revised.
February exports were $0.1 billion more than January exports of $100.4 billion.
February imports were $2.6 billion more than January imports of $158.9 billion.
In February, the goods deficit increased $2.3 billion from January to $64.7 billion,
and the services surplus decreased $0.3 billion to $3.7 billion. Exports of goods
increased $0.1 billion to $71.2 billion, and imports of goods increased $2.3 billion
to $135.9 billion. Exports of services were virtually unchanged at $29.3 billion,
and imports of services increased $0.2 billion to $25.6 billion.
In February, the goods and services deficit was up $15.2 billion from February
2004. Exports were up $8.1 billion, or 8.7 percent, and imports were up $23.2
billion, or 16.8 percent.
Goods
The January to February change in exports of goods reflected increases in industrial
supplies and materials ($0.5 billion) and consumer goods ($0.3 billion). Decreases
occurred in capital goods ($0.4 billion) and automotive vehicles, parts, and engines
($0.3 billion). Foods, feeds, and beverages and other goods were virtually unchanged.
The January to February change in imports of goods reflected increases in industrial
supplies and materials ($2.3 billion); consumer goods ($0.7 billion); and automotive
vehicles, parts, and engines ($0.2 billion). A decrease occurred in capital goods
($0.8 billion). Foods, feeds, and beverages and other goods were virtually unchanged.
The February 2004 to February 2005 change in exports of goods reflected increases in
industrial supplies and materials ($2.8 billion); consumer goods ($1.4 billion);
capital goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.9
billion). Foods, feeds, and beverages and other goods were virtually unchanged.
The February 2004 to February 2005 change in imports of goods reflected increases
in industrial supplies and materials ($9.3 billion); consumer goods ($6.1 billion);
capital goods ($3.7 billion); automotive vehicles, parts, and engines ($1.1 billion);
foods, feeds, and beverages ($0.5 billion); and other goods ($0.3 billion).
Services
Services exports were virtually unchanged from January to February. A decrease
in travel was partly offset by an increase in transfers under U.S. military sales
contracts. Changes in the other categories of services exports were small.
Services imports increased $0.2 billion from January to February. Most of the
increase was accounted for by increases in other transportation (which includes
freight and port services) and other private services (which includes items such
as business, professional, and technical services, insurance services, and financial
services). Changes in the other categories of services imports were small.
From February 2004 to February 2005, services exports increased $1.9 billion.
The largest increases were in other private services ($0.8 billion), royalties
and license fees ($0.4 billion), and travel ($0.3 billion).
From February 2004 to February 2005, services imports increased $2.3 billion.
The largest increases were in other transportation ($0.9 billion) and other private
services ($0.6 billion).
Goods and Services Moving Average
For the three months ending in February, exports of goods and services averaged
$100.4 billion, while imports of goods and services averaged $158.9 billion, resulting
in an average trade deficit of $58.4 billion. For the three months ending in
January, the average trade deficit was $57.9 billion, reflecting average exports
of $99.4 billion and average imports of $157.3 billion.
Selected Not Seasonally Adjusted Goods Details
The February figures showed surpluses, in billions of dollars, with Australia $0.7
(for January $0.6), Hong Kong $0.7 ($0.4), Singapore $0.4 ($0.3), and Egypt $0.1
($0.2). Deficits were recorded, in billions of dollars, with China $13.9 ($15.3),
Europe $10.1 ($9.5), the European Union $8.5 ($8.1), Japan $6.9 ($6.2), OPEC $6.3
($6.1), Canada $5.8 ($6.3), Mexico $3.7 ($2.9), Korea $1.2 ($1.9), Taiwan $1.0
($1.2), and Brazil $0.6 ($0.9).
Advanced technology products (ATP) exports were $14.9 billion in February and imports
were $18.3 billion, resulting in a deficit of $3.4 billion. February exports were
$0.3 billion less than the $15.2 billion in January, while imports were $0.5 billion
less than the $18.8 billion in January.
Revisions
Goods carry-over in February was $0.4 billion (0.6 percent) for exports and $1.1
billion (0.9 percent) for imports. For January, revised export carry-over was
$0.2 billion (0.2 percent), revised down from $0.4 billion (0.6 percent). For
January, revised import carry-over was $0.2 billion (0.1 percent), revised down
from $1.1 billion (0.9 percent).
Services exports for January were revised down $0.2 billion to $29.3 billion; the
revision was mostly accounted for by a downward revision in travel. Services
imports for January were revised down $0.2 billion to $25.4 billion; the revision
was mostly accounted for by a downward revision in travel.
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