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                                        U.S. Census Bureau
                                 U.S. Bureau of Economic Analysis
                                               NEWS
                        U.S. Department of Commerce * Washington, DC 20230
                          U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                            March 2014

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 March exports of $193.9 billion and imports of $234.3 billion resulted
in a goods and services deficit of $40.4 billion, down from $41.9 billion in February, revised.
March exports were $3.9 billion more than February exports of $190.0 billion. March imports were
$2.5 billion more than February imports of $231.8 billion.

In March, the goods deficit decreased $0.6 billion from February to $60.7 billion, and the services
surplus increased $0.9 billion from February to $20.4 billion. Exports of goods increased $3.7
billion to $135.1 billion, and imports of goods increased $3.1 billion to $195.8 billion. Exports
of services increased $0.2 billion to $58.8 billion, and imports of services decreased $0.7 billion
to $38.4 billion.

The goods and services deficit increased $3.8 billion from March 2013 to March 2014. Exports were
up $9.2 billion, or 5.0 percent, and imports were up $13.0 billion, or 5.9 percent.

Goods (Census Basis)

The February to March increase in exports of goods reflected increases in capital goods ($2.1
billion); industrial supplies and materials ($0.9 billion); automotive vehicles, parts, and engines
($0.6 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A
decrease occurred in consumer goods ($0.3 billion).

The February to March increase in imports of goods reflected increases in consumer goods ($1.2 billion);
foods, feeds, and beverages ($1.0 billion); capital goods ($0.9 billion); and other goods ($0.8 billion).
A decrease occurred in industrial supplies and materials ($0.5 billion). Automotive vehicles, parts,
and engines were virtually unchanged.

The March 2013 to March 2014 increase in exports of goods reflected increases in capital goods
($2.8 billion); consumer goods ($1.5 billion); foods, feeds, and beverages ($1.5 billion); and
automotive vehicles, parts, and engines ($0.6 billion). Decreases occurred in industrial supplies
and materials ($0.6 billion) and other goods ($0.2 billion).

The March 2013 to March 2014 increase in imports of goods reflected increases in consumer goods
($4.1 billion);  capital goods ($3.2 billion); automotive vehicles, parts, and engines ($1.6 billion);
foods, feeds, and beverages ($1.0 billion); industrial supplies and materials ($0.8 billion);
and other goods ($0.1 billion).

Services

Exports of services increased $0.2 billion from February to March. Increases in other private
services ($0.2 billion), which includes items such as business, professional, and technical services,
insurance services, and financial services, and in passenger fares ($0.1 billion) were partly
offset by a decrease in travel ($0.1 billion). Changes in the other categories of services exports
were relatively small.

Imports of services decreased $0.7 billion from February to March. The decrease was more than
accounted for by a decrease in royalties and license fees ($0.7 billion), which in February
included payments for the rights to broadcast the 2014 Winter Olympic Games. Decreases in travel
($0.1 billion) and in passenger fares ($0.1 billion) also contributed. Partly offsetting these
decreases were increases in other transportation ($0.2 billion), which includes freight and port
services, and in other private services ($0.1 billion). Changes in the other categories of services
imports were relatively small.

The March 2013 to March 2014 increase in exports of services was $3.3 billion or 6.0 percent.
The largest increases were in other private services ($2.0 billion), in travel ($0.7 billion),
and in royalties and license fees ($0.6 billion). Within other private services, the largest increase
was in business, professional, and technical services.

The March 2013 to March 2014 increase in imports of services was $1.8 billion or 4.8 percent. The
largest increases were in other private services ($1.5 billion) and in other transportation
($0.2 billion). Within other private services, the largest increase was in business, professional,
and technical services.

Goods and Services Moving Average

For the three months ending in March, exports of goods and services averaged $192.1 billion, while
imports of goods and services averaged $232.6 billion, resulting in an average trade deficit of
$40.5 billion. For the three months ending in February, the average trade deficit was $40.0 billion,
reflecting average exports of $191.2 billion and average imports of $231.3 billion.

Selected Not Seasonally Adjusted Goods Details

The March figures show surpluses, in billions of dollars, with Hong Kong $2.4 ($2.9 for February),
Brazil $1.8 ($1.2), Australia $1.3 ($1.4), and Singapore $1.3 ($1.3). Deficits were recorded, in
billions of dollars, with China $20.4 ($20.9), European Union $11.5 ($9.1), Japan $5.9 ($5.3),
Germany $5.9 ($4.5), OPEC $5.2 ($5.7), Mexico $5.1 ($4.0), Saudi Arabia $3.3 ($3.2), Canada $2.2
($2.1), India $2.2 ($1.7), Venezuela $1.8 ($1.8), Ireland $1.8 ($1.9), and South Korea $1.3 ($1.0).

Advanced technology products exports were $29.3 billion in March and imports were $33.2 billion,
resulting in a deficit of $3.9 billion. March exports were $5.0 billion more than the $24.3 billion
in February, while March imports were $5.6 billion more than the $27.6 billion in February.

Revisions

Census Basis (not seasonally adjusted)

For February, exports of goods were revised down $0.2 billion, and imports of goods were revised
down $0.6 billion. Goods carry-over in March was $0.1 billion (0.1 percent) for exports and $1.1
billion (0.5 percent) for imports. For February, revised export carry-over was $0.1 billion
(0.1 percent), while revised import carry-over was $0.3 billion (0.2 percent).

Balance of Payments Basis (seasonally adjusted)

For February, exports of goods were revised down $0.3 billion, and imports of goods were revised
down $0.7 billion.

For February, exports of services were revised down $0.1 billion, mainly reflecting a downward
revision in travel. For February, imports of services were revised down $0.2 billion, mainly
reflecting a downward revision in travel.

NOTICE

Seasonally Adjusted Countries and Areas for Goods and Services

With the release of April 2014 statistics on June 4, 2014, the "U.S. International Trade in Goods
and Services" report will include a new exhibit (Exhibit 20) that presents quarterly seasonally
adjusted trade in goods and services on a balance of payments basis for selected major trading
partner countries and areas. A template of this exhibit is available at
www.bea.gov/newsreleases/international/trade/2014/xls/trad0214_exhibit20.xls.

Upcoming Revisions to Goods and Services and Comprehensive Restructuring of the International
Economic Accounts

On June 4, 2014, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) will release
"U.S. International Trade in Goods and Services: April 2014" and "U.S. International Trade in Goods
and Services: Annual Revision for 2013." With these releases, statistics on trade in goods on a
Census basis will be revised beginning with 2011, and statistics on trade in goods on a balance
of payments (BOP) basis and on trade in services will be revised beginning with 1999. The revised
statistics on trade in goods on a Census basis will reflect corrections and adjustments to previously
published not seasonally adjusted statistics, minor reclassifications of commodities to end-use
categories, and recalculated seasonal and trading-day adjustments. The revised statistics on trade
in goods on a BOP basis and on trade in services will reflect newly available and revised source
data, changes in estimation methods, and changes in definitions and classifications. The revised
statistics will also be included in the report "U.S. International Transactions: First Quarter
2014 and Annual Revisions" and in the annual revision of the U.S. International Transactions Accounts
(ITAs), both to be released by BEA on June 18, 2014.

With this year's annual revision, BEA will also introduce a new presentation of the ITAs, including
a new presentation of services, as part of a comprehensive restructuring of BEA's international
economic accounts. This change in presentation, combined with the changes in definitions and
classifications, will bring the statistics into closer alignment with international guidelines.
Table templates of the new presentation are available on BEA's Web site. Additional information on BEA's 
comprehensive restructuring of the international accounts was presented in the March 2014 Survey of Current Business.
Changes that will impact the "U.S. International Trade in Goods and Services" release are discussed
below.

Goods on a BOP Basis

Net exports of goods under merchanting, which are currently included in trade in services under
other private services, will be reclassified to goods through a new BOP adjustment. These net
exports reflect the net value of goods that are purchased and subsequently sold abroad without
entering the United States. Because these goods do not cross the U.S. customs frontier, their
value is not recorded in the data for goods on a Census basis. BOP adjustments-adjustments that
BEA applies to goods on a Census basis to convert them to a BOP basis-are combined and presented
as net adjustments in this release.

Services

The services categories shown in Exhibits 3 and 4 will change, and the number of categories will
increase from seven to nine. The new categories will be: maintenance and repair services n.i.e.
(not included elsewhere); transport; travel (for all purposes including education); insurance
services; financial services; charges for the use of intellectual property n.i.e.; telecommunications,
computer, and information services; other business services; and government goods and services
n.i.e. Templates of the new presentation for Exhibits 3 and 4 are available at
www.bea.gov/newsreleases/international/trade/2014/xls/trad0114_prototype.xls.

The current category other transportation will be renamed transport and will include passenger
fares, which will no longer be shown as a separate category. Royalties and license fees will be
renamed charges for the use of intellectual property n.i.e. Transfers under U.S. military agency
sales contracts (for exports), direct defense expenditures (for imports), and U.S. government
miscellaneous services (for exports and imports) will become part of government goods and services
n.i.e. The definition of travel will be broadened to include health-related and education-related
travel and the expenditures on goods and services by border, seasonal, and other short-term workers,
all of which are currently included in other private services. To distinguish it from the current
measure, the new measure will be called travel (for all purposes including education). Maintenance
and repair services n.i.e., financial services, and insurance services, all of which are currently
included in other private services, will be shown as separate categories. Other business services
will consist of the remaining components of other private services.

If you have questions or need additional information, please contact BEA's Balance of Payments
Division at InternationalAccounts@bea.gov.