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
                                       December 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that the goods and services deficit was $43.4 billion in December, up
$1.1 billion from $42.2 billion in November, revised. December exports were $181.5 billion,
$0.5 billion less than November exports. December imports were $224.9 billion, up $0.6 billion
from November.

The December increase in the goods and services deficit reflected an increase in the goods
deficit of $1.3 billion to $62.5 billion and an increase in the services surplus of $0.1 billion
to $19.2 billion.

For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion or 4.6 percent
from 2014. Exports were $2,230.3 billion, down $112.9 billion or 4.8 percent. Imports were
$2,761.8 billion, down $89.7 billion or 3.1 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit increased $0.3 billion to $43.4 billion for the three
months ending in December.
   * Average exports of goods and services decreased $1.7 billion to $182.4 billion in December.
   * Average imports of goods and services decreased $1.5 billion to $225.8 billion in December.

Year-over-year, the average goods and services deficit increased $0.6 billion from the three
months ending in December 2014.
   * Average exports of goods and services decreased $13.9 billion from December 2014.
   * Average imports of goods and services decreased $13.3 billion from December 2014.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $0.8 billion to $121.2 billion in December.
   Exports of goods on a Census basis decreased $0.9 billion.
      * Automotive vehicles, parts, and engines decreased $0.6 billion.
      * Industrial supplies and materials decreased $0.4 billion.
         o Other petroleum products decreased $0.5 billion.
      * Foods, feeds, and beverages decreased $0.4 billion.
         o Soybeans decreased $0.2 billion.
   Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.3 billion to $60.3 billion in December.
      * Financial services increased $0.2 billion.
      * Other business services, which includes research and development services; professional
        and management services; and technical, trade-related, and other services, increased
        $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $0.5 billion to $183.7 billion in December.
   Imports of goods on a Census basis increased $0.6 billion.
      * Automotive vehicles, parts, and engines increased $1.0 billion.
      * Industrial supplies and materials increased $0.5 billion.
         o Nonmonetary gold increased $0.3 billion.
         o Crude oil increased $0.2 billion.
   Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.1 billion to $41.2 billion in December.
      * Travel (for all purposes including education) increased $0.1 billion.
      * Other business services increased $0.1 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit increased $1.0 billion to $60.3 billion in December.

   * Real exports of goods increased $0.3 billion to $118.5 billion.
   * Real imports of goods increased $1.3 billion to $178.7 billion.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted
goods data were revised for January through November so that the totals of the seasonally adjusted
months equal the annual totals.

Revisions to November exports
   * Exports of goods were revised downward $0.3 billion.
   * Exports of services were revised upward less than $0.1 billion.

Revisions to November imports
   * Imports of goods were revised downward $0.3 billion.
   * Imports of services were revised downward $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The December figures show surpluses, in billions of dollars, with South and Central America ($2.8),
United Kingdom ($0.6), and Brazil ($0.2).  Deficits were recorded, in billions of dollars, with
China ($29.7), European Union ($13.3), Germany ($6.4), Japan ($6.3), Mexico ($4.8), South
Korea ($2.5), Italy ($2.2), India ($2.0), France ($1.4), Canada ($1.4), Saudi Arabia ($0.5),
and OPEC ($0.2).

   * The balance with members of OPEC shifted from a surplus of $1.1 billion to a deficit of
     $0.2 billion in December. Exports decreased $1.2 billion to $5.2 billion and imports increased
     $0.1 billion to $5.4 billion.
   * The deficit with Germany increased $0.8 billion to $6.4 billion in December. Exports decreased
     less than $0.1 billion to $4.1 billion and imports increased $0.8 billion to $10.5 billion.

ANNUAL SUMMARY FOR 2015

Goods and Services (Exhibit 1)

For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion from $508.3 billion
in 2014. Exports were $2,230.3 billion in 2015, down $112.9 billion from 2014. Imports were
$2,761.8 billion in 2015, down $89.7 billion from 2014.

The 2015 increase in the goods and services deficit reflected an increase in the goods deficit
of $17.5 billion or 2.4 percent to $758.9 billion and a decrease in the services surplus of
$5.7 billion or 2.4 percent to $227.4 billion.

As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent
in 2015, up from 2.9 percent in 2014.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $118.8 billion to $1,513.9 billion in 2015.
   Exports of goods on a Census basis decreased $115.6 billion.
      * Industrial supplies and materials decreased $76.9 billion.
         o Fuel oil decreased $22.2 billion.
         o Other petroleum products decreased $16.1 billion.
      * Foods, feeds, and beverages decreased $16.0 billion.
         o Soybeans decreased $5.3 billion.
   Net balance of payments adjustments decreased $3.1 billion.

Exports of services increased $5.9 billion to $716.4 billion in 2015.
      * Other business services, which includes research and development services; professional
        and management services; and technical, trade-related, and other services, increased
        $9.3 billion.
      * Transport, which includes freight and port services and passenger fares, decreased
        $5.4 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $101.3 billion to $2,272.8 billion in 2015.
   Imports of goods on a Census basis decreased $106.6 billion.
      * Industrial supplies and materials decreased $180.8 billion.
         o Crude oil decreased $120.5 billion.
         o Fuel oil decreased $17.3 billion.
      * Consumer goods increased $37.5 billion.
         o Pharmaceutical preparations increased $16.4 billion.
   Net balance of payments adjustments increased $5.3 billion.

Imports of services increased $11.6 billion to $489.0 billion in 2015.
      * Travel (for all purposes including education) increased $9.7 billion.
      * Other business services increased $5.2 billion.
      * Transport increased $3.1 billion.

Goods by Selected Countries and Areas – Census Basis (Exhibits 14 and 14a)

The 2015 figures show surpluses, in billions of dollars, with South and Central America ($37.4),
Hong Kong ($30.5), Australia ($14.2), Singapore ($10.4), OPEC ($6.6), and Brazil ($4.3). Deficits
were recorded, in billions of dollars, with China ($365.7), European Union ($153.3), Germany ($74.2),
Japan ($68.6), Mexico ($58.4), South Korea ($28.3), Italy ($27.8), India ($23.2), Malaysia ($21.5),
France ($17.6), Thailand ($17.3), Canada ($14.9), and Taiwan ($14.8).

   * The deficit with China increased $22.6 billion to $365.7 billion in 2015. Exports decreased
     $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion
   * The surplus with Brazil decreased $7.6 billion to $4.3 billion in 2015. Exports decreased
     $10.8 billion to $31.7 billion and imports decreased $3.1 billion to $27.4 billion.

NOTES:

   * All statistics referenced are seasonally adjusted; statistics are on a balance of payments
     basis unless otherwise specified. Additional statistics, including not seasonally adjusted
     statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this
     release. For information on data sources, definitions, and scheduled release dates through
     December 2016, see the information section on page A-1 of this release. The next release is
     March 4, 2016.

   * For definitions of goods on a balance of payments basis, goods on a Census basis, and net
     balance of payments adjustments, see the information section on page A-1 of this release.

NOTICE

Upcoming Changes to the FT-900 and the FT-900 Supplement

With the release of the “U.S. International Trade in Goods and Services: January 2016” report
(FT-900) and the accompanying FT-900 Supplement on March 4, 2016, the following changes will be
made:

Changes to Exhibits 7, 8, and 17a of the FT-900

Commodity detail will be presented for the end-use category Automotive vehicles, parts, and
engines in Exhibits 7 and 8.

The following countries will be removed from Exhibit 17a because of consistently low crude oil
imports: Bolivia, Congo (Kinshasa), Ghana, Guatemala, Kazakhstan, Oman, Peru, Thailand, Trinidad
and Tobago, Vietnam, and Yemen.

Examples of modified Exhibits 7, 8, and 17a are available at
www.census.gov/foreign-trade/statistics/notices/20151204_ft900.html.

Change to OPEC

OPEC will include Indonesia, which rejoined on January 1, 2016. This change will affect Exhibits
14, 17a, and 19 of the FT-900 and Exhibit 4 of the FT-900 Supplement. This change will also
affect Exhibits 20, 20a, and 20b of the FT-900 with the April 2016 release on June 3, 2016.

If you have questions or need additional information, please contact the U.S. Census Bureau,
Economic Indicators Division, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov.

To learn more about the FT-900 and other economic indicators the Census Bureau publishes, join
the Economic Indicators Division for the “Investigating Economic Indicators” Webinar series. For
more information, visit www.census.gov/econ/webinar.