News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Tuesday, June 7, 2022
CB 22–92
BEA 22–23

U.S. International Trade in Goods and Services, Annual Revision

Notice

Updates to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services, April 2022” release (FT-900), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on trade in goods and services. With these releases, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, are revised beginning with 2017, and statistics on trade in services are revised beginning with 2015.

Revised statistics on trade in goods reflect:

  • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
  • Reclassification of several commodities across end-use categories.
  • Recalculated seasonal and trading-day adjustments.
  • Newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. See the “Goods (balance of payments basis)” section in the FT-900 explanatory notes for more information.

Revised statistics on trade in services reflect:

  • Newly available and revised source data, primarily from BEA surveys of international services, including the results of BEA’s benchmark survey of financial services.
  • Recalculated seasonal adjustments.
  • Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the FT-900 explanatory notes for more information.

This annual revision has not changed the overall trend in the goods and services balance. The annual goods and services deficit was revised down for all years—ranging from 0.1 percent in 2015 to 3.4 percent in 2020—primarily reflecting upward revisions to the services surplus. Downward revisions to the goods deficit for 2019–2021 also contributed to downward revisions to the goods and services deficit for these years.

The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2022 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 23, 2022. For more information, see “Preview of the 2022 Annual Update of the International Economic Accounts” in the April 2022 Survey of Current Business.

Additional Country Detail

With this release and the release of the accompanying FT-900, exhibits that present seasonally adjusted trade in goods and services by selected countries and areas—exhibits 19, 20, 20a, and 20b in the FT-900 and related exhibits 18, 19, 19a, and 19b in the FT-900 Annual Revision—have been expanded to include Australia, Belgium, Ireland, Israel, Malaysia, Netherlands, Switzerland, and Vietnam. In addition, exhibits 14 and 14a in the FT-900, which present not seasonally adjusted trade in goods by selected countries and areas, have been expanded to include Israel and Vietnam.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov