News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Wednesday, June 7, 2023
CB 23–90
BEA 23–23

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 2023” 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 2018, and statistics on trade in services are revised beginning with 2017.

Revised statistics on trade in goods reflect:

  • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
  • End-use reclassifications of several commodities.
  • 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.
  • 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 annual goods and services deficit. The deficit was revised up for 2017 and 2022, was revised down for 2019–2021, and was unrevised for 2018. The largest revision was for 2017 when the deficit was revised up 1.3 percent, reflecting a downward revision to the services surplus.

The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2023 and Annual Update” report and in BEA’s Interactive Data Application, both to be released by BEA on June 22, 2023. For more information, see “Preview of the 2023 Annual Update of the International Economic Accounts” in the Survey of Current Business.

Change to the Real (Chained-Dollar) Series

With this release and the release of the accompanying FT–900, the reference year for the chained-dollar series has been updated to 2017 from 2012 to reference the time series on prices from a more recent year. The historical chained-dollar series, which begin in 1994, has also been revised to reflect the new reference year. See the “Adjustments for price change” section in the FT–900 explanatory notes for more information.

If you have questions or need additional information, 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.