News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, June 6, 2024
BEA 24–22
CB 24–88

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 2024” 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, and statistics on trade in services are revised beginning with 2019.

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:

  • An improved estimation method for transport services.
  • 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 unrevised for 2019, was revised up for 2020, 2021, and 2023, and was revised down for 2022. The largest revision was for 2021 when the deficit was revised up 0.8 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, 1st Quarter 2024 and Annual Update” report and in BEA’s Interactive Data Application, both to be released by BEA on June 20, 2024. For more information, see “Preview of the 2024 Annual Update of the International Economic Accounts” in the Survey of Current Business.

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