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News Release: U.S. International Trade in Goods and Services


The first two pages of this release are shown in plain text below.
A PDF version of the entire release is also available and the tables from this release are available in an XLS spreadsheet.
For plain text copies of the tables, please visit the Census web site.

                      United States Department of
                            COMMERCE NEWS
                        Washington, D.C. 20230

                             ECONOMICS
                                AND
                             STATISTICS
                           ADMINISTRATION
                            ------------
                         U.S. Census Bureau
                     Bureau of Economic Analysis

This release contains sensitive economic data not to be released before
8:30 a.m. Thursday,
August 14, 2003

CB-03-124    Press Copy
BEA-03-31
FT-900 (03-06)

For information on goods contact:
U.S. Census Bureau:
Haydn R. Mearkle  (301) 763-2246
Nick Orsini       (301) 763-2311

For information on services contact:
Bureau of Economic Analysis:
Technical:  Christopher Bach  (202) 606-9545
Media:      Larry Moran       (202) 606-2649


             U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                             June 2003

Goods and Services

The U.S. Census Bureau and the Bureau of Economic Analysis, through the Department
of Commerce, announced today that total June exports of $84.6 billion and imports
of $124.2 billion resulted in a goods and services deficit of $39.5 billion, $1.9
billion less than the $41.5 billion in May, revised.  June exports were $1.9 billion
more than May exports of $82.7 billion.  June imports were virtually the same as
May imports of $124.2 billion.

In June, the goods deficit decreased $1.7 billion from May to $45.0 billion, and
the services surplus increased $0.2 billion to $5.4 billion.  Exports of goods
increased $1.3 billion to $59.0 billion, and imports of goods decreased $0.4 billion
to $104.0 billion.  Exports of services increased to $25.6 billion from $24.9
billion, and imports of services increased to $20.2 billion from $19.7 billion.

In June, the goods and services deficit was up $4.0 billion from June 2002.  Exports
were up $2.6 billion, or 3.2 percent, and imports were up $6.6 billion, or 5.6 percent.

Goods

The May to June change in exports of goods reflected increases in capital goods
($0.8 billion); consumer goods ($0.5 billion); industrial supplies and materials ($0.2
billion); and foods, feeds, and beverages ($0.2 billion).  Decreases occurred in
automotive vehicles, parts, and engines ($0.2 billion) and other goods ($0.2 billion).

The May to June change in imports of goods reflected decreases in consumer goods
($1.2 billion); foods, feeds, and beverages ($0.1 billion); and capital goods ($0.1
billion).  Increases occurred in automotive vehicles, parts, and engines
($0.4 billion); industrial supplies and materials ($0.3 billion); and other goods
($0.2 billion).

The June 2002 to June 2003 change in exports of goods reflected increases in industrial
supplies and materials ($1.2 billion); consumer goods ($0.6 billion); foods, feeds, and
beverages ($0.1 billion), and other goods ($0.1 billion).  Decreases occurred in capital
goods ($0.6 billion) and automotive vehicles, parts, and engines ($0.1 billion).

The June 2002 to June 2003 change in imports of goods reflected increases in industrial
supplies and materials ($3.5 billion); automotive vehicles, parts, and engines
($1.1 billion); consumer goods ($0.4 billion); capital goods ($0.4 billion); and foods,
feeds, and beverages ($0.3 billion).  A decrease occurred in other goods ($0.3 billion).

Services

Services exports increased $0.7 billion from May to June.  The increase was mostly
accounted for by increases in travel and passenger fares.  Changes in the other
categories of services exports were small.

Services imports increased $0.4 billion from May to June.  The increase was more than
accounted for by increases in travel, passenger fares, and other transportation
(which includes freight and port services).  Changes in the other categories of
services imports were small.

From June 2002 to June 2003, services exports increased $1.3 billion.  The largest
increases were in other private services ($0.7 billion), which includes items such
as business, professional, and technical services, insurance services, and financial
services, and other transportation ($0.3 billion).

From June 2002 to June 2003, services imports increased $1.0 billion.  The largest
increases were in other private services ($0.7 billion), other transportation
($0.5 billion), and direct defense expenditures ($0.3 billion).  The largest decrease
was in travel ($0.4 billion).

Goods and Services Moving Average

For the three months ending in June, exports of goods and services averaged $82.9
billion, while imports of goods and services averaged $123.8 billion, resulting in
an average trade deficit of $40.9 billion.  For the three months ending in May, the
average trade deficit was $42.0 billion, reflecting average exports of $82.3 billion
and average imports of $124.3 billion.

Selected Not Seasonally Adjusted Goods Details

The June figures showed surpluses, in billions of dollars, with Australia $0.8
(for May $0.5), Hong Kong $0.4 ($0.4), and Egypt $0.1 ($0.1).  Deficits were recorded,
in billions of dollars, with China $10.0 ($9.9), Western Europe $8.0 ($8.3), Japan
$5.4 ($4.5), OPEC $4.0 ($4.4), Canada $3.8 ($3.8), Mexico $3.4 ($3.4), Taiwan $1.1
($1.4), Korea $1.0 ($0.9), Brazil $0.6 ($0.5), and Argentina $0.1 ($0.1).

Advanced technology products (ATP) exports were $15.3 billion in June and imports
were $17.1 billion, resulting in a deficit of $1.8 billion.  June exports were $1.2
billion more than the $14.1 billion in May, while imports were $1.1 billion more
than the $15.9 billion in May.

Revisions

Goods carry-over in June was $0.3 billion (0.5 percent) for exports and $0.9 billion
(0.9 percent) for imports.  For May, revised export carry-over was $0.2 billion
(0.3 percent), revised down from $0.5 billion (0.8 percent).  For May, revised import
carry-over was $0.1 billion (0.1 percent), revised down from $0.9 billion (0.9 percent).

Services exports for May were revised up $0.4 billion to $24.9 billion; the revision
was accounted for by upward revisions in travel, passenger fares, other transportation,
and other private services.  Services imports for May were revised up $0.2 billion to
$19.7 billion; the revision was mostly accounted for by upward revisions in passenger
fares and travel.


                                 NOTICE

While processing the June 2003 chain-weighted dollar series, we found several deflators
used in the compilation of the series for prior periods to be incorrect.  The totals,
capital goods, and non-petroleum categories for the period January 2001 through May 2003
were affected.  Several other categories for data prior to 2001 were also affected.  All
historical chain-weighted dollar data have been corrected and are available on the
Foreign Trade Division Web site at: www.census.gov/foreign-trade/.  All chain-weighted
dollar data reported in the June release are correct.  The revisions do not affect the
chained dollar estimates or the gross domestic product estimates produced by the Bureau
of Economic Analysis.

The chain-weighted dollar series are presented in Exhibits 10 and 11 of this release and
Exhibits 9 and 10 of the 2002 Annual Revision release.  The Foreign Trade Division
introduced the chain-weighted dollar series with the April 2003 release of the U.S.
International Trade in Goods and Services report.
 insa.