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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.
Also available: a brief summary of highlights.
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
                         U.S. Bureau of Economic Analysis

This release contains sensitive economic
data not to be released before 8:30 a.m. Tuesday,
July 13, 2004

CB-04-113    Press Copy
BEA-04-35
FT-900 (04-05)

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:
U.S. Bureau of Economic Analysis:
Technical:  Christopher Bach  (202) 606-9545
Media:      Ralph Stewart     (202) 606-9690


                 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                  May 2004

Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the
Department of Commerce, announced today that total May exports of $97.1 billion
and imports of $143.1 billion resulted in a goods and services deficit of $46.0
billion, $2.1 billion less than the $48.1 billion in April, revised.  May
exports were $2.7 billion more than April exports of $94.4 billion.  May imports
were $0.6 billion more than April imports of $142.5 billion.

In May, the goods deficit decreased $2.2 billion from April to $50.8 billion,
and the services surplus was virtually unchanged at $4.9 billion.  Exports of
goods increased $2.8 billion to $68.7 billion, and imports of goods increased
$0.6 billion to $119.5 billion.  Exports of services decreased $0.1 billion to
$28.4 billion, and imports of services were virtually unchanged at $23.6 billion.

In May, the goods and services deficit was up $5.1 billion from May 2003.  Exports
were up $14.6 billion, or 17.6 percent, and imports were up $19.7 billion, or
15.9 percent.

Goods

The April to May change in exports of goods reflected increases in capital goods
($1.7 billion); industrial supplies and materials ($1.0 billion);  foods, feeds,
and beverages ($0.1 billion); and automotive vehicles, parts, and engines
($0.1 billion).  A decrease occurred in other goods ($0.1 billion).  Consumer
goods were virtually unchanged.

The April to May change in imports of goods reflected increases in industrial
supplies and materials ($0.9 billion); automotive vehicles, parts, and engines
($0.5 billion); foods, feeds, and beverages ($0.1 billion); and capital goods
($0.1 billion).  Decreases occurred in consumer goods ($0.9 billion) and other
goods ($0.1 billion).

The May 2003 to May 2004 change in exports of goods reflected increases in capital
goods ($5.2 billion); industrial supplies and materials ($3.2 billion); consumer
goods ($1.3 billion); foods, feeds, and beverages ($0.4 billion); automotive
vehicles, parts, and engines ($0.4 billion); and other goods ($0.4 billion).

The May 2003 to May 2004 change in imports of goods reflected increases in
industrial supplies and materials ($7.5 billion); capital goods ($3.5 billion);
consumer goods ($3.0 billion); automotive vehicles, parts, and engines ($1.8
billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.3 billion).

Services

Services exports decreased $0.1 billion from April to May.  Decreases in travel
and passenger fares were partly offset by increases in other private services
(which includes items such as business, professional, and technical services,
insurance services, and financial services) and royalties and license fees.
Changes in the other categories of services exports were small.

Services imports were virtually unchanged from April to May.  Decreases in other
transportation (which includes freight and port services) and direct defense
expenditures were nearly offset by an increase in other private services.
Changes in the other categories of services imports were small.

From May 2003 to May 2004, services exports increased $3.7 billion.  The largest
increases were in travel ($1.3 billion), other private services ($0.9 billion),
and other transportation ($0.6 billion).

From May 2003 to May 2004, services imports increased $3.1 billion.  The largest
increases were in travel ($1.0 billion), other private services ($0.7 billion),
and other transportation ($0.7 billion).

Goods and Services Moving Average

For the three months ending in May, exports of goods and services averaged $95.7
billion, while imports of goods and services averaged $142.5 billion, resulting
in an average trade deficit of $46.9 billion.  For the three months ending in
April, the average trade deficit was $46.6 billion, reflecting average exports
of $94.1 billion and average imports of $140.7 billion.

Selected Not Seasonally Adjusted Goods Details

The May figures showed surpluses, in billions of dollars, with Australia $0.6
(for April $0.5), Hong Kong $0.6 ($0.6), Singapore $0.6 ($0.3), and Egypt $0.2
($0.1).  Deficits were recorded, in billions of dollars, with China $12.1 ($12.0),
Western Europe $8.2 ($10.1), the European Union (25) $7.9 ($9.6), OPEC $5.6 ($5.3),
Japan $5.5 ($6.4), Canada $4.8 ($5.6), Mexico $3.8 ($3.2), Korea $1.6 ($1.7),
Taiwan $1.0 ($1.1), and Brazil $0.4 ($0.5).

Advanced technology products (ATP) exports were $17.1 billion in May and imports
were $18.2 billion, resulting in a deficit of $1.2 billion.  May exports were
$0.7 billion more than the $16.4 billion in April, while imports were $1.3 billion
less than the $19.5 billion in April.

Revisions

Goods carry-over in May was $0.3 billion (0.4 percent) for exports and $0.7
billion (0.6 percent) for imports.  For April, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent).  For
April, revised import carry-over was $0.1 billion (0.1 percent), revised down
from $0.7 billion (0.6 percent).

Services exports for April were revised up $0.3 billion to $28.5 billion; the
revision was mostly accounted for by upward revisions in travel and passenger
fares.  Services imports for April were revised up $0.3 billion to $23.6 billion;
the revision was more than accounted for by upward revisions in travel and
passenger fares.

                    Notice Regarding The European Union

On May 1, 2004, the European Union expanded from fifteen countries to twenty-five
countries. As a result, beginning with this issue of the U.S. International Trade
in Goods and Service report, Exhibits 14 and 14a have been modified to include an
additional line reflecting the new composition of the European Union.  For the
remainder of 2004 the Exhibits will show the prior European Union composition as
European Union (15) and the new composition as European Union (25).  With the
release of January 2005 statistics, European Union (15) will be eliminated and
exhibits 14 and 14a will be redesigned.