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

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                             U.S. Census Bureau
                       U.S. Bureau of Economic Analysis
                                   NEWS
             U.S. Department of Commerce  Washington, D.C. 20230

                           FOR IMMEDIATE RELEASE
                    8:30 A.M. EDT FRIDAY, MARCH 9, 2007

CB07-36
BEA07-08
FT-900 (07-01)

For information on goods contact:
U.S. Census Bureau:
Nick Orsini   (301) 763-6959
Vanessa Ware  (301) 763-2311

For information on services contact:
U.S. Bureau of Economic Analysis:
Technical:  Christopher Bach   (202) 606-9545
Media:      Ralph Stewart      (202) 606-2649

              U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                               January 2007

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 January exports of $126.7 billion and imports
of $185.8 billion resulted in a goods and services deficit of $59.1 billion, compared
with $61.5 billion in December, revised.  January exports were $1.4 billion more than
December exports of $125.3 billion.  January imports were $1.0 billion less than
December imports of $186.7 billion.

In January, the goods deficit decreased $2.6 billion from December to $65.4 billion,
and the services surplus decreased $0.3 billion to $6.3 billion.  Exports of goods
increased $1.5 billion to $90.9 billion, and imports of goods decreased $1.1 billion
to $156.3 billion.  Exports of services decreased $0.1 billion to $35.8 billion, and
imports of services increased $0.2 billion to $29.5 billion.

In January, the goods and services deficit was down $7.4 billion from January 2006.
Exports were up $12.3 billion, or 10.7 percent, and imports were up $4.9 billion, or
2.7 percent.

Goods

The December to January change in exports of goods reflected increases in capital
goods ($1.0 billion); consumer goods ($0.5 billion); foods, feeds, and beverages
($0.3 billion); and industrial supplies and materials ($0.3 billion). Decreases
occurred in automotive vehicles, parts, and engines ($0.7 billion) and other goods
($0.2 billion).

The December to January change in imports of goods reflected decreases in automotive
vehicles, parts, and engines ($1.5 billion); consumer goods ($1.4 billion); and other
goods ($0.1 billion).  Increases occurred in capital goods ($1.3 billion); industrial
supplies and materials ($0.4 billion); and foods, feeds, and beverages ($0.1 billion).

The January 2006 to January 2007 change in exports of goods reflected increases in
capital goods ($4.0 billion); industrial supplies and materials ($2.9 billion);
consumer goods ($1.6 billion); foods, feeds, and beverages ($0.9 billion); other
goods ($0.7 billion); and automotive vehicles, parts, and engines ($0.1 billion).

The January 2006 to January 2007 change in imports of goods reflected increases in
consumer goods ($3.2 billion); capital goods ($2.6 billion); and foods, feeds, and
beverages ($0.4 billion).  Decreases occurred in industrial supplies and materials
($2.3 billion) and automotive vehicles, parts, and engines ($1.0 billion).  Other
goods were virtually unchanged.

Services

Services exports decreased $0.1 billion from December to January.  Decreases in
transfers under U.S. military sales contracts and other transportation (which
includes freight and port services) were partly offset by an increase in other
private services (which includes items such as business, professional, and technical
services, insurance services, and financial services).  Changes in other categories
of services exports were small.

Services imports increased $0.2 billion from December to January.  The increase was
mostly accounted for by an increase in other private services.  Changes in other
categories of services imports were small.

From January 2006 to January 2007, services exports increased $2.6 billion.  The
largest increases were in other private services ($1.7 billion) and travel
($0.4 billion).

From January 2006 to January 2007, services imports increased $2.1 billion.  The
largest increases were in other private services ($1.4 billion) and travel
($0.4 billion).

Goods and Services Moving Average

For the three months ending in January, exports of goods and services averaged
$125.6 billion, while imports of goods and services averaged $185.2 billion,
resulting in an average trade deficit of $59.6 billion.  For the three months
ending in December, the average trade deficit was $59.5 billion, reflecting
average exports of $124.5 billion and average imports of $184.0 billion.

Selected Not Seasonally Adjusted Goods Details

The January figures showed surpluses, in billions of dollars, with Hong Kong $1.1
($1.1 for December), Australia $0.7 ($0.8), Singapore $0.5 ($1.7), Egypt $0.2 ($0.1),
Argentina $0.1 ($0.1), and Brazil $0.1 ($0.1).  Deficits were recorded, in billions
of dollars, with China $21.3 ($19.0), OPEC $9.3 ($6.9), Europe $7.7 ($10.1),
Canada $6.9 ($5.6), Japan $6.5 ($7.5), the European Union $6.5 ($9.0), Mexico
$4.6 ($5.0), Korea $1.6 ($0.7), and Taiwan $1.4 ($1.1).

Advanced technology products (ATP) exports were $20.8 billion in January and imports
were $25.5 billion, resulting in a deficit of $4.7 billion.  January exports were
$2.2 billion less than the $23.0 billion in December, while imports were $0.3 billion
more than the $25.2 billion in December.

Revisions

Goods carry-over in January was $0.3 billion (0.3 percent) for exports and $1.2 billion
(0.8 percent) for imports. For December, revised export carry-over was $0.1 billion
(0.1 percent), revised down from $0.2 billion (0.3 percent).  For December, revised
import carry-over was $0.2 billion (0.1 percent), revised down from $1.2 billion
(0.8 percent).

Goods and services exports and imports for all months in 2006 were revised in order
to align the seasonally adjusted monthly data with the annual totals.

Services exports and imports for July through December 2006 reflect the incorporation
of more comprehensive and revised quarterly and monthly data.  For services exports,
the largest revisions over the entire period were in other private services and
passenger fares.  For services imports, the largest revisions over the entire
period were in royalties and license fees and travel.

Services exports for December were revised down $0.2 billion to $35.9 billion;
the revision was more than accounted for by downward revisions in other private
services and transfers under U.S. military sales contracts.  Services imports for
December were revised up $0.2 billion to $29.3 billion; the revision was more than
accounted for by upward revisions in royalties and license fees and travel.

                                    NOTICE
                 **Changes to End-Use Classification System**

Effective with this release, the Bureau of Economic Analysis (BEA) and the U.S.
Census Bureau have made reassignments of commodities and other changes to the End-Use
Classification System.  These changes were made to achieve a consistent classification
between exports and imports and to more appropriately group the commodities by their
end-use characteristics.  The changes were based on recommendations from the BEA, the
U.S. Census Bureau, and other federal agencies.  The changes also reflect the result
of the work of the World Customs Organization (WCO) as part of its long-term program
to review the nomenclature of the international Harmonized System, from which the
end-use classifications are derived.  The last set of WCO modifications to the
Harmonized System was introduced in January 2002.  Nearly all of the changes
effective with this release involve reclassification within 1-digit end-use
commodity categories.  Reclassifications across 1-digit categories result in level
changes of less than one-tenth of one percent in all instances.  Historical data
on the newly developed basis for 2004, 2005, and 2006 will appear in the April
FT-900 release, the Annual Revision for 2006 release, and BEA's International
Transactions release  all to be released in June 2007.  More detailed
information on these changes is available on the BEA website at:
http://www.bea.gov/international/pdf/end_use_commodity.pdf.

                      **Changes to Countries and Areas**

Effective with this release, the U.S. International Trade in Goods and Services
report is revised to reflect country changes for Serbia and Montenegro, the
European Union, the Euro Area, and OPEC, as specified below.  The changes affect
exhibit 14 in the FT-900 U.S. International Trade in Goods and Services report
and exhibits 3 and 6 in the FT-900 supplement.  The changes for these countries
and areas take effect with 2007 statistics.  The statistics for prior time periods
remain unchanged.  If you have any questions or comments, please contact
Vanessa Ware at (301) 763-2311 or e-mail at vanessa.ware@census.gov.

The European Union

Bulgaria and Romania are included in the European Union in exhibit 14 of the
FT-900 report and exhibit 6 of the FT-900 supplement.

Euro Area

Slovenia is added to the Euro Area in exhibit 14 of the FT-900 report and exhibit
6 of the FT-900 supplement.

OPEC

Angola is added to OPEC in exhibit 14 of the FT-900 report and exhibits 3 and 6
of the FT-900 supplement.

Serbia and Montenegro

The former country of Serbia and Montenegro is listed as two countries in exhibits
6 and 6a of the FT-900 supplement.