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News Release: U.S. International Trade in Goods and Services Annual Revision for 2006

Available for this release: Full Release (PDF - KB), Tables (XLS - KB)

                       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, JUNE 8, 2007


CB07-82
BEA07-26
FT-900 (07-04)

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
                       Annual Revision for 2006

                               NOTICE

In this release and the accompanying "U.S. International Trade in Goods and Services:
April 2007," the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA)
are jointly publishing revised data on U.S. trade in goods for 1997-2006 and the
first three months of 2007 and revised data on services for 2003-2006 and the first
three months of 2007.

Goods

The 2006 not seasonally adjusted Census-basis goods data were revised to redistribute
monthly data that arrived too late for inclusion in the month of transaction but that
were included, initially, in the month in which the data were received.  In addition,
corrections were made to previously published data.  Once the redistributions of data
to the proper month of transaction and corrections were completed, factors for seasonal
adjustments and trading day adjustments were recomputed and the seasonally adjusted
current-dollar series were revised for 2004-2006 and the first three months of 2007.
Similar changes were made to the chain-weighted dollar series.  Also, the balance of
payments adjustment to the Census-basis data for re-valuing some goods imports of
computer software from media to full value has been updated for 1997-2006 and the
first three months of 2007.

Services

The services estimates were revised for 2003-2006 and the first three months of 2007.
Most of the revisions resulted from the incorporation of results from BEA's quarterly
surveys.  Revisions from these sources have an impact mostly on receipts and payments
for 2005-2006.  The revisions to services receipts are larger than the revisions to
services payments.  Most of the revisions to services receipts are to "other private
services."  The revisions reflect results from recent BEA initiatives to better capture
movements of large and volatile categories of transactions, as well as to improve the
coverage of transactions.