Home > U.S. International Trade in Goods and Services Annual Revision for 2009
FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 9, 2011
CB11-97
BEA 11-27
FT-900 (11-04)



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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, D.C. 20230
U.S. International Trade in Goods and Services
Annual Revision for 2010
                                
NOTICE

In this release and in the accompanying "U.S. International Trade in Goods and Services:
April 2011," the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are
jointly publishing revised statistics on both U.S. trade in goods and U.S. trade in
services beginning with 1999.  The revised statistics on goods and services will also be
included in the annual revision of the U.S. international transactions accounts
(ITAs), which BEA will release on June 16, 2011.

The annual revision has not changed the overall trend in the goods and services balance.
On an annual basis, the goods and services deficit was revised less than 1 percent for
nearly all years; the exception was 2009, when it was revised up 1.7 percent.  For 2010,
the goods and services deficit was revised up $4.3 billion, or 0.9 percent.  The goods
deficit was revised down for all years; the services surplus was revised up for 1999-2007
and down for 2008-2010.

Goods

The 2010 not seasonally adjusted Census-basis goods statistics 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 2010 statistics.  Seasonal and
trading-day adjustments were then recalculated, and the seasonally adjusted current-dollar
series were revised beginning with 2008.  The chain-weighted dollar series were also
revised beginning with statistics for 2008.

Balance of payments (BOP) adjustments - adjustments that BEA applies to Census-basis
goods exports and imports to convert them to a BOP basis - were revised beginning with
statistics for 1999.  These adjustments are combined and presented as "Net Adjustments"
in this report.  Adjustments to low-value exports and imports were introduced for
1999-2006 and were revised for 2007-2009.  BOP adjustments for goods procured in ports
were revised for exports beginning with statistics for 2007 and for imports beginning
with statistics for 2004.  BOP adjustments that exhibit significant seasonal patterns
are now seasonally adjusted for both exports and imports beginning with statistics for
1999.

Services

Beginning with statistics for 1999, the following items were reclassified within the
services accounts: fees for the rights to distribute film and television recordings from
other private services to royalties and license fees; postal services from U.S. government
miscellaneous services to other transportation; and cruise fares from passenger fares to
travel (because cruise fares cover onboard expenditures for goods and services similar to
land travel).  These reclassifications are part of a multiyear effort to align the ITAs
with the most recent international guidelines for international economic accounts.
Information about BEA's 2011 annual revision of the ITAs and plans for implementing the
new international standards were presented in the May 2011 issue of the Survey of
Current Business.

Services exports were also revised because BEA has (1) adopted a new method for measuring
expenditures in the United States of foreign residents who are working in the United
States for less than one year and (2) excluded expenditures of foreign nationals who are
working for international organizations located in the United States to more closely
align with international guidelines.  Both of these changes resulted in revisions
beginning with statistics for 1999.  Services imports were also revised because BEA has
implemented a new method for measuring non-fuel expenditures of U.S. air carriers in
foreign ports beginning with statistics for 2004.

In addition to the changes described above, services exports and imports were revised to
incorporate updated source data, including newly available data from BEA's quarterly
services surveys beginning with statistics for 2008 and initial results of BEA's
benchmark survey of international financial services transactions beginning with
statistics for 2007.