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U.S. INTERNATIONAL TRADE IN GOODS AND
SERVICES
July 2002
Goods and Services
The U.S. Census Bureau and the Bureau of Economic Analysis,
through the Department of Commerce, announced today that total
July exports of $83.2 billion and imports of $117.8 billion
resulted in a goods and services deficit of $34.6 billion,
$2.2 billion less than the $36.8 billion in June, revised.
July exports were $1.1billion more than June exports of $82.2
billion. July imports were $1.1 billion less than June
imports of $118.9 billion.
In July, the goods deficit decreased $1.8 billion from June to
$38.8 billion, and the services surplus increased $0.4 billion
to $4.3 billion. Exports of goods increased to $59.1
billion from $58.2 billion, and imports of goods decreased to
$98.0 billion from $98.9 billion. Exports of services
increased to $24.1 billion from $23.9 billion, and imports of
services decreased to $19.8 billion from $20.0 billion.
Goods
The June to July change in exports of goods reflected
increases in automotive vehicles, parts, and engines ($0.4
billion); other goods ($0.2 billion); consumer goods ($0.1
billion); and capital goods ($0.1 billion). A decrease
occurred in industrial supplies and materials ($0.1 billion).
Foods, feeds, and beverages were virtually unchanged.
The June to July change in imports of goods reflected
decreases in consumer goods ($0.6 billion); other goods ($0.3
billion); and capital goods ($0.3 billion). Increases
occurred in industrial supplies and materials ($0.1 billion)
and foods, feeds, and beverages ($0.1 billion).
Automotive vehicles, parts, and engines were virtually
unchanged.
Services
Services exports increased $0.2 billion from June to July.
The increase was mostly accounted for by increases in other
private services (which includes items such as business,
professional, and technical services and financial services)
and travel. Changes in the other categories of services
exports were small.
Services imports decreased $0.2 billion from June to July.
The decrease was accounted for by a decrease in royalties and
license fees. Changes in the other categories of
services imports were small and offsetting.
Goods and Services Moving Average
For the three months ending in July, exports of goods and
services averaged $82.1 billion, while imports of goods and
services averaged $118.5 billion, resulting in a average trade
deficit of $36.3 billion. For the three months ending in
June, the average trade deficit was $36.8 billion, reflecting
average exports of $81.2 billion and average imports of $118.0
billion.
Selected Not Seasonally Adjusted Goods Details
The July figures showed surpluses, in billions of dollars,
with Australia $0.8 (for June $0.6), Hong Kong $0.1 ($0.4),
Egypt $0.1 (deficit of $0.3), and Singapore $0.1 ($0.5).
Deficits were recorded, in billions of dollars, with Western
Europe $11.0 ($7.1), China $9.3 ($8.5), Japan $5.7 ($5.3),
Canada $4.4 ($3.5), Mexico $3.4 ($3.2), OPEC $3.1 ($2.9),
Korea $1.1 ($0.8), Taiwan $0.9 ($1.1), Brazil $0.4 ($0.3), and
Argentina $0.2 ($0.1).
Advanced technology products (ATP) exports were $14.9 billion
in July and imports were $17.0 billion, resulting in a deficit
of $2.1 billion. July exports were $1.6 billion less
than the $16.5 billion in June, while imports were $0.4
billion more than the $16.5 billion in June.
Revisions
Goods carry-over in July was $0.2 billion (0.4 percent) for
exports and $0.6 billion (0.6 percent) for imports. For
June, revised export carry-over was $0.1 billion (0.2
percent), revised down from $0.4 billion (0.7 percent).
For June, revised import carry-over was $0.1 billion (0.1
percent), revised down from $1.0 billion (1.0 percent).
Services exports and imports for January through June 2002
were revised to incorporate revisions to BEA's quarterly U.S.
international transactions accounts, which were released
September 12 (see page 30 for the monthly revision policy).
The revised quarterly and monthly estimates are based on more
complete source data than were available previously. For
services exports, the largest revisions over the entire period
were in other private services and royalties and license fees.
For services imports, the largest revisions over the entire
period were in other private services, other transportation,
and direct defense expenditures.
Services exports for June were revised up $0.4 billion to
$23.9 billion. The
revision was mostly accounted for by upward revisions in
royalties and license fees, other private services, and other
transportation. Services imports for June were revised up $0.2
billion to $20.0 billion. The revision was more than
accounted for by upward revisions in direct defense
expenditures and other transportation.
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