U.S. International Trade in Goods and Services - Annual Revision for 2007

Release date: June 10, 2008

Contents:

• Notices
  • Goods
  • Services
• Full Report
• Individual Exhibits

Notices

In this release and the accompanying “U.S. International Trade in Goods and Services: April 2008,” 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 2005-2007 and the first three months of 2008 and revised data on services for 2004-2007 and the first three months of 2008.

• Goods:

  The 2007 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 adjustment and trading day adjustments were recomputed and the seasonally adjusted current-dollar series were revised for 2005-2007 and the first three months of 2008. Similar changes were made to the chain-weighted dollar series. Also, the balance of payments adjustments to the Census-basis data have been revised to incorporate updated source data.

• Services:

  The services estimates were revised for 2004-2007 and the first three months of 2008. The revisions resulted largely from incorporation of results from BEA's benchmark survey of U.S. direct investment abroad for 2004 and its quarterly surveys of direct investment abroad for 2005, as well as from its quarterly surveys of foreign direct investment in the United States for 2005, from BEA's benchmark survey of selected international services for 2006, and from BEA's quarterly surveys of selected international services beginning in the first quarter of 2007. Revisions from these sources have an impact mostly on receipts and payments for 2006-2007. The revisions to services receipts are larger than the revisions to services payments. Most of the revisions are to royalties and license fees and to “other private services.” The revisions result from recent BEA initiatives to better capture movements of large and volatile categories of transactions, as well as to improve the coverage of transactions.

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