FOR IMMEDIATE RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 10, 2011
CB11-41
BEA 11-09
FT-900 (11-01)
BEA 11-09
FT-900 (11-01)
* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.
U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
January 2011
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 $167.7 billion and imports
of $214.1 billion resulted in a goods and services deficit of $46.3 billion, up from
$40.3 billion in December, revised. January exports were $4.4 billion more than December
exports of $163.3 billion. January imports were $10.5 billion more than December imports
of $203.6 billion.
In January, the goods deficit increased $6.1 billion from December to $59.8 billion, and
the services surplus was virtually unchanged at $13.4 billion. Exports of goods increased
$4.0 billion to $120.5 billion, and imports of goods increased $10.1 billion to $180.3
billion. Exports of services increased $0.5 billion to $47.2 billion, and imports of
services increased $0.4 billion to $33.8 billion.
The goods and services deficit increased $11.7 billion from January 2010 to January 2011.
Exports were up $23.0 billion, or 15.9 percent, and imports were up $34.7 billion, or
19.3 percent.
Goods (Census basis)
The December to January increase in exports of goods reflected increases in industrial
supplies and materials ($3.7 billion); automotive vehicles, parts, and engines ($1.3 billion);
and foods, feeds, and beverages ($0.1 billion). Decreases occurred in consumer goods ($0.6
billion); capital goods ($0.4 billion); and other goods ($0.3 billion).
The December to January increase in imports of goods reflected increases in industrial
supplies and materials ($4.4 billion); automotive vehicles, parts, and engines ($2.7
billion); capital goods ($2.1 billion); consumer goods ($0.9 billion); and foods, feeds,
and beverages ($0.5 billion). A decrease occurred in other goods ($0.6 billion).
The January 2010 to January 2011 increase in exports of goods reflected increases in
industrial supplies and materials ($10.7 billion); capital goods ($4.4 billion); automotive
vehicles, parts, and engines ($2.0 billion); foods, feeds, and beverages ($1.6 billion);
other goods ($0.6 billion); and consumer goods ($0.4 billion).
The January 2010 to January 2011 increase in imports of goods reflected increases in
industrial supplies and materials ($12.9 billion); capital goods ($8.1 billion); consumer
goods ($5.0 billion); automotive vehicles, parts, and engines ($5.0 billion); and foods,
feeds, and beverages ($1.3 billion). A decrease occurred in other goods ($0.2 billion).
Services
Services exports increased $0.5 billion from December to January. The increase was mostly
accounted for by increases in other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services), travel,
and passenger fares. Changes in the other categories of services exports were small.
Services imports increased $0.4 billion from December to January. The increase was mostly
accounted for by increases in other transportation (which includes freight and port services),
passenger fares, and other private services. Changes in the other categories of services
imports were small.
The January 2010 to January 2011 increase in exports of services was $3.1 billion. The
largest increases were in other private services ($1.8 billion), travel ($0.7 billion),
and passenger fares ($0.5 billion). Within other private services, the largest increases
were in business, professional, and technical services and financial services.
The January 2010 to January 2011 increase in imports of services was $2.1 billion. The
largest increases were in other private services ($1.0 billion) and other transportation
($0.7 billion). Within other private services, the largest increases were in business,
professional, and technical services and insurance services.
Goods and Services Moving Average
For the three months ending in January, exports of goods and services averaged $163.8 billion,
while imports of goods and services averaged $205.4 billion, resulting in an average trade
deficit of $41.6 billion. For the three months ending in December, the average trade deficit
was $38.9 billion, reflecting average exports of $160.7 billion and average imports of $199.6
billion.
Selected Not Seasonally Adjusted Goods Details
The January figures show surpluses, in billions of dollars, with Hong Kong $2.2 ($2.2 for
December), Australia $1.2 ($1.2), Singapore $0.8 ($1.3), and Egypt $0.5 ($0.7). Deficits were
recorded, in billions of dollars, with China $23.3 ($20.7), OPEC $9.9 ($8.3), European Union
$5.6 ($6.6), Japan $5.0 ($5.9), Mexico $4.9 ($4.7), Canada $3.7 ($3.9), Germany $3.1 ($3.3),
Nigeria $2.9 ($2.5), Venezuela $2.8 ($2.0), Ireland $1.9 ($2.6), Korea $1.0 ($0.7), and Taiwan
$0.9 ($0.6).
Advanced technology products exports were $21.1 billion in January and imports were $28.3
billion, resulting in a deficit of $7.1 billion. January exports were $4.9 billion less than
the $26.1 billion in December, while January imports were $3.3 billion less than the $31.6
billion in December.
Revisions
For December, goods exports and imports on a Census basis, not seasonally adjusted, were
virtually unrevised. Goods carry-over in January was $0.2 billion (0.2 percent) for exports
and $1.0 billion (0.6 percent) for imports. For December, revised export carry-over was
virtually zero. For December, revised import carry-over was $0.2 billion (0.1 percent),
revised down from $0.6 billion (0.3 percent).
Goods and services exports and imports for all months in 2010 were revised in order to align
the seasonally adjusted months with the annual totals.
Services exports and imports for July through December 2010 reflect the incorporation of
more comprehensive and revised quarterly and monthly data. For services exports, the largest
monthly revisions were in other private services and royalties and license fees. For services
imports, the largest monthly revisions were in other private services and travel.
Services exports for December were revised up $0.4 billion to $46.8 billion. The revision
was more than accounted for by an upward revision in other private services. Downward
revisions in royalties and license fees and transfers under U.S. military sales contracts
were partly offsetting. Services imports for December were virtually unrevised at $33.4
billion, as downward revisions in travel, other transportation, royalties and license fees,
and passenger fares were mostly offset by an upward revision in other private services.
NOTICE
Upcoming Revisions to Goods and Services
On June 9, 2011, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA)
will release two reports: "U.S. International Trade in Goods and Services: April 2011"
and "U.S. International Trade in Goods and Services: Annual Revision for 2010." With
these reports, statistics on trade in goods on a Census basis will be revised beginning
with 2008, and statistics on trade in goods on a balance of payments (BOP) basis and on
trade in services will be revised 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. As in past years,
BEA's annual revision of the ITAs will reflect newly available source data as well as changes
in definitions and methodologies. Upcoming changes in definitions and methodologies are
discussed below.
Goods
BEA will revise the adjustments it applies to goods exports and imports on a Census basis
to convert them to a BOP basis. These BOP adjustments are combined and presented as "Net
Adjustments" in this report. Goods exports and imports on a Census basis will not be
affected by these revisions. Beginning with statistics for 1999, BEA will seasonally
adjust BOP adjustments that exhibit statistically significant seasonal patterns. In
addition, BEA will extend BOP adjustments for low-value transactions back to 1999. For
more information on goods on a Census basis and on BOP adjustments, see the Information
section on page A-1 of this release.
Services
BEA will revise the services statistics to continue a multi-year effort to align the ITAs
with the most recent international guidelines for international economic accounts as released
in 2009 in the sixth edition of the International Monetary Fund's Balance of Payments and
International Investment Position Manual. Additional information on BEA's 2011 annual
revision of the ITAs and plans for implementing the new international standards will appear
in the May 2011 issue of the Survey of Current Business, which BEA will release in mid-May.
Beginning with statistics for 1999, for both exports and imports, BEA will reclassify cruise
fares from passenger fares to travel, postal services from U.S. government miscellaneous
services to other transportation, and film and television tape rentals from other private
services to royalties and license fees. These reclassifications will have no effect on
total services exports and imports or on the services balance because they will result in
offsetting revisions within services. However, updated source data and improvements to
estimation methodologies will result in revisions that are not offsetting.
Beginning with statistics for 1999, BEA will remove transactions from other private
services that represent expenditures on goods and services in the United States by foreign
nationals working for international organizations based in the United States, such as the
United Nations and the International Monetary Fund. Because these foreign nationals are
considered U.S. residents according to balance of payments accounting guidelines, their
expenditures in the United States are not treated as international transactions.
Changes to Country Names and Groupings
Country Names
Effective with this release, the U.S. Census Bureau has altered the country names used in
certain exhibits of the FT900. These changes will bring the names used in the FT900 and
related data products closer in line with names used by the U.S. Department of State and
the International Organization for Standardization. The changes are as follows:
Previous Name New Name
Falkland Islands Falkland Islands (Islas Malvinas)
Federal Republic of Germany Germany
Bosnia-Hercegovina Bosnia and Herzegovina
Macedonia (Skopje) Macedonia
Republic of Yemen Yemen
Burma (Myanmar) Burma
Macao Macau
North Korea Korea, North
Cocos (Keeling) Island Cocos (Keeling) Islands
Western Samoa Samoa
Pitcairn Island Pitcairn Islands
Federated States of Micronesia Micronesia
Burkina Burkina Faso
Country Groupings
Estonia will be included in the Euro area in Exhibit 14 of the FT900 and Exhibit 6 of
the FT900 supplement, effective with this release. The statistics for prior time periods
will not be affected by this change.
If you have further questions contact the U.S. Census Bureau, Foreign Trade Division at:
(800) 549-0595, extension 4, or e-mail ftd.data.dissemination@census.gov
(ftd.data.dissemination@census.gov).
