FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 9, 2011
CB11-98
BEA 11-26
FT-900 (11-04)
BEA 11-26
FT-900 (11-04)
* 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
APRIL 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 April exports of $175.6 billion and imports of $219.2
billion resulted in a goods and services deficit of $43.7 billion, down from $46.8 billion
in March, revised. April exports were $2.2 billion more than March exports of $173.4
billion. April imports were $1.0 billion less than March imports of $220.2 billion.
In April, the goods deficit decreased $3.0 billion from March to $58.1 billion, and the
services surplus increased $0.2 billion to $14.4 billion. Exports of goods increased $2.0
billion to $126.4 billion, and imports of goods decreased $1.0 billion to $184.5 billion.
Exports of services increased $0.2 billion to $49.1 billion, and imports of services were
virtually unchanged at $34.7 billion.
The goods and services deficit increased $2.2 billion from April 2010 to April 2011.
Exports were up $27.8 billion, or 18.8 percent, and imports were up $30.0 billion, or 15.9
percent.
Goods (Census Basis)
The March to April increase in exports of goods reflected increases in industrial supplies
and materials ($2.0 billion); capital goods ($1.2 billion); and consumer goods ($0.3
billion). Decreases occurred in automotive vehicles, parts, and engines ($0.8 billion);
other goods ($0.5 billion); and foods, feeds, and beverages
($0.2 billion).
The March to April decrease in imports of goods reflected decreases in automotive vehicles,
parts, and engines ($2.8 billion) and industrial supplies and materials ($1.5 billion).
Increases occurred in consumer goods ($2.1 billion); capital goods ($0.6 billion); foods,
feeds, and beverages ($0.4 billion); and other goods ($0.2 billion).
The April 2010 to April 2011 increase in exports of goods reflected increases in industrial
supplies and materials ($11.2 billion); capital goods ($5.1 billion); foods, feeds, and
beverages ($2.7 billion); consumer goods ($1.6 billion); automotive vehicles, parts, and
engines ($1.4 billion); and other goods ($0.1 billion).
The April 2010 to April 2011 increase in imports of goods reflected increases in industrial
supplies and materials ($11.4 billion); consumer goods ($6.1 billion); capital goods ($5.7
billion); automotive vehicles, parts, and engines ($1.6 billion); foods, feeds, and
beverages ($1.5 billion); and other goods ($0.9 billion).
Services
Services exports increased $0.2 billion from March to April. The increase reflected
increases in travel, other private services (which includes items such as business,
professional, and technical services, insurance services, and financial services), and
passenger fares. Changes in the other categories of services exports were small.
Services imports were virtually unchanged from March to April. Changes in all categories
of services imports were small and mostly offsetting.
The April 2010 to April 2011 increase in exports of services was $5.3 billion. The largest
increases were in other private services ($2.6 billion) and travel ($1.3 billion). Within
other private services, the largest increases were in business, professional, and technical
services and financial services.
The April 2010 to April 2011 increase in imports of services was $2.1 billion. The largest
increases were in other private services ($0.7 billion) and travel ($0.5 billion). Within
other private services, the largest increases were in business, professional, and technical
services and financial services.
Goods and Services Moving Average
For the three months ending in April, exports of goods and services averaged $171.4 billion,
while imports of goods and services averaged $216.9 billion, resulting in an average trade
deficit of $45.5 billion. For the three months ending in March, the average trade deficit
was $46.9 billion, reflecting average exports of $168.7 billion and average imports of
$215.7 billion.
Selected Not Seasonally Adjusted Goods Details
The April figures show surpluses, in billions of dollars, with Hong Kong $2.6 ($2.7 for
March), Singapore $1.2 ($0.9), Australia $1.1 ($1.1), and Egypt $0.5 ($0.4). Deficits were
recorded, in billions of dollars, with China $21.6 ($18.1), OPEC $9.6 ($10.8), European
Union $7.5 ($9.0), Mexico $5.5 ($6.2), Germany $3.8 ($4.6), Japan $3.6 ($6.1), Ireland $3.0
($2.6), Venezuela $2.8 ($3.0), Nigeria $2.5 ($2.5), Canada $2.5 ($2.6), Taiwan $1.2 ($0.6)
and Korea $1.0 ($0.6).
Advanced technology products exports were $23.0 billion in April and imports were $30.1
billion, resulting in a deficit of $7.0 billion. April exports were $2.2 billion less than
the $25.3 billion in March, while April imports were $2.1 billion less than the $32.2
billion in March.
Revisions
For March goods on a Census basis, not seasonally adjusted, exports were revised up $0.3
billion and imports were revised down $0.3 billion. Goods carry-over in April was $0.2
billion (0.1 percent) for exports and $0.6 billion (0.3 percent) for imports. For March,
revised export carry-over and revised import carry-over were virtually zero.
For March goods on a Balance of Payments basis, exports were revised down $0.5 billion and
imports were revised down $1.5 billion.
Services exports for March were revised up $1.2 billion to $48.9 billion, mostly reflecting
an upward revision in royalties and license fees. Services imports were revised up $0.9
billion to $34.7 billion, mostly reflecting upward revisions in royalties and license fees,
other transportation (which includes freight and port services), and travel.
Goods and services exports and imports for all months through March 2011 shown in this
release reflect the incorporation of annual revisions to the goods and services series in
the U.S. international transactions accounts. See the "Notice" in this release for a
description of major revisions to goods and services exports and imports.
NOTICE
In this release and in the accompanying "U.S. International Trade in Goods and Services:
Annual Revision 2010," 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.
Changes to Countries
Effective with the release of May 2011 statistics on July 12, 2011, the U.S. International
Trade in Goods and Services report will be revised to reflect changes to Netherlands
Antilles. The new countries will be listed individually in exhibit 6 of the FT-900
supplement and added to the South/Central America country grouping in exhibit 14 of the
FT-900 and exhibit 6 of the FT-900 supplement.
Removed
-Netherlands Antilles
Added
-Curacao
-Sint Maarten
If you have any questions or need additional information, please contact the Data
Dissemination Branch office on (301) 763-2311 or email at ftd.data.dissemination@census.gov.
