
This release contains sensitive economic
data not to be released before 8:30 a.m. Friday,
February 19, 1999	

CB-99-31      Press Copy 
FT-900 (98-12)

For information on goods contact:
Bureau of the Census:
Haydn R. Mearkle  (301) 457-2246 
Richard M. Preuss (301) 457-2311

For information on services contact:
Bureau of Economic Analysis:
Technical: Christopher Bach (202) 606-9545
Media: Larry Moran          (202) 606-2649

                 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                December 1998

Goods and Services

The Bureau of the Census and the Bureau of Economic Analysis, through the 
Department of Commerce, announced today that total December exports of $78.5 
billion and imports of $92.3 billion resulted in a goods and services deficit 
of $13.8 billion, $1.5 billion less than the $15.3 billion in November, 
revised.  December exports were $0.5 billion less than November exports of 
$79.0 billion.  December imports were $1.9 billion less than November imports 
of $94.2 billion.  


In December, the goods deficit decreased $1.3 billion from November to $20.3 
billion, and the services surplus increased $0.1 billion to $6.5 billion.  
Exports of goods decreased to $56.6 billion from $57.1 billion, and imports 
of goods decreased to $76.9 billion from $78.8 billion. Exports of services 
increased to $21.9 billion from $21.8 billion and imports of services of 
$15.4 billion were virtually unchanged.


Goods
	
The November to December change in exports of goods reflected decreases in 
industrial supplies and materials of $0.7 billion (primarily nonmonetary 
gold), other goods ($0.5 billion), and automotive vehicles, parts, and 
engines ($0.3 billion). Increases occurred in capital goods ($0.3 billion) 
and foods, feeds, and beverages ($0.3 billion).  Consumer goods were 
virtually unchanged.
 
The November to December change in imports of goods reflected decreases in 
industrial supplies and materials of $1.0 billion (primarily crude oil) and  
capital goods ($1.0 billion). Increases occurred in foods, feeds, and 
beverages ($0.2 billion) and automotive vehicles, parts, and engines 
($0.1 billion).  Other goods and consumer goods were virtually unchanged.

Note:  Total goods are reported on a balance of payments basis; commodity 
and country detail for goods are on a Census basis.  Definitions are 
explained in the notes starting on page 26 of this release.


Services
	
Services exports increased $0.1 billion from November to December. The 
largest increase was other private services, which more than accounted for 
the overall increase.  Changes to the other categories of services exports 
were small and largely offsetting.  

Services imports in December were virtually the same as in November. Small 
decreases in several categories of services imports were partly offset by 
small increases in others.

Goods and Services Moving Average 

For the three months ending in December, exports of goods and services 
averaged $79.2 billion, while imports of goods and services averaged $93.4 
billion, resulting in an average trade deficit of $14.2 billion.  For the 
three months ending in November, the average trade deficit was $14.5 billion, 
reflecting average exports of $78.8 billion and average imports of $93.3 
billion.

Selected Not Seasonally Adjusted Goods Details

The December figures showed surpluses, in billions of dollars, with Brazil 
$0.6 (for November $0.5), Australia $0.4 ($0.5), Hong Kong $0.3 ($0.2), Korea 
$0.3 (-$0.5), Egypt $0.3 ($0.3) and Argentina $0.3 ($0.2).  Deficits were 
recorded, in billions of  dollars, with Japan  -$5.9  (-$5.8), China -$4.0 
(-$5.0), Western Europe -$3.4 (-$3.0), Canada -$2.2 (-$1.7), Mexico -$1.3 
(-$1.2), Taiwan -$1.2  (-$1.1),  and OPEC -$0.1 ($0.3).

Advanced technology products (ATP) exports were $19.0 billion in December and 
imports were $13.7 billion, resulting in a surplus of $5.3 billion. December 
exports were $2.4 billion more than the $16.5 billion in November, while 
imports were $0.2 billion less than the $13.9 billion in November.

Revisions
	
Goods carry-over in December was $1.1 billion (1.9 percent) for exports and 
$1.1 billion (1.4 percent) for imports. For November, revised export 
carry-over was $0.1 billion (0.2 percent), revised down from $0.8 billion 
(1.4 percent).  For November, revised import carry-over was $0.2 billion 
(0.3 percent), revised down from $1.0 billion (1.3 percent).

Services exports for November were virtually unrevised at $21.8 billion.  
Services imports for November were virtually unrevised at $15.4 billion.

Annual Summary for 1998

For 1998, exports of $931.3 billion and imports of $1,099.9 billion resulted 
in a goods and services deficit of $168.6 billion, $58.4 billion more than 
the 1997 deficit of $110.2 billion.  For goods, exports were $671.1 billion 
and imports were $919.0 billion, resulting in a goods deficit of $248.0 
billion, $50.0 billion more than the 1997 deficit of $198.0 billion.  For 
services, exports were $260.3 billion and imports were $180.9 billion, 
resulting in a services surplus of $79.4 billion, $8.4 billion less than the 
1997 surplus of $87.7 billion.

For 1998, exports of goods were down $8.3 billion from 1997. The largest 
decreases were in  industrial supplies and materials of $10.3 billion 
(petroleum products, finished textiles supplies, and organic chemicals 
decreased the most) and foods, feeds, and beverages of $5.1 billion (soybeans 
and corn decreased the most).  Capital goods increased  $5.0 billion (the 
increase was more than accounted for by an increase in civilian aircraft).

For 1998, imports of goods were up $41.8 billion from 1997. The largest 
increases were in consumer goods of $22.6 billion (apparel products and 
pharmaceutical products increased the most) and capital goods of $16.2 
billion (telecommunications equipment, civilian aircraft, and computer 
accessories increased the most).  Industrial supplies and materials 
decreased $13.4 billion (the decrease was more than accounted for by a 
decrease in crude oil).

For 1998, exports of services were up $2.0 billion from 1997. Increases in 
other private services ($6.6 billion), mostly business, professional, and 
technical services and financial services, and in royalties and license fees 
($1.2 billion) were largely offset by decreases in travel ($2.4 billion, 
attributable to a drop in foreign residence traveling to the United States), 
transfers under U.S. military sales contracts ($1.3 billion), other 
transportation ($1.1 billion), which is comprised of freight and port 
expenditures in the United States, and passenger fares ($0.9 billion).  
U.S. Government miscellaneous services were virtually unchanged.


For 1998, imports of services were up $10.3 billion from 1997. Increases in 
other private services ($4.4 billion), travel ($2.1 billion, attributable to 
an increase in U.S. residence traveling abroad), and royalties and license 
fees ($1.5 billion) accounted for most of the increase in total services 
imports.  Smaller increases occurred in other transportation ($1.0 billion), 
which is comprised of freight and port expenditures abroad, direct defense 
expenditures ($0.8 billion), and passenger fares ($0.5 billion).  U.S. 
Government miscellaneous services were virtually unchanged.

For detailed descriptions of the types of transactions included in each of 
the services categories, see "Information on Goods and Services" starting on 
page 26 of this release.

Seasonally Adjusted

Exhibit 1  International Trade in Goods and Services........................4

Exhibit 2  Goods and Services Centered Three - Month Moving Averages........5

Exhibit 3  U.S. Services by Major Category--Exports.........................6

Exhibit 4  U.S. Services by Major Category--Imports.........................7

Exhibit 5  U.S. Trade in Goods..............................................8

Exhibit 6  Exports and Imports of Goods by Principal End-Use Category.......9

Exhibit 7  Exports of Goods by End-Use Category and Commodity..............10

Exhibit 8  Imports of Goods by End-Use Category and Commodity..............12

Exhibit 9  Petroleum and Non-Petroleum End-Use Category Totals.............14

Exhibit 10  Exports and Imports of Goods by Principal End-Use
            Category (Constant Dollars)....................................15

Exhibit 11  Exports, Imports, and Balance of Goods, Petroleum and Non-
	    Petroleum End-Use Commodity Category Totals (Constant Dollars).16

Not Seasonally Adjusted

Exhibit 12  U.S. Trade in Goods............................................17

Exhibit 13  Exports and Imports of Goods by Principal End-Use Category.....18

Exhibit 14  Exports, Imports, and Balance of Goods by Selected  
	    Countries and Areas............................................19

Exhibit 15  Exports and Imports of Goods by Principal SITC 
            Commodity Groupings............................................21

Exhibit 16  Exports, Imports, and Balance of Advanced Technology Products..23

Exhibit 17  Imports of Energy - Related Petroleum Products, 
	    Including Crude Petroleum......................................24

Exhibit 18  Exports and Imports of Motor Vehicles and Parts By 
            Selected Countries.............................................25

Information on Goods and Services..........................................26	- -  BLANK  PAGE  - -

SOURCE: Report FT900 (CB-99-31), Bureau of the Census, Foreign Trade
        Division, December 1998.  For more information, contact Haydn R. 
        Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), 
        Foreign Trade Division.
