


                         United States Department of
                               COMMERCE NEWS
                           Washington, D.C. 20230

                                  ECONOMICS
                                     AND
                                 STATISTICS
                               ADMINISTRATION
                                ------------
                            Bureau of the Census
                         Bureau of Economic Analysis                                                                                                                                                                
                              
                                                                                                                       
                          
This release contains sensitive economic data not to be released before
8:30 a.m. Tuesday,
November 20, 2001

CB-01-179 Press Copy
FT-900 (01-09)

For information on goods contact:
Bureau of the Census:
Haydn R. Mearkle  (301) 457-2246 
Nick Orsini       (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
                          September 2001

Goods and Services

The Bureau of the Census and the Bureau of Economic Analysis, through the
Department of Commerce, announced today that total September  exports of
$77.3 billion and imports of $96.0 billion resulted in a goods and services
deficit of $18.7 billion, $8.4 billion less than the $27.1 billion in August,
revised.  September exports were $7.2 billion less than August exports of
$84.5 billion.  September imports were $15.6 billion less than August imports
of $111.6 billion.  

In September, the goods deficit increased $1.8 billion from August to $35.9
billion, and the services surplus increased $10.3 billion to $17.2 billion. 
Exports of goods decreased to $55.6 billion from $59.5 billion, and imports
of goods decreased to $91.5 billion from $93.6 billion.  Exports of services
decreased to $21.7 billion from $25.0 billion, and imports of services
decreased to $4.5 billion from $18.0 billion.

Goods
     
The August to September change in exports of goods reflected decreases in
capital goods ($1.6 billion); industrial supplies and materials ($1.0
billion); other goods  ($0.3 billion); consumer goods ($0.3 billion); foods,
feeds, and beverages ($0.3 billion); and automotive vehicles, parts, and
engines ($0.3 billion).

The August to September change in imports of goods reflected decreases in
capital goods ($0.9 billion); industrial supplies and materials ($0.7
billion); and automotive vehicles, parts, and engines ($0.6 billion).  An
increase occurred in foods, feeds, and beverages ($0.1 billion).  Other goods
and consumer goods were virtually unchanged.

Services
     
Services exports decreased $3.2 billion from August to September.  The
decrease was mostly accounted for by large decreases in travel and passenger
fares.  Changes to the other categories of services exports were small.

Services imports decreased $13.5 billion from August to September.  The
decrease was mostly accounted for by a decrease in other private services
(which includes items such as business, professional, and technical services;
insurance services; and financial services).  The decrease in other private
services was mostly accounted for by a sharp drop in payments for insurance
services, which are measured as premiums paid less claims received (see the
notice on page 3 of this release).  Large decreases in travel and passenger
fares also contributed to the decrease in services imports.  Changes to the
other categories of services imports were small.

Goods and Services Moving Average 

For the three months ending in September, exports of goods and services
averaged $81.8 billion, while imports of goods and services averaged $106.8
billion, resulting in an average trade deficit of $25.0 billion.  For the
three months ending in August, the average trade deficit was $28.4 billion,
reflecting average exports of $84.7 billion and average imports of $113.1
billion.

Selected Not Seasonally Adjusted Goods Details

The September figures showed surpluses, in billions of dollars, with
Singapore $0.5 (for August $0.2), Hong Kong $0.3 ($0.3), Australia $0.3
($0.3), and Egypt $0.2 ($0.2).  Deficits were recorded, in billions of
dollars, with China -$8.5 (-$8.1), Japan -$5.4 (-$5.4), Canada -$4.3 (-$4.4),
Western Europe -$3.8 (-$5.4), OPEC -$3.3 (-$3.4),  Mexico -$3.0 (-$2.5),
Taiwan -$1.2 (-$1.5), Korea -$0.8 (-$1.0).

Advanced technology products (ATP) exports were $14.8 billion in September
and imports were $15.0 billion, resulting in a deficit of $0.2 billion. 
September exports were $1.0 billion less than the $15.7 billion in August,
while imports were $0.2 billion less than the $15.2 billion in August.

Revisions
     
Goods carry-over in September was $0.3 billion (0.5 percent) for exports and
$1.2 billion (1.3 percent) for imports.  For August, revised export
carry-over was $0.1 billion (0.2 percent), revised down from $0.2 billion
(0.3 percent).  For August, revised import carry-over was virtually zero,
revised down from $0.7 billion (0.7 percent).

Services exports for August were virtually unrevised at $25.0 billion.
Services imports for August were revised downward $0.3 billion to $18.0
billion, reflecting downward revisions in travel and passenger fare.



     Scheduled release dates in 2002 are located on page 30
                                                                                                                                                                                   
                                
                                
                             NOTICE
                                
 The goods and services aggregates include the economic effects of the
terrorist attacks of September 11, 2001.  Most of the effects on the
aggregates are reflected in the regularly incorporated source data.
For example, the sharp declines in receipts and payments for international
travel and passenger fares experienced in September are reflected in the
data on the number of travelers used in estimating these components of
services exports and imports.

For certain services components, however, BEA prepares adjustments to account
for the effects that are not captured in its source data.  Specifically,
imports of insurance services (a component of other private services) are
adjusted downward to reflect large and nonrecurring insurance claims received.
(Consistent with standard BEA methodology, imports of insurance services are
calculated as premiums paid to foreigners for primary insurance and
reinsurance, less claims received.)  Because most of the other effects of the
terrorist attacks are embedded in BEA's source data, they cannot be separately
identified.

Information on the effects of September 11 on GDP is available in the
Technical Note to the October 31, 2001, GDP news release, on BEA's Web Site
at <www.bea.doc.gov>.  The adjustment to insurance imports had no impact on
real GDP, because the sharp drop in net insurance premiums is treated as a
reduction in the average price of insurance.  The effects of September 11 on
real GDP are reflected in the overall decline in economic activity.
                      
                     
                                
                                
                       Table of Contents

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




                                 



                          

SOURCE: Report FT900 (CB-01-179), Bureau of the Census, Foreign Trade
        Division, September 2001.  For more information, contact Haydn R. 
        Mearkle (301-457-2246) or Nick Orsini (301-457-2311), Foreign 
        Trade Division.           


                         
                                 


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