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

			   ECONOMICS
                              AND
                           STATISTICS
                         ADMINISTRATION
                          ------------
                       U.S. Census Bureau
                  Bureau of Economic Analysis
                                
                                
This release contains sensitive economic
data not to be released before 8:30 a.m. Wednesday,
March 12, 2003                           
                                
CB-03-45    Press Copy 
FT-900 (03-01)

For information on goods contact:
U.S. Census Bureau:
Haydn R. Mearkle  (301) 763-2246 
Nick Orsini             (301) 763-2311

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
January 2003

Goods and Services

     The U.S. Census Bureau and the Bureau of
Economic Analysis, through the Department of
Commerce, announced today that total January
exports of $81.9 billion and imports of $123.0
billion resulted in a goods and services deficit of
$41.1 billion, $3.8 billion less than the $44.9 billion in
December, revised.  January exports were $1.3 billion
more than December exports of $80.6 billion. 
January imports were $2.5 billion less than December
imports of $125.5 billion.

     In January, the goods deficit decreased $3.7 billion
from December to $44.8 billion, and the services
surplus increased $0.1 billion to $3.7 billion.  Exports
of goods increased $1.4 billion to $56.8 billion, and
imports of goods decreased $2.3 billion to $101.6
billion.  Exports of services decreased to $25.1 billion
from $25.2 billion, and imports of services decreased
to $21.4 billion from $21.6 billion.

Goods
     
     The December to January change in exports of
goods reflected increases in capital goods ($0.6
billion); consumer goods ($0.5 billion); industrial
supplies and materials ($0.4 billion); and automotive
vehicles, parts, and engines ($0.1 billion). A
decrease occurred in other goods ($0.2 billion). 
Foods, feeds, and beverages were virtually
unchanged.

     The December to January change in imports of
goods reflected decreases in consumer goods
($1.1 billion); automotive vehicles, parts, and
engines ($0.9 billion); capital goods ($0.3 billion); 
other goods ($0.3 billion); and foods, feeds, and
beverages ($0.1 billion).  An increase occurred in
industrial supplies and materials ($0.3 billion).


Services
     
     Services exports decreased $0.1 billion from
December to January.  Decreases in travel and
passenger fares were partly offset by increases
in royalties and license fees and other private
services (which includes items such as business,
professional, and technical services, insurance
services, and financial services).  Changes in the
other categories of services exports were small.

     Services imports decreased $0.2 billion from
December to January.  Decreases in travel and
passenger fares were partly offset by small
increases in all other categories of services
imports.

Goods and Services Moving Average 

     For the three months ending in January, exports of goods
and services averaged $81.8 billion, while imports of goods
and services averaged $123.9 billion, resulting in a average
trade deficit of $42.1 billion.  For the three months ending in
December, the average trade deficit was $40.1 billion,
reflecting average exports of $81.8 billion and average
imports of $122.0 billion.


     
          
Selected Not Seasonally Adjusted Goods Details 
     
     The January figures showed surpluses, in billions of
dollars, with Australia $0.3 (for December $0.7), Hong
Kong $0.1 ($0.3), and Egypt $0.1 ($0.2).  Deficits were
recorded, in billions of dollars, with China $9.4 ($9.5),
Western Europe $7.0 ($9.6), Japan $5.2 ($7.1), Canada $5.0
($4.6), OPEC $3.6 ($3.2), Mexico $3.0 ($2.8), Taiwan $1.4
($1.3), Korea $1.1 ($1.1), Brazil $0.6 ($0.6), Singapore $0.4
($0.2), and Argentina $0.1 ($0.2).

     Advanced technology products (ATP) exports were
$13.1 billion in January and imports were $15.4 billion,
resulting in a deficit of $2.4 billion.  January exports were
$1.2 billion less than the $14.2 billion in December, while
imports were $1.8 billion less than the $17.3 billion in
December. 

Revisions
     
     Goods carry-over in January was $0.3 billion (0.5
percent) for exports and $0.9 billion (0.9 percent) for
imports.  For December, revised export carry-over was $0.2
billion (0.4 percent), revised down from $0.6 billion (1.1
percent).  For December, revised import carry-over was
$0.3 billion (0.3 percent), revised down from $1.1 billion (1.1
percent).

     Goods and services exports and imports for all
months of 2002 were revised in order to align the
seasonally adjusted monthly estimates with the
annual totals.

     Services exports and imports for July through
December 2002 were revised to incorporate more
complete source data than were available previously
(see page 30 for the monthly revision policy).  The
revised quarterly and monthly estimates are based
on more complete source data than were available
previously.  For services exports, the largest
revisions were in other private services and royalties
and license fees.  For services imports, the largest
revisions were in royalties and license fees and
travel. 

     Services exports for December were revised
down $0.4 billion to $25.2 billion; the revision was
mostly accounted for by downward revisions in
other private services and royalties and license fees. 
Services imports for December were revised up
$0.1 billion to $21.6 billion; upward revisions in
travel and passenger fares were partly offset by a
downward revision in royalties and license fees.


Notice to Users of Constant Dollar (Real) Data
                                   
                                   

The U.S. Census Bureau will replace its fixed-weighted constant dollar series with a chained dollar series effective with
the June 13, 2003 release of the U.S. International Trade in Goods and Services (FT-900).  We are adopting this
methodology to improve the quality of the constant dollar series and for consistency with other official government
statistics released by the Department of Commerce. 

In the January 2001 FT900, we notified users of the constant dollar series (Exhibits 10 and 11) that we were
considering changing the methodology used to calculate the series and asked for comments. The comments we
received indicated that most data users want a merchandise trade constant dollar (real) series that is based on the
methodology used by the Bureau of Economic Analysis (BEA) for the National Income and Product Accounts
(NIPA).  The new Census constant dollar series will be based on the same methodology used by BEA; however, the
merchandise trade data are a monthly series and will use monthly chaining.  The NIPA are quarterly and use quarterly
chaining.  Users are reminded, however, that the Census-basis dollar series will not match BEA's NIPA-basis constant
dollar series, because of the underlying coverage differences.    

The base year for the new constant dollar series will be 2000.  Three years of chained dollar data (2000 - 2002) will
be published in the 2002 annual revision report, released on June 13, 2003.  Data for 1994 through 1999 will be
available at that time upon request.  A list of questions and answers explaining more about the new series and the
differences between the constant dollar data produced by the two methodologies is available on the Foreign Trade
Division's Web site at: http://www.census.gov/foreign-trade/www or by contacting the Special Projects Branch of the
Foreign Trade Division on (301)763-3251.
           

                          Table of Contents








                                                        December  1995

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 Category9

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 Category18


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 Groupings21

Exhibit 16  Exports, Imports, and Balance of Advanced Technology Products23

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

Exhibit 18  Exports and Imports of Motor Vehicles and Parts By Selected Countries25

Information on Goods and Services. . . . . . . . . . . . . . . . . .26