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. Thursday, August 14, 2003
CB-03-124    Press Copy 
BEA-03-31
FT-900 (03-06)

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
                             June 2003

Goods and Services

     The U.S. Census Bureau and the Bureau of
Economic Analysis, through the Department of
Commerce, announced today that total June exports of
$84.6 billion and imports of $124.2 billion resulted in
a goods and services deficit of $39.5 billion, $1.9
billion less than the $41.5 billion in May, revised.  June
exports were $1.9 billion more than May exports of
$82.7 billion.  June imports were virtually the same as
May imports of $124.2 billion.

     In June, the goods deficit decreased $1.7 billion from
May to $45.0 billion, and the services surplus increased
$0.2 billion to $5.4 billion.  Exports of goods increased
$1.3 billion to $59.0 billion, and imports of goods
decreased $0.4 billion to $104.0 billion.  Exports of
services increased to $25.6 billion from $24.9 billion, and
imports of services increased to $20.2 billion from $19.7
billion.

     In June, the goods and services deficit was up $4.0
billion from June 2002.  Exports were up $2.6 billion, or
3.2 percent, and imports were up $6.6 billion, or 5.6
percent.

Goods

     The May to June change in exports of goods reflected
increases in capital goods ($0.8 billion); consumer goods 
($0.5 billion); industrial supplies and materials ($0.2 
billion); and foods, feeds, and beverages ($0.2 billion). 
Decreases occurred in automotive vehicles, parts, and
engines ($0.2 billion) and other goods ($0.2 billion).

     The May to June change in imports of goods reflected
decreases in consumer goods ($1.2 billion); foods, feeds,
and beverages ($0.1 billion); and capital goods ($0.1
billion).  Increases occurred in automotive vehicles, parts,
and engines ($0.4 billion); industrial supplies and
materials ($0.3 billion); and other goods ($0.2 billion).
                                 
     The June 2002 to June 2003 change in exports of
goods reflected increases in industrial supplies and
materials ($1.2 billion); consumer goods ($0.6 billion);
foods, feeds, and beverages ($0.1 billion); and other
goods ($0.1 billion).  Decreases occurred in capital goods
($0.6 billion) and automotive vehicles, parts, and engines
($0.1 billion).

     The June 2002 to June 2003 change in imports of
goods reflected increases in industrial supplies and
materials ($3.5 billion); automotive vehicles, parts, and
engines ($1.1 billion); consumer goods ($0.4 billion);
capital goods ($0.4 billion); and foods, feeds, and
beverages ($0.3 billion).  A decrease occurred in other
goods ($0.3 billion).
     
Services
     
     Services exports increased $0.7 billion from May to
June.  The increase was mostly accounted for by increases
in travel and passenger fares.  Changes in the other
categories of services exports were small.

     Services imports increased $0.4 billion from May to
June.  The increase was more than accounted for by
increases in travel, passenger fares, and other
transportation (which includes freight and port services). 
Changes in the other categories of services imports were
small.

     From June 2002 to June 2003, services exports
increased $1.3 billion.  The largest increases were in other
private services ($0.7 billion), which includes items such
as business, professional, and technical services, insurance
services, and financial services, and other transportation
($0.3 billion).

     From June 2002 to June 2003, services imports
increased $1.0 billion.  The largest increases were in other
private services ($0.7 billion), other transportation ($0.5
billion), and direct defense expenditures ($0.3 billion). 
The largest decrease was in travel ($0.4 billion).
     
Goods and Services Moving Average 

     For the three months ending in June, exports of goods
and services averaged $82.9 billion, while imports of
goods and services averaged $123.8 billion, resulting in
an average trade deficit of $40.9 billion.  For the three
months ending in May, the average trade deficit was $42.0
billion, reflecting average exports of $82.3 billion and
average imports of $124.3 billion.
                                                                   
Selected Not Seasonally Adjusted Goods Details 

     The June figures showed surpluses, in billions of
dollars, with Australia $0.8 (for May $0.5), Hong Kong
$0.4 ($0.4), and Egypt $0.1 ($0.1).  Deficits were
recorded, in billions of dollars, with China $10.0 ($9.9),
Western Europe $8.0 ($8.3), Japan $5.4 ($4.5), OPEC
$4.0 ($4.4), Canada $3.8 ($3.8), Mexico $3.4 ($3.4),
Taiwan $1.1 ($1.4), Korea $1.0 ($0.9), Brazil $0.6 ($0.5),
and Argentina $0.1 ($0.1).

     Advanced technology products (ATP) exports were
$15.3 billion in June and imports were $17.1 billion,
resulting in a deficit of $1.8 billion.  June exports were
$1.2 billion more than the $14.1 billion in May, while
imports were $1.1 billion more than the $15.9 billion in
May.

Revisions
     
     Goods carry-over in June was $0.3 billion (0.5
percent) for exports and $0.9 billion (0.9 percent) for
imports.  For May, revised export carry-over was $0.2
billion (0.3 percent), revised down from $0.5 billion (0.8
percent).  For May, revised import carry-over was $0.1
billion (0.1 percent), revised down from $0.9 billion (0.9
percent).

     Services exports for May were revised up $0.4 billion
to $24.9 billion; the revision was accounted for by 
upward revisions in travel, passenger fares, other
transportation, and other private services.  Services
imports for May were revised up $0.2 billion to $19.7
billion; the revision was mostly accounted for by upward
revisions in passenger fares and travel.

NOTICE
                                
  While processing the June 2003 chain-weighted dollar series, we found several deflators used in
  the compilation of the series for prior periods to be incorrect.  The totals, capital goods, and
  non-petroleum categories for the period January 2001 through May 2003 were affected.  Several
  other categories for data prior to 2001 were also affected.  All historical chain-dollar data have
  been corrected and are available on the Foreign Trade Division Web site at:
  www.census.gov/foreign-trade/.  All chain-weighted dollar data reported in the June release are
  correct.  The revisions do not affect the chained dollar estimates or gross domestic product
  estimate produced by the Bureau of Economic Analysis.

  The chain-weighted dollar series are presented in Exhibits 10 and 11 of this release and Exhibits
  9 and 10 of the 2002 Annual Revision release.  The Foreign Trade Division introduced the
  chain-weighted dollar series with the April 2003 release of the U.S. International Trade in
  Goods and Services report.                                          

Table of Contents
                          
Seasonally Adjusted               
    
Exhibit 1 International Trade in Goods and Services. . . . . . . . 4
    
Exhibit 2  Goods and Services Centered Three - Month Moving Averages5

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 Real Exports and Imports of Goods by Principal End-Use
             Category (2000 Chain-weighted dollars). . . . . . . .15

Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-
             Petroleum End-Use Commodity Category Totals (2000 Chain-weighted 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 Oil . . . . . . . . . . . . . . . . .24

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

Information on Goods and Services. . . . . . . . . . . . . . . . .26
 
SOURCE: Report FT900 (CB-03-124, BEA-03-31), Bureau of the Census, Foreign 
Trade Division, June 2003.  For more information, contact Haydn R. 
Mearkle (301-763-2246) or Nick Orsini (301-763-2311), Foreign 
Trade Division. 
