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

ECONOMICS
AND
STATISTICS
ADMINISTRATION
------------
U.S. Census Bureau
U.S. Bureau of Economic Analysis
                                
This release contains sensitive economic
data not to be released before 8:30 a.m. Friday, February 13, 2004
CB-04-25
BEA-04-07
FT-900 (03-12)

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:
U.S. 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 2003

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 December 
exports of $90.4 billion and imports of $132.8 billion
resulted in a goods and services deficit of $42.5
billion, $4.1 billion more than the $38.4 billion in
November, revised.  December exports were $0.2
billion less than November exports of $90.6 billion. 
December imports were $3.9 billion more than
November imports of $128.9 billion.

     In December, the goods deficit increased $4.2 billion
from November to $48.2 billion, and the services surplus
increased $0.1 billion to $5.7 billion.  Exports of goods
decreased $0.8 billion to $62.9 billion, and imports of goods
increased $3.4 billion to $111.1 billion.  Exports of services
increased to $27.4 billion from $26.8 billion, and imports of
services increased to $21.7 billion from $21.3 billion.

     In December, the goods and services deficit was up $0.1
billion from December 2002.  Exports were up $9.3 billion,
or 11.5 percent, and imports were up $9.4 billion, or 7.7
percent.

Goods
     
     The November to December change in exports of goods
reflected decreases in capital goods ($1.2 billion); foods, 
feeds, and beverages ($0.3 billion); and consumer goods
($0.2 billion).  Increases occurred in industrial supplies and
materials ($0.6 billion) and automotive vehicles, parts, and
engines ($0.3 billion).  Other goods were virtually
unchanged.
     
     The November to December change in imports of goods
reflected increases in industrial supplies and materials ($1.3
billion); capital goods ($1.2 billion); automotive vehicles,
parts, and engines ($0.5 billion); consumer goods ($0.4
billion); and foods, feeds, and beverages ($0.1 billion). 
Other goods were virtually unchanged. 

     The December 2002 to December 2003 change in exports
of goods reflected increases in capital goods ($3.5 billion);
industrial supplies and materials ($1.6 billion); consumer goods
($0.9 billion); foods, feeds, and beverages ($0.6 billion); and
automotive vehicles, parts, and engines ($0.5 billion).  A
decrease occurred in other goods ($0.1 billion).

     The December 2002 to December 2003 change in imports
of goods reflected increases in industrial supplies and materials
($2.7 billion); capital goods ($2.2 billion); consumer goods
($1.7 billion); automotive vehicles, parts, and engines ($1.0
billion); and foods, feeds, and beverages ($0.4 billion).  A
decrease occurred in other goods ($0.1 billion).

Services
     
     Services exports increased $0.6 billion from November to
December.  The increase was mostly accounted for by increases
in travel and passenger fares. 

     Services imports increased $0.5 billion from November to
December.  The increase was mostly accounted for by increases
in travel and other transportation (which includes freight and
port services).  Changes in the other categories of services
imports were small.

     From December 2002 to December 2003, services exports
increased $2.1 billion.  The largest increases were in other
private services ($0.9 billion), which includes items such as
business, professional, and technical services, insurance services,
and financial services, travel ($0.5 billion), and royalties and
license fees ($0.4 billion).  

     From December 2002 to December 2003, services imports
increased $1.6 billion.  The largest increases were in other
private services ($0.5 billion), other transportation ($0.4
billion), and direct defense expenditures ($0.3 billion). 

Goods and Services Moving Average 

     For the three months ending in December, exports of goods
and services averaged $89.7 billion, while imports of goods and
services averaged $130.5 billion, resulting in an average trade
deficit of $40.8 billion.  For the three months ending in
November, the average trade deficit was $40.4 billion, reflecting
average exports of $88.1 billion and average imports of $128.5
billion.


Selected Not Seasonally Adjusted Goods Details 

     The December figures showed surpluses, in billions of
dollars, with Hong Kong $0.7 (for November $0.5),
Australia $0.5 ($0.5), and Egypt $0.1 ($0.1).  Deficits were
recorded, in billions of dollars, with Western Europe $11.1
($7.8), China $9.9 ($10.8), Japan $5.7 ($5.7), OPEC $4.6
($3.9), Canada $4.4 ($4.3), Mexico $3.1 ($3.0), Korea $1.4
($1.2), Taiwan $0.8 ($1.1), and Brazil $0.5 ($0.4).

     Advanced technology products (ATP) exports were $16.7
billion in December and imports were $20.1 billion, resulting
in a deficit of $3.4 billion.  December exports were virtually
the same as the $16.7 billion in November, while imports
were $1.5 billion more than the $18.6 billion in November.

Revisions
     
     Goods carry-over in December was $0.4 billion (0.6
percent) for exports and $1.3 billion (1.2 percent) for
imports.  For November, revised export carry-over was
$0.2 billion (0.4 percent), revised down from $0.5 billion
(0.7 percent).  For November, revised import carry-over
was $0.1 billion (0.1 percent), revised down from $0.8
billion (0.8 percent).

     The seasonally adjusted goods data for January through
November were also revised to align the seasonally adjusted
months with the annual totals.

     Services exports for November were virtually unrevised
at $26.8  billion.   Services  imports   for   November  were
virtually unrevised at $21.3 billion.                           
                     

Annual Summary for 2003
                                 
Goods and Services
                                 
     For 2003, exports of $1,018.6 billion and imports of
$1,507.9 billion resulted in a goods and services deficit
of $489.4 billion, $71.3 billion more than the 2002
deficit of $418.0 billion.  For goods, exports were $713.8
billion and imports were $1,263.2 billion, resulting in a
goods deficit of $549.4 billion, $66.5 billion more than
the 2002 deficit of $482.9 billion.  For services, exports
were $304.8 billion and imports were $244.8 billion
resulting in a services surplus of $60.0 billion, $4.8
billion less than the 2002 surplus of $64.8 billion.

     The goods and services deficit in 2003 was $489.4
billion.  As a percentage of U.S. Gross Domestic Product,
the goods and services deficit increased from 4.0 percent
in 2002 to 4.5 percent in 2003.
                                  
Goods (Census Basis)

     For 2003, exports of goods were up $30.9 billion
from 2002.  Increases occurred in industrial supplies and
materials of $16.1 billion (primarily organic chemicals,
other petroleum products, nonmonetary gold, raw cotton,
and plastics); consumer goods ($5.5 billion); foods, feeds,
and beverages ($5.5 billion); capital goods ($2.5 billion);
and automotive vehicles, parts, and engines ($1.2 billion). 
Other goods were virtually unchanged.

     For 2003, imports of goods were up $98.3 billion
from 2002.  Increases occurred in industrial supplies and
materials of $48.8 billion (primarily crude oil, natural
gas, other petroleum products, and fuel oil); consumer
goods ($25.9 billion); capital goods ($12.3 billion);
automotive vehicles, parts, and engines ($6.4 billion); and
foods, feeds, and beverages ($6.1 billion).  A decrease
occurred in other goods ($1.2 billion).
     

Services

     For 2003, exports of services were $304.8 billion, up
$12.6 billion from 2002.  Increases occurred in other
private services ($7.5 billion), which includes items such
as business, professional, and technical services,
insurance services, and financial services; royalties 
and license fees ($3.9 billion); other transportation ($2.5
billion), which includes freight and port services; and
transfers under U.S. military sales contracts ($0.8
billion). Decreases occurred in passenger fares ($1.4
billion) and travel ($0.8 billion).  U.S. Government
miscellaneous services were virtually unchanged.  

     For 2003, imports of services were $244.8 billion, up
$17.4 billion from 2002.  Increases occurred in other
private services ($7.0 billion); other transportation ($6.3
billion); direct defense expenditures ($4.5 billion);
passenger fares ($0.6 billion); and U.S. Government
miscellaneous services ($0.1 billion).  Decreases occurred
in travel ($1.0 billion) and royalties and license fees ($0.1
billion). 

     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.