The following is the unedited transcript of the news release from The U.S. Census Bureau and the U.S. Bureau of Economic Analysis.


U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

February 2006

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 February exports of $113.0 billion and imports of $178.7 billion resulted in a goods and services deficit of $65.7 billion, $2.8 billion less than the $68.6 billion in January, revised.

February exports were $1.3 billion less than January exports of $114.3 billion. February imports were $4.2 billion less than January imports of $182.9 billion. In February, the goods deficit decreased $3.5 billion from January to $70.1 billion, and the services surplus decreased $0.6 billion to $4.3 billion. Exports of goods decreased $1.1 billion to $80.5 billion, and imports of goods decreased $4.6 billion to $150.5 billion. Exports of services decreased $0.2 billion to $32.5 billion, and imports of services increased $0.4 billion to $28.2 billion. In February, the goods and services deficit was up $5.6 billion from February 2005. Exports were up $11.7 billion, or 11.5 percent, and imports were up $17.3 billion, or 10.7 percent.

Goods

The January to February change in exports of goods reflected decreases in foods, feeds, and beverages ($0.3 billion); capital goods ($0.3 billion); industrial supplies and materials ($0.2 billion); automotive vehicles, parts, and engines ($0.2 billion); other goods ($0.1 billion); and consumer goods ($0.1 billion).

The January to February change in imports of goods reflected decreases in capital goods ($1.5 billion); automotive vehicles, parts, and engines ($1.3 billion); consumer goods ($0.9 billion); other goods ($0.4 billion); foods, feeds, and beverages ($0.3 billion); and industrial supplies and materials ($0.2 billion).

The February 2005 to February 2006 change in exports of goods reflected increases in capital goods ($4.9 billion); industrial supplies and materials ($2.1 billion); automotive vehicles, parts, and engines ($1.2 billion); consumer goods ($0.9 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.4 billion). The February 2005 to February 2006 change in imports of goods reflected increases in industrial supplies and materials ($10.2 billion); capital goods ($2.7 billion); automotive vehicles, parts, and engines ($1.6 billion); foods, feeds, and beverages ($0.6 billion); and other goods ($0.5 billion). A decrease occurred in consumer goods ($0.1 billion).

Services

Services exports decreased $0.2 billion from January to February. The decrease reflected decreases in travel ($0.2 billion) and other transportation, which includes freight and port services ($0.1 billion). Changes in other categories of services exports were small. Services imports increased $0.4 billion from January to February. Royalties and license fees increased $0.6 billion; it includes payments for the rights to broadcast the 2006 Winter Olympic Games. Other transportation decreased $0.2 billion and travel decreased $0.1 billion. Changes in other categories of services imports were small. From February 2005 to February 2006, services exports increased $1.8 billion. The largest increases were in other private services, which includes items such as business, professional, and
technical services, insurance services, and financial services ($1.0 billion), other transportation ($0.5 billion), and travel ($0.4 billion).

From February 2005 to February 2006, services imports increased $1.9 billion. The largest increases were in other private services ($1.0 billion) and royalties and license fees ($0.6 billion).

Goods and Services Moving Average

For the three months ending in February, exports of goods and services averaged $113.0 billion, while imports of goods and services averaged $179.4 billion, resulting in an average trade deficit of $66.5 billion. For the three months ending in January, the average trade deficit was $66.0 billion, reflecting average exports of $111.7 billion and average imports of $177.7 billion.

Selected Not Seasonally Adjusted Goods Details

The February figures showed surpluses, in billions of dollars, with Australia $0.7 ($0.9 for January), Hong Kong $0.6 ($0.5), Singapore $0.5 ($0.3), and Egypt $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $13.8 ($17.9), Europe $9.8 ($11.7), the European Union $8.3 ($9.7), OPEC $7.3 ($8.4), Canada $7.2 ($8.9), Japan $7.1 ($6.5), Mexico $4.7 ($4.6), Korea $1.2 ($1.3), Taiwan $1.0 ($1.6), and Brazil $0.6 ($0.6).

Advanced technology products (ATP) exports were $18.4 billion in February and imports were $19.8 billion, resulting in a deficit of $1.4 billion. February exports were $0.1 billion more than the $18.3 billion in January, while imports were $1.9 billion less than the $21.7 billion in January.

Revisions