*EPF509 05/17/2002
U.S. Trade Deficit Contracts Slightly in March
(Oil price increase boosts imports) (740)

By Andrzej Zwaniecki
Washington File Staff Writer

Washington -- The U.S. trade deficit in March narrowed slightly as exports only marginally outpaced imports, the U.S. Department of Commerce says.

In a May 17 press release the department said the October gap amounted to $31,633 million, 0.4 percent below the revised February shortfall of $31,751 million, which had been the biggest deficit in 10 months.

Comprising the overall March deficit were a deficit in goods of $37,097 and a surplus in services of $5,464 million.

The deficit shrank in March as exports increased by about $500 million from February while imports increased by only about $350 million.

Since December U.S. imports have increased about 5 percent, imports only about 1.3 percent, reflecting in part higher demand from a somewhat more robust recovery in the United States than in other parts of the world.

The biggest one-month jump in oil prices in nearly 12 years accounted for the largest portion of the March import increase. Another big increase in imports was reported for capital goods including industrial machine, generators, and aircraft.

Among the export categories showing the biggest increases were commercial aircraft, automobiles and auto parts, nuclear fuel materials and jewelry.

Japan retook the position of a country generating the largest bilateral trade deficit with the United States after being number 2 behind China since May 2001.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 -375,739 1,065,702 1,441,441
Jan.-Dec. 2001 -347,461 1,004,609 1,352,070

Jan.-March 2001 - 95,314 268,616 363,929
Jan.-March 2002 - 91,629 236,143 327,772

March 2001 - 33,055 88,477 121,532
March 2002 - 31,633 79,185 110,818

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 -452,207 772,210 1,224,417
Jan.-Dec. 2001 -426,266 720,851 1,147,117

Jan.-March 2001 -112,624 194,543 307,166
Jan.-March 2002 -107,803 164,960 272,763

March 2001 -38,815 63,751 102,566
March 2002 -37,097 55,057 92,154

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2000 76,468 293,492 217,024
Jan.-Dec. 2001 78,805 283,758 204,953

Jan.-March 2001 17,310 74,073 56,763
Jan.-March 2002 16,174 71,183 55,009

March 2001 5,760 24,726 18,966
March 2002 5,464 24,128 18,664

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral March March
balance exports imports

Total -30,804 60,631 91,434

North America -7,367 21,558 28,926
Canada -3,909 13,945 17,854
Mexico -3,459 7,613 11,072

Western Europe -5,515 14,702 20,217
Euro Area -4,415 9,805 14,220
European Union -5,316 13,283 18,598
Austria 126 438 312
Belgium 218 1,088 870
Finland -108 198 306
France -678 1,796 2,474
Germany -2,510 2,528 5,038
Italy -1,051 884 1,935
Netherlands 945 1,707 762
Spain -44 427 471
Sweden -567 305 872
United Kingdom -232 3,005 3,237
Other EU -1,416 904 2,320

European Free Trade
Association -347 935 1,282
Norway -312 128 440
Switzerland -80 716 795
Other EFTA 45 92 46
Other Western Eur. 147 484 337

Eastern Europe, Former
Soviet Reps. -428 498 926
Hungary -115 62 177
Poland -12 74 86
Former Sov. Reps. -211 275 486
Russia -194 192 387
Other FSR -16 83 99
Other Eastern Europe -91 86 177

Pacific Rim -13,287 15,900 29,187
Australia 579 1,041 463
China -5,629 1,614 7,242
Japan -5,705 4,729 10,434
Newly Industrialized
Countries -920 6,250 7,170
Hong Kong 537 1,126 588
South Korea -1,065 1,869 2,933
Singapore 523 1,693 1,169
Taiwan -916 1,563 2,479
Other Pacific Rim -1,612 2,266 3,878

South/Central America -757 4,534 5,291
Argentina -136 103 239
Brazil -37 1,069 1,106
Colombia -167 318 485
Other S/C America -417 3,044 3,462

OPEC -2,396 1,437 3,833
Indonesia -563 202 764
Nigeria -319 82 401
Saudi Arabia -462 376 839
Venezuela -684 372 1,056
Other OPEC -368 406 773

Other countries -2,299 2,575 4,875
Egypt 297 371 74
South Africa -54 213 267
Other -2,542 1,992 4,533

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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