U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, D.C. 20230

U.S. International Trade in Goods and Services

Annual Revision for 2014

NOTICE

Revisions to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services: April
2015” release, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing
revised statistics on U.S. trade in goods for January 2012 to March 2015 and revised statistics
on U.S. trade in services for January 1999 to March 2015. The revised statistics will also be
included in the report “U.S. International Transactions: First Quarter 2015 and Annual Revisions”
and in the international transactions interactive database on BEA's Web site, both to be released
by BEA on June 18, 2015.

This annual revision has not changed the overall trend in the goods and services balance. On an
annual basis, the goods and services deficit was revised downward 0.2 percent for 2012 and was
revised upward 0.4 percent for 2013 and 0.7 percent for 2014. The goods deficit was revised
downward for 2012 and was revised upward for 2013 and 2014; the services surplus was nearly
unrevised for 2012, was revised downward for 2013, and was revised upward for 2014. Revisions
for 1999–2011 did not impact the goods and services totals or balances.

Goods

Revised statistics on trade in goods reflect 1) corrections and adjustments to previously published
not seasonally adjusted statistics for goods on a Census basis, 2) recalculated seasonal and
trading-day adjustments, and 3) newly available and revised source data on balance of payments
(BOP) adjustments, which are adjustments that BEA applies to goods on a Census basis to convert
them to a BOP basis. BOP adjustments are presented as net adjustments in this release.

Services

Revised statistics on trade in services beginning with 1999 reflect the reclassification of
repairs related to Foreign Military Sales from exports of government goods and services n.i.e.
(not included elsewhere) to exports of maintenance and repair services n.i.e. Revised statistics
beginning with 2012 also reflect 1) newly available and revised source data primarily from BEA’s
surveys of international services transactions, 2) revised seasonal adjustments, and 3) revised
interpolations of quarterly source data to monthly statistics (see the information section on
page A-4 of the “U.S. International Trade in Goods and Services: April 2015” release).

A preview of BEA’s 2015 annual revision of the International Transactions Accounts was published
in the April 2015 Survey of Current Business. If you have questions, please contact BEA’s 
Balance of Payments Division at InternationalAccounts@bea.gov.

New U.S. Census Bureau Report on U.S. International Trade in Goods

On July 30, 2015, at 8:30 a.m., the U.S. Census Bureau will introduce a new release, “Advance
Report: U.S. International Trade in Goods.” This report will:

   * Be released monthly, 4-7 business days in advance of the “U.S. International Trade in
     Goods and Services” report (FT-900).
   * Present advance statistics for the reference month. For example, the July 30 release will
     feature advance statistics for June 2015.
   * Contain statistics for international trade in goods on a Census basis by principal end-use
     category.
   * Include both seasonally adjusted and not seasonally adjusted statistics.
   * Not include statistics for trade in goods on a balance of payments basis or statistics for
     trade in services, both of which will continue to be featured in the FT-900.
   * Be available at www.census.gov/trade.

In accordance with Section 7 of the Office of Management and Budget’s (OMB) Statistical Policy
Directive No. 3, OMB granted the Census Bureau an exception to the previously approved schedule
for the release of the FT-900. OMB granted the exception for the sole purpose of publicly
releasing advance monthly statistics on trade in goods.

The new report will present two sets of statistics: “Advance” statistics, which reflect partial
coverage, and “Final” statistics, which reflect complete coverage and correspond to the most
recently published statistics in Exhibits 6 and 13 of the FT-900. Sample exhibits of the new
report are available at www.census.gov/foreign-trade/statistics/notices/20150405_advrelease.html.

The release schedule for this report through December 2015 is as follows:

       Statistical Month	Date		Day

       June			07-30-15	Thu
       July			08-28-15	Fri
       August			09-29-15	Tue
       September		10-28-15	Wed
       October			11-24-15	Tue
       November                 12-29-15        Tue


If you have questions, please contact the Census Bureau, Economic Indicators Division, on
(800) 549-0595, option 4, on (301) 763-2311, or at eid.international.trade.data@census.gov.

To learn more about the FT-900 and other economic indicators the Census Bureau publishes, join
the Economic Indicators Division for the “Investigating Economic Indicators” Webinar series.
For more information, visit www.census.gov/econ/webinar.