New Advance Report on International Trade Available Today

This is a repost from the US Census Bureau Director’s Blog.

By: John H. Thompson

Today, the U.S. Census Bureau released the first-ever Advance Report: U.S. International Trade in Goods. The Department of Commerce is “America’s Data Agency,” and this report is part of our ongoing efforts to release U.S. trade data to the public as quickly as possible. The Advance Report of U.S. trade data will be published up to a week before the full FT-900: U.S. International Trade in Goods and Services that is jointly issued by the Census Bureau and the Bureau of Economic Analysis (BEA).

Many American businesses, policymakers and other data users rely on the Census Bureau’s international trade statistics to make data-driven decisions. These data are crucial to understanding the U.S. economy with respect to our trading partners and the impact of events around the globe. Now, data users will have earlier access to our statistics with this high-level “snapshot.”

Even better, the Advance Report of U.S. trade data allows the federal statistical community to produce more reliable initial estimates of quarterly Gross Domestic Product (GDP). BEA will use the Advance Report of U.S. trade data when preparing its advance estimate of quarterly GDP, which measures the value of goods and services produced in the U.S. economy and is one of the most comprehensive and most closely watched economic statistic. Getting this initial estimate accurate, with small subsequent revisions, is critical to the Federal Reserve, businesses and policymakers around the world.  The new Advance Report of U.S. trade data should reduce the size of revisions to this major economic indicator.

The Advance Report of U.S. trade data is just the latest example of the Census Bureau’s commitment to releasing the timeliest, accurate, and trusted information about our nation’s people and economy. We are constantly looking for ways to improve your access to our statistics.  I’m pleased that this collaboration with BEA will support the needs of taxpayers and our data customers for better, faster measures of the U.S. economy.

Click here to access our first Advance Report. You can also click here to access BEA’s first GDP report incorporating data from the Advance Report, which is their advance estimate of second-quarter GDP.

advance_report

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International Trade University Webinar Series – AES 101

Webinar Series Spring 2015On July 23, we held our 10th and FINAL webinar in our International Trade University Webinar Series –AES 101: Overview of the Automated Export System (AES). Don’t worry if you missed it! You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Data Collection Branch presented on the following items:

  • Filing in the AES
  • Resolving errors in AES
  • Upcoming changes in AESDirect

If you missed any of the International Trade University Webinar Series, you can go to our International Trade Outreach, Education and Training webpage to view the recordings.

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International Trade University Webinar – FTR 501

Webinar Series Spring 2015On July 9, we held our 9th webinar in our International Trade University Webinar Series–FTR 501: Best Practices.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Trade Regulations Branch presented on the following items:

  • How to remain compliant with the Foreign Trade Regulations (FTR)
    • Export transaction record keeping
    • How and when to submit a Voluntary Self- Disclosure (VSD)
    • Utilizing the resource on census.gov/trade

Don’t forget to mark your calendar for July 23rd @ 2pm ET. We will have experts from the Data Collection Branch to give an Overview of the Automated Export System (AES).  Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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FAQ’s for the Advance Report: U.S. International Trade in Goods

By: Melissa Scott

On April 23rd we posted Getting Your Trade Data Faster, a blog that introduced the new Advance Report that the U.S. Census Bureau will introduce in July 2015. We know you are excited for this new report and we wanted to keep you in the loop and help address some questions you may have.

Here are some FAQ’s to keep you informed:

What will be included in the new Advance Report?

The Advance Report will contain seasonally adjusted and not-seasonally adjusted export and import goods data by 1-digit end-use categories and balance totals.  It will contain monthly data for the current year, as well as the full previous year.   The Advance Report will not include services or trade in goods on a balance of payments basis. To see the sample layout, go to: http://www.census.gov/foreign-trade/statistics/notices/Advance_Report.pdf.

Are there any plans to publish 5-digit end-use categories in the Advance Report?

At this time, there are no plans to publish at the 5-digit end-use level.

When will the Advance Report be published, and how frequently?

The Advance Report will be published monthly, and the first release is scheduled for July 30, 2015. The Census Bureau and Bureau of Economic Analysis (BEA) will continue to jointly release the full FT-900: U.S. International Trade in Goods and Services (FT-900) report approximately 35 calendar days after the reference month ends.  The new Advance Report will be published approximately a week sooner.

What is the Advance Report release schedule for the remainder of 2015?

The release schedule for the Advance Report for the remainder of the year is as follows:

ADVANCE REPORT RELEASE SCHEDULE
   Statistical Month Date Day
   June 07-30-15 Thursday
   July 08-28-15 Friday
   August 9-29-15 Tuesday
   September 10-28-15 Wednesday
   October 11-24-15 Tuesday
   November 12-29-15 Tuesday

At what time will the Advance Report be published?

The Report will be released at 8:30 a.m.

How much historical data will be made available to the public?

With the first release of this report, we will provide data monthly, from January 2013 to June 2015.

Will any country information be included in the Advance Report?

No, there will be no country information included in the Advance Report.

Who benefits from the Advance Report? 

Private sector data users and other government agencies will both benefit from an earlier release of U.S. trade data. The Advance Report allows policymakers and private data users to make data-driven decisions sooner due to this high-level “snapshot” of trade in goods. In addition, the release will also allow BEA to incorporate export and import data from the third month of a quarter into the advance quarterly estimate of Gross Domestic Product (GDP), thereby producing a more complete quarterly estimate. The advance GDP estimate offers the first glimpse of the broadest measure of how the U.S. economy is performing for any given quarter.

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Goods and Services Deficit Increased in May 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in May, up $1.2 billion from $40.7 billion in April, revised. May exports were $188.6 billion, $1.5 billion less than April exports. May imports were $230.5 billion, $0.3 billion less than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $1.2 billion to $61.5 billion and an increase in the services surplus of less than $0.1 billion to $19.6 billion.

Year-to-date, the goods and services deficit increased $1.1 billion, or 0.5 percent, from the same period in 2014. Exports decreased $26.5 billion or 2.7 percent. Imports decreased $25.4 billion or 2.2 percent.

ustrade

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $1.6 billion to $127.7 billion in May.

Exports of goods on a Census basis decreased $1.4 billion.

  • Capital goods decreased $2.4 billion.
    • Civilian aircraft decreased $1.2 billion.
  • Industrial supplies and materials increased $0.8 billion.
    • Fuel oil increased $0.5 billion.
    • Other petroleum products increased $0.5 billion.

Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.1 billion to $60.9 billion in May.

  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.4 billion to $189.2 billion in May.

Imports of goods on a Census basis decreased $0.5 billion.

  • Capital goods decreased $0.8 billion.
    • Drilling and oilfield equipment decreased $0.8 billion.
  • Industrial supplies and materials decreased $0.6 billion.
    • Crude oil decreased $0.4 billion.
    • Organic chemicals decreased $0.3 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.1 billion to $41.2 billion in May.

  • Transport, which includes freight and port services and passenger fares, increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($4.2), Brazil ($0.9), OPEC ($0.3), and Canada ($0.2). Deficits were recorded, in billions of dollars, with China ($30.6), European Union ($13.4), Germany ($6.4), Japan ($6.4), Mexico ($4.1), Italy ($2.5), South Korea ($2.4), India ($2.0), France ($1.5), Saudi Arabia ($0.4) and United Kingdom ($0.1).

  • The deficit with China increased $3.1 billion to $30.6 billion in May. Exports decreased $0.7 billion to $9.6 billion and imports increased $2.4 billion to $40.2 billion.
  • The deficit with the European Union increased $1.4 billion to $13.4 billion in May. Exports decreased $1.0 billion to $22.6 billion and imports increased $0.4 billion to $36.0 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

 

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International Trade University Webinar – BIS 601

Webinar Series Spring 2015On June 25, we held our 8th webinar in our International Trade University Webinar Series–BIS 601: Introduction to 600 series.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Bureau of Industry and Security presented on the following items:

  • Explanation of the 600 series
  • How and when to use the 600 series

Don’t forget to mark your calendar for July 9th @ 2pm ET. We will have experts from the Trade Regulations Branch for a review of Best Practices. Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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How to apply for an EIN or DUNS

By: Kenny Mayo

Whether you are an individual or part of a Fortune 500 corporation, there is one thing that is essential to your exporting success – proper identification.  If you are a U.S. Principal Party in Interest or a U.S. authorized agent, the Automated Export System (AES) requires you to identify you or your company with an Employer Identification Number (EIN), Dun & Bradstreet (DUNS) number or any number assigned by the U.S. Customs and Border Protection.  The most common identification numbers used are the EIN and the DUNS, but how do you get one?

How do I get an Employer Identification Number (EIN)?

An EIN is a nine-digit number assigned by the Internal Revenue Service.  To apply, review the directions below:

  • Go to http://www.irs.gov/.
  • Under the heading “Hot Topics”, click “Apply for an Employer ID Number”.
  • Scroll to the bottom of the page and click “Apply Online Now”.
  • Click on “Ok” when you see the pop up warning message.
  • Click on “Begin Application” at the bottom of the page.

For detailed visuals on the online application process, check out our presentation on applying for an EIN.

Note: Applying online is by far the quickest way to receive your EIN.  However, if you prefer to apply via fax, mail, or telephone, click here.

How do I get a Dun & Bradstreet (DUNS) Number?

The second most popular option is the DUNS Number, which is a nine-digit Data Universal Number System used to identify the physical location of your business.  To apply, review the directions below:

  • Click here to reach the D-U-N-S Request Service for U.S. Federal Government Contractors and Grantees
  • On the left side of the web page, click on “Begin D-U-N-S Search/Request Process.”
  • Select the country or territory where your company is physically located.
  • Once you are directed to the D&B Government iUpdate-Webform Page, click on “Continue to Government iUpdate” to begin the application process.

Note:  If you request a DUNS number by phone, it will be provided immediately.  If you request a DUNS number using the iUpdate-Webform Page, it will take one to two days.

If you have questions regarding applying for an EIN or DUNS number, please contact the Trade Regulations Branch at (800) 549-0595, Option 3 or e-mail itmd.askregs@census.gov.

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International Trade University Webinar – FTR 401

Webinar Series Spring 2015
On June 11, we held our 7th webinar in our International Trade University Webinar Series–FTR 401: Regulatory Changes.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Trade Regulations Branch presented on the following items:

  • Overview of recent and future changes to the Foreign Trade Regulations (FTR)
  • FTR Letters
  • Recent and Upcoming Changes to the FTR
  • Advanced Export Information (AEI) Pilot Program

Don’t forget to mark your calendar for June 25th @ 2pm ET. We will have experts from the Bureau of Industry and Security who will provide an Introduction to 600 series.  Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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International Trade University Webinar – CLAS 301

Webinar Series Spring 2015

On May 28, we held our 6th webinar in our International Trade University Webinar Series–CLAS 301: Live Classification Session.  Don’t worry if you missed it!  You can still benefit from our new information packed webinar. Click to watch the FREE recording!

Experts from the Micro Analysis Branch conducted a live demonstration classifying products submitted by you and other members of the trade community.

Don’t forget to mark your calendar for TODAY @ 2pm ET. We will have experts from the Trade Regulations Branch speaking on Regulatory Changes.  Go to our International Trade Outreach, Education and Training webpage for more information on this webinar and view previous recordings.

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