U.S. INTERNATIONAL TRADE DEFICIT $45.3 BLN

U.S. BEA - MARCH 6, 2020 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $45.3 billion in January, down $3.3 billion from $48.6 billion in December, revised. 

Exports, Imports, and Balance (exhibit 1) 

January exports were $208.6 billion, $0.9 billion less than December exports. January imports were $253.9 billion, $4.2 billion less than December imports. 

The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $67.0 billion and an increase in the services surplus of $0.6 billion to $21.7 billion. 

Year-over-year, the goods and services deficit decreased $8.5 billion, or 15.8 percent, from January 2019. Exports increased $2.3 billion or 1.1 percent. Imports decreased $6.2 billion or 2.4 percent.

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit decreased $0.7 billion to $45.9 billion for the three months ending in January. 

• Average exports increased $0.7 billion to $208.6 billion in January.
• Average imports decreased less than $0.1 billion to $254.5 billion in January. 

Year-over-year, the average goods and services deficit decreased $10.2 billion from the three months ending in January 2019. 

• Average exports increased $1.9 billion from January 2019.
• Average imports decreased $8.2 billion from January 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods decreased $1.4 billion to $136.4 billion in January. 

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

• Capital goods decreased $1.0 billion.
  • Civilian aircraft decreased $1.7 billion.
• Industrial supplies and materials decreased $1.0 billion..Other goods decreased $0.9 billion.
  • Crude oil decreased $0.8 billion.
  • Fuel oil decreased $0.6 billion.
• Other goods decreased $0.9 billion.
• Automotive vehicles, parts, and engines increased $0.9 billion. 

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

Exports of services increased $0.5 billion to $72.2 billion in January. 

• Other business services increased $0.1 billion.
• Financial services increased $0.1 billion.
• Maintenance and repair services increased $0.1 billion.
• Transport increased $0.1 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods decreased $4.1 billion to $203.4 billion in January. 

  Imports of goods on a Census basis decreased $4.0 billion. 

• Industrial supplies and materials decreased $2.4 billion.Other goods decreased $1.4 billion.
  • Nonmonetary gold decreased $1.3 billion.
  • Other petroleum products decreased $0.6 billion.
• Other goods decreased $1.4 billion. 

  Net balance of payments adjustments decreased $0.1 billion. 

Imports of services decreased $0.1 billion to $50.5 billion in January. 

• Transport decreased $0.2 billion. 

Real Goods in 2012 Dollars – Census Basis (exhibit 11) 

The real goods deficit decreased $2.3 billion to $77.7 billion in January. 

• Real exports of goods decreased $2.7 billion to $146.9 billion.
• Real imports of goods decreased $5.1 billion to $224.6 billion. 

Revisions 

Exports and imports of goods and services were revised for July through December 2019 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months in 2019 were revised so that the totals of the seasonally adjusted months equal the annual totals. 

Revisions to December exports 

• Exports of goods were revised up less than $0.1 billion.
• Exports of services were revised down $0.2 billion. 

Revisions to December imports 

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised down $0.4 billion. 

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

The January figures show surpluses, in billions of dollars, with South and Central America ($5.8), Hong Kong ($1.8), Brazil ($1.7), United Kingdom ($1.6), and OPEC ($1.3). Deficits were recorded, in billions of dollars, with China ($23.7), European Union ($13.5), Mexico ($9.2), Germany ($5.6), Japan ($5.3), Italy ($2.6), Taiwan ($1.8), India ($1.7), Canada ($0.7), France ($0.7), South Korea ($0.6), Singapore ($0.1), and Saudi Arabia (less than $0.1). 

• The deficit with Canada decreased $3.7 billion to $0.7 billion in January. Exports increased $0.7 billion to $24.6 billion and imports decreased $2.9 billion to $25.3 billion.
• The deficit with China decreased $2.1 billion to $23.7 billion in January. Exports increased $0.2 billion to $7.7 billion and imports decreased $1.8 billion to $31.4 billion.
• The deficit with Japan increased $0.9 billion to $5.3 billion in January. Exports decreased $1.1 billion to $5.7 billion and imports decreased $0.2 billion to $10.9 billion. 

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20) 

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, fourth-quarter figures are now available. 

The fourth-quarter figures show surpluses, in billions of dollars, with South and Central America ($20.5), Brazil ($8.7), OPEC ($7.8), Hong Kong ($6.4), United Kingdom ($5.5), Singapore ($4.8), and Saudi Arabia ($3.6). Deficits were recorded, in billions of dollars, with China ($69.4), European Union ($26.9), Mexico ($25.5), Germany ($14.8), Japan ($11.3), Italy ($9.0), India ($6.7), Taiwan ($5.0), Canada ($3.9), France ($2.9), and South Korea ($1.6). 

• The deficit with the European Union decreased $8.1 billion to $26.9 billion in the fourth quarter. Exports increased $1.9 billion to $152.7 billion and imports decreased $6.2 billion to $179.6 billion.
• The deficit with China decreased $7.9 billion to $69.4 billion in the fourth quarter. Exports decreased $4.1 billion to $38.0 billion and imports decreased $12.0 billion to $107.5 billion.
• The deficit with Canada increased $1.9 billion to $3.9 billion in the fourth quarter. Exports decreased $1.6 billion to $88.2 billion and imports increased $0.3 billion to $92.1 billion. 

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