U.S. DEFICIT UP $0.9 BLN TO $57.6 BLN
BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $57.6 billion in February, up $0.9 billion from $56.7 billion in January, revised.
Exports, Imports, and Balance
February exports were $204.4 billion, $3.5 billion more than January exports. February imports were $262.0 billion, $4.4 billion more than January imports.
The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.3 billion to $77.0 billion and a decrease in the services surplus of $0.6 billion to $19.4 billion.
Year-to-date, the goods and services deficit increased $21.1 billion, or 22.7 percent, from the same period in 2017. Exports increased $22.4 billion or 5.9 percent. Imports increased $43.6 billion or 9.1 percent.
Three-Month Moving Averages
The average goods and services deficit increased $2.2 billion to $56.1 billion for the three months ending in February.
- Average exports increased $1.4 billion to $203.0 billion in February.
- Average imports increased $3.6 billion to $259.1 billion in February.
Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in February 2017.
- Average exports increased $12.2 billion from February 2017.
- Average imports increased $22.3 billion from February 2017.
Exports of goods increased $3.0 billion to $137.2 billion in February.
Exports of goods on a Census basis increased $3.1 billion.
- Industrial supplies and materials increased $2.0 billion.
- Nonmonetary gold increased $0.6 billion.
- Crude oil increased $0.3 billion.
- Natural gas increased $0.3 billion.
- Automotive vehicles, parts, and engines increased $0.9 billion.
- Passenger cars increased $0.7 billion.
- Capital goods increased $0.7 billion.
- Civilian aircraft increased $0.2 billion.
- Drilling and oilfield equipment increased $0.2 billion.
- Consumer goods decreased $0.8 billion.
- Pharmaceutical preparations decreased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.5 billion to $67.3 billion in February.
- Transport increased $0.2 billion.
- Travel (for all purposes including education) increased $0.1 billion.
- Charges for the use of intellectual property increased $0.1 billion.
Imports of goods increased $3.3 billion to $214.2 billion in February.
Imports of goods on a Census basis increased $3.5 billion.
- Capital goods increased $1.8 billion.
- Civilian aircraft increased $0.5 billion.
- Materials-handling equipment increased $0.3 billion.
- Computers increased $0.3 billion.
- Industrial supplies and materials increased $0.8 billion.
- Crude oil increased $0.7 billion.
- Foods, feeds, and beverages increased $0.8 billion.
Net balance of payments adjustments decreased $0.2 billion.
Imports of services increased $1.1 billion to $47.8 billion in February.
- The largest increase was in charges for the use of intellectual property ($1.0 billion).
The increase reflects payments for the rights to broadcast the 2018 Winter Olympic Games.
- The largest decrease was in travel (for all purposes including education) ($0.2 billion).
Real Goods in 2009 Dollars – Census Basis
The real goods deficit decreased $0.9 billion to $69.1 billion in February.
- Real exports of goods increased $2.5 billion to $129.4 billion.
- Real imports of goods increased $1.7 billion to $198.5 billion.
Revisions to January exports
- Exports of goods were revised down $0.1 billion.
- Exports of services were revised up $0.1 billion.
Revisions to January imports
- Imports of goods were revised up $0.1 billion.
- Imports of services were revised down less than $0.1 billion.
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