U.S. INTERNATIONAL TRADE DEFICIT $39.9 BLN

U.S. BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $39.9 billion in February, down $5.5 billion from $45.5 billion in January, revised.

Exports, Imports, and Balance (exhibit 1)

February exports were $207.5 billion, $0.8 billion less than January exports. February imports were $247.5 billion, $6.3 billion less than January imports.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $5.9 billion to $61.2 billion and a decrease in the services surplus of $0.4 billion to $21.3 billion.

Year-to-date, the goods and services deficit decreased $19.7 billion, or 18.7 percent, from the same period in 2019. Exports increased $1.1 billion or 0.3 percent. Imports decreased $18.6 billion or 3.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.3 billion to $44.7 billion for the three months ending in February. 

• Average exports decreased $0.1 billion to $208.4 billion in February.
• Average imports decreased $1.3 billion to $253.1 billion in February. 

Year-over-year, the average goods and services deficit decreased $10.6 billion from the three months ending in February 2019. 

• Average exports increased $1.6 billion from February 2019.
• Average imports decreased $9.0 billion from February 2019. 

Exports (exhibits 3, 6, and 7)

Exports of goods increased $1.0 billion to $137.2 billion in February. 

  Exports of goods on a Census basis increased $1.0 billion. 

• Industrial supplies and materials increased $0.7 billion.
  • Fuel oil increased $0.5 billion.
  • Other petroleum products increased $0.5 billion.
• Automotive vehicles, parts, and engines increased $0.5 billion.
  • Automotive parts and accessories increased $0.3 billion.
• Consumer goods decreased $0.7 billion.
  • Pharmaceutical preparations decreased $0.3 billion.
  • Gem diamonds decreased $0.2 billion. 

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

Exports of services decreased $1.7 billion to $70.3 billion in February. 

• Travel decreased $1.3 billion.
• Financial services decreased $0.3 billion.
• Transport decreased $0.2 billion. 

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $5.0 billion to $198.4 billion in February. 

  Imports of goods on a Census basis decreased $5.1 billion. 

• Capital goods decreased $3.7 billion.
  • Computers decreased $1.4 billion.
  • Telecommunications equipment decreased $0.6 billion.
  • Computer accessories decreased $0.5 billion.
• Industrial supplies and materials decreased $1.6 billion.Consumer goods decreased $1.1 billion.
  • Fuel oil decreased $0.6 billion.
  • Organic chemicals decreased $0.4 billion.
• Consumer goods decreased $1.1 billion.
• Automotive vehicles, parts, and engines increased $1.4 billion.
  • Passenger cars increased $1.4 billion. 

  Net balance of payments adjustments increased $0.2 billion. 

Imports of services decreased $1.4 billion to $49.1 billion in February. 

• Travel decreased $0.8 billion.
• Transport decreased $0.5 billion. 

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

The real goods deficit decreased $9.0 billion to $69.0 billion in February. 

• Real exports of goods increased $3.7 billion to $150.5 billion.
• Real imports of goods decreased $5.3 billion to $219.5 billion. 

Revisions 

In addition to revisions to source data for the January statistics, exports of energy-related petroleum products in exhibit 17 were revised beginning with January 2019 to incorporate corrections that averaged $229 million per month. These corrections did not affect other exhibits. 

Revisions to January exports 

• Exports of goods were revised down $0.1 billion.
• Exports of services were revised down $0.1 billion. 

Revisions to January imports 

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

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

The February figures show surpluses, in billions of dollars, with South and Central America ($5.9), Brazil ($1.9), Hong Kong ($1.5), United Kingdom ($1.3), OPEC ($1.2), Singapore ($0.7), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($19.7), European Union ($12.6), Mexico ($9.7), Japan ($5.1), Germany ($4.8), Italy ($2.3), South Korea ($1.7), India ($1.6), Canada ($1.6), Taiwan ($1.5), and France ($0.5). 

• The deficit with China decreased $4.0 billion to $19.7 billion in February. Exports decreased $0.3 billion to $7.5 billion and imports decreased $4.2 billion to $27.2 billion.
• The deficit with the European Union (excluding the United Kingdom) decreased $2.2 billion to $12.6 billion in February. Exports decreased $0.6 billion to $22.4 billion and imports decreased $2.7 billion to $35.0 billion.
• The deficit with South Korea increased $1.1 billion to $1.7 billion in February. Exports decreased $1.0 billion to $4.7 billion and imports increased $0.2 billion to $6.4 billion.

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