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2020-05-06 11:50:00

U.S. INTERNATIONAL TRADE DEFICIT $44.4 BLN

U.S. INTERNATIONAL TRADE DEFICIT $44.4 BLN

U.S. BEA - MAY 5, 2020 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $44.4 billion in March, up $4.6 billion from $39.8 billion in February, revised. 

U.S. International Trade in Goods and Services Deficit
Deficit: $44.4 Billion +11.6%°
Exports: $187.7 Billion -9.6%°
Imports: $232.2 Billion -6.2%°

Next release: June 4, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, May 5, 2020

 

Exports, Imports, and Balance (exhibit 1) 

March exports were $187.7 billion, $20.0 billion less than February exports. March imports were $232.2 billion, $15.4 billion less than February imports. 

The March increase in the goods and services deficit reflected an increase in the goods deficit of $4.6 billion to $65.6 billion and a decrease in the services surplus of $0.1 billion to $21.2 billion. 

Year-to-date, the goods and services deficit decreased $28.1 billion, or 17.8 percent, from the same period in 2019. Exports decreased $21.7 billion or 3.5 percent. Imports decreased $49.7 billion or 6.4 percent. 

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit decreased $1.4 billion to $43.2 billion for the three months ending in March. 

  • Average exports decreased $7.2 billion to $201.3 billion in March.
  • Average imports decreased $8.6 billion to $244.5 billion in March. 

Year-over-year, the average goods and services deficit decreased $9.4 billion from the three months ending in March 2019. 

  • Average exports decreased $7.2 billion from March 2019.
  • Average imports decreased $16.6 billion from March 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods decreased $9.2 billion to $128.1 billion in March. 

  Exports of goods on a Census basis decreased $8.8 billion. 

  • Industrial supplies and materials decreased $2.9 billion.
    • Crude oil decreased $1.0 billion.
    • Other petroleum products decreased $0.9 billion.
    • Fuel oil decreased $0.4 billion.
  • Automotive vehicles, parts, and engines decreased $2.5 billion.
    • Automotive parts and accessories decreased $0.9 billion.
    • Passenger cars decreased $0.8 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.4 billion.
  • Capital goods decreased $2.0 billion.
    • Other industrial machinery decreased $0.4 billion.
    • Civilian aircraft parts decreased $0.4 billion.
    • Civilian aircraft decreased $0.2 billion.
    • Civilian aircraft engines decreased $0.2 billion. 

  Net balance of payments adjustments decreased $0.4 billion. 

Exports of services decreased $10.8 billion to $59.6 billion in March. 

  • Travel decreased $7.5 billion.
  • Transport decreased $2.6 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods decreased $4.7 billion to $193.7 billion in March. 

  Imports of goods on a Census basis decreased $4.2 billion. 

  • Consumer goods decreased $4.0 billion.
    • Cell phones and other household goods decreased $2.5 billion.
    • Gem diamonds decreased $0.9 billion.
  • Automotive vehicles, parts, and engines decreased $2.7 billion.
    • Automotive parts and accessories decreased $1.5 billion.
    • Passenger cars decreased $0.5 billion.
  • Capital goods increased $1.5 billion.
    • Computers increased $0.8 billion.
    • Semiconductors increased $0.8 billion. 

  Net balance of payments adjustments decreased $0.5 billion. 

Imports of services decreased $10.7 billion to $38.5 billion in March. 

  • Travel decreased $7.7 billion.
  • Transport decreased $2.9 billion. 

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

The real goods deficit increased $6.5 billion to $75.3 billion in March. 

  • Real exports of goods decreased $7.7 billion to $143.0 billion.
  • Real imports of goods decreased $1.2 billion to $218.3 billion. 

Revisions 

Revisions to February exports 

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

Revisions to February imports 

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

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

The March figures show surpluses, in billions of dollars, with South and Central America ($5.0), Hong Kong ($1.9), OPEC ($1.5), Brazil ($1.4), Saudi Arabia ($0.3), and United Kingdom ($0.1). Deficits were recorded, in billions of dollars, with European Union ($16.9), China ($15.5), Mexico ($9.0), Germany ($6.0), Japan ($4.6), Italy ($2.8), Canada ($2.6), Taiwan ($2.0), South Korea ($1.9), India ($1.7), France ($0.7), and Singapore (less than $0.1). 

  • The deficit with the European Union increased $4.3 billion to $16.9 billion in March. Exports decreased $0.6 billion to $21.8 billion and imports increased $3.7 billion to $38.7 billion.
  • The surplus with the United Kingdom decreased $1.2 billion to $0.1 billion in March. Exports decreased $1.3 billion to $4.9 billion and imports decreased less than $0.1 billion to $4.8 billion.
  • The deficit with China decreased $4.2 billion to $15.5 billion in March. Exports increased $0.3 billion to $7.8 billion and imports decreased $3.9 billion to $23.3 billion.

 

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Tags: USA, ECONOMY, FINANCE, TRADE
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