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2021-05-13 17:15:00

U.S. INTERNATIONAL TRADE DEFICIT UP TO $74.4 BLN

U.S. INTERNATIONAL TRADE DEFICIT UP TO $74.4 BLN

U.S. BEAMay 4, 2021- The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $74.4 billion in March, up $3.9 billion from $70.5 billion in February, revised. 

U.S. International Trade in Goods and Services Deficit
Deficit:

$74.4 Billion

+5.6%°

Exports:

$200.0 Billion

+6.6%°

Imports:

$274.5 Billion

+6.3%°

Next release: Tuesday, June 8, 2021

(°) 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 4, 2021

  

Exports, Imports, and Balance (exhibit 1) 

March exports were $200.0 billion, $12.4 billion more than February exports. March imports were $274.5 billion, $16.4 billion more than February imports.

The March increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $91.6 billion and a decrease in the services surplus of $0.3 billion to $17.1 billion.

Year-to-date, the goods and services deficit increased $83.2 billion, or 64.2 percent, from the same period in 2020. Exports decreased $21.0 billion or 3.5 percent. Imports increased $62.2 billion or 8.5 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.5 billion to $70.9 billion for the three months ending in March. 

  • Average exports increased $3.3 billion to $193.3 billion in March.
  • Average imports increased $5.8 billion to $264.2 billion in March.

Year-over-year, the average goods and services deficit increased $27.7 billion from the three months ending in March 2020.

  • Average exports decreased $7.0 billion from March 2020.
  • Average imports increased $20.7 billion from March 2020.

Exports (exhibits 3, 6, and 7) 

Exports of goods increased $11.7 billion to $142.9 billion in March.

Exports of goods on a Census basis increased $11.7 billion.

  • Industrial supplies and materials increased $5.2 billion.
    • Nonmonetary gold increased $3.4 billion.
    • Natural gas decreased $1.7 billion.
  • Capital goods increased $2.9 billion.
    • Semiconductors increased $0.4 billion.
    • Electric apparatus increased $0.4 billion.
  • Consumer goods increased $2.0 billion.
    • Artwork and other collectibles increased $0.4 billion.
    • Gem diamonds increased $0.4 billion.

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

Exports of services increased $0.8 billion to $57.1 billion in March.

  • Travel increased $0.4 billion.
  • Transport increased $0.3 billion.
  • Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $15.3 billion to $234.4 billion in March. 

Imports of goods on a Census basis increased $15.3 billion.

  • Consumer goods increased $4.5 billion.
    • Other textile apparel and household goods increased $1.2 billion.
    • Furniture and household goods increased $0.9 billion.
    • Toys, games, and sporting goods increased $0.9 billion.
    • Cell phones and other household goods decreased $1.0 billion.
  • Industrial supplies and materials increased $3.7 billion.
    • Other petroleum products increased $0.8 billion.
    • Crude oil increased $0.6 billion.
    • Fuel oil increased $0.6 billion.
    • Finished metal shapes decreased $1.3 billion.
  • Capital goods increased $3.3 billion.
    • Semiconductors increased $1.3 billion.
    • Other industrial machinery increased $0.5 billion.
    • Telecommunications equipment increased $0.5 billion.
    • Civilian aircraft decreased $1.4 billion.
  • Automotive vehicles, parts, and engines increased $2.0 billion.
    • Passenger cars increased $1.0 billion.
    • Automotive parts and accessories increased $0.7 billion.

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

Imports of services increased $1.1 billion to $40.0 billion in March.

  • Transport increased $0.9 billion.
  • Travel increased $0.1 billion.

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

The real goods deficit increased $4.2 billion to $103.1 billion in March.

  • Real exports of goods increased $9.3 billion to $148.7 billion.
  • Real imports of goods increased $13.4 billion to $251.8 billion.

Revisions

Revisions to February exports

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

Revisions to February imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.2 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 ($3.6), Hong Kong ($2.9), Brazil ($1.0), Singapore ($0.6), and United Kingdom ($0.1). Deficits were recorded, in billions of dollars, with China ($36.9), European Union ($16.9), Mexico ($8.4), Germany ($5.5), Japan ($5.1), Canada ($3.1), Italy ($2.9), Taiwan ($2.6), India ($2.2), South Korea ($2.1), France ($1.5), and Saudi Arabia (less than $0.1).

  • The deficit with China increased $6.7 billion to $36.9 billion in March. Exports increased $0.9 billion to $11.3 billion and imports increased $7.6 billion to $48.2 billion.
  • The deficit with Mexico increased $1.6 billion to $8.4 billion in March. Exports decreased $0.6 billion to $22.2 billion and imports increased $1.0 billion to $30.6 billion.
  • The deficit with the European Union decreased $2.1 billion to $16.9 billion in March. Exports decreased $0.5 billion to $20.1 billion and imports decreased $2.6 billion to $37.0 billion.

 

Full PDF version

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