The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.6 billion in February, down $4.6 billion from $48.2 billion in January, revised. February exports were $192.9 billion, $0.4 billion more than January exports. February imports were $236.4 billion, $4.3 billion less than January imports.
The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.6 billion to $65.0 billion and an increase in the services surplus of less than $0.1 billion to $21.4 billion.
Year-to-date, the goods and services deficit increased $2.8 billion, or 3.1 percent, from the same period in 2016. Exports increased $25.8 billion or 7.2 percent. Imports increased $28.6 billion or 6.4 percent.
Goods and Services Three-Month Moving Averages (Exhibit 2)
The average goods and services deficit decreased $0.6 billion to $45.3 billion for the three months ending in February.
- Average exports of goods and services increased $2.3 billion to $192.1 billion in February.
- Average imports of goods and services increased $1.7 billion to $237.5 billion in February.
Year-over-year the average goods and services deficit increased $1.9 billion from the three months ending in February 2016.
- Average exports of goods and services increased $11.3 billion from February 2016.
- Average imports of goods and services increased $13.1 billion from February 2016.
Exports (Exhibits 3, 6, and 7)
Exports of goods increased $0.4 billion to $128.5 billion in February.
Exports of goods on a Census basis increased $0.5 billion.
- Consumer goods increased $0.7 billion.
- Pharmaceutical preparations increased $0.6 billion.
- Other goods increased $0.5 billion.
- Industrial supplies and materials increased $0.4 billion.
- Foods, feeds, and beverages decreased $0.7 billion.
- Soybeans decreased $0.6 billion.
- Capital goods decreased $0.6 billion.
- Civilian aircraft decreased $0.6 billion.
Net balance of payments adjustments decreased $0.2 billion.
Exports of services increased less than $0.1 billion to $64.4 billion in February.
Changes in all categories were $0.1 billion or less and were nearly offsetting.
Imports (Exhibits 4, 6, and 8)
Imports of goods decreased $4.2 billion to $193.4 billion in February.
Imports of goods on a Census basis decreased $4.1 billion.
- Consumer goods decreased $3.1 billion.
- Cell phones and other household goods decreased $1.9 billion.
- Automotive vehicles, parts, and engines decreased $2.6 billion.
- Passenger cars decreased $2.1 billion.
- Industrial supplies and materials increased $1.4 billion.
- Crude oil increased $1.3 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services decreased less than $0.1 billion to $43.0 billion in February.
- Changes in all categories were $0.1 billion or less and were nearly offsetting.
Real Goods in 2009 Dollars – Census Basis (Exhibit 11)
The real goods deficit decreased $5.4 billion to $59.7 billion in February.
- Real exports of goods increased $0.4 billion to $124.5 billion.
- Real imports of goods decreased $5.0 billion to $184.2 billion.
Revisions
Revisions to January exports
- Exports of goods were revised upward $0.2 billion.
- Exports of services were revised upward $0.3 billion.
Revisions to January imports
- Imports of goods were revised upward less than $0.1 billion.
- Imports of services were revised upward $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)
The February figures show surpluses, in billions of dollars, with Hong Kong ($3.3), South and
Central America ($2.0), Singapore ($1.1), Brazil ($0.5), and United Kingdom ($0.2). Deficits
were recorded, in billions of dollars, with China ($31.7), European Union ($12.0), Mexico ($6.2),
Germany ($5.4), Japan ($4.9), Canada ($2.4), OPEC ($2.2), Italy ($2.1), South Korea ($1.9),
India ($1.8), France ($1.3), Saudi Arabia ($1.2), and Taiwan ($1.1).
- The balance with the United Kingdom shifted from a deficit of $0.9 billion to a surplus of $0.2 billion in February. Exports increased $0.6 billion to $4.5 billion and imports decreased $0.5 billion to $4.3 billion.
- The deficit with Japan decreased $0.6 billion to $4.9 billion in February. Exports decreased less than $0.1 billion to $5.5 billion and imports decreased $0.7 billion to $10.4 billion.
- The deficit with China increased $1.6 billion to $31.7 billion in February. Exports decreased $0.3 billion to $10.5 billion and imports increased $1.3 billion to $42.2 billion.