The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $46.6 billion in December, up $6.8 billion from $39.8 billion in November, revised. December exports were $194.9 billion, down $1.5 billion from November. December imports were $241.4 billion, up $5.3 billion from November. The December increase in the goods and services deficit reflected an increase in the goods deficiof $6.9 billion to $66.0 billion and an increase in the services surplus of $0.1 billion to $19.5 billion. For 2014, the goods and services deficit was $505.0 billion, up $28.7 billion or 6.0 percent from2013. Exports were $2,345.4 billion, up $65.2 billion or 2.9 percent. Imports were $2,850.5 billion, up $93.9 billion or 3.4 percent. Goods and Services Three-Month Moving Averages The average goods and services deficit increased $1.1 billion to $42.7 billion for the three months ending in December. * Average exports of goods and services decreased $0.2 billion to $196.6 billion in December. * Average imports of goods and services increased $0.9 billion to $239.4 billion in December. Year-over-year, the average goods and services deficit increased $5.2 billion from the three months ending in December 2013. * Average exports of goods and services increased $2.7 billion from December 2013. * Average imports of goods and services increased $8.0 billion from December 2013. Exports (Exhibits 3, 6, and 7) Exports of goods decreased $2.5 billion to $134.3 billion in December. Exports of goods on a Census basis decreased $2.1 billion. * Industrial supplies and materials decreased $3.1 billion. o Nonmonetary gold decreased $1.2 billion. o Other petroleum products decreased $0.6 billion. Net balance of payments adjustments decreased $0.4 billion. Exports of services increased $1.0 billion to $60.6 billion in December. The increase mostly reflected increases in transport ($0.4 billion), which includes freight and port services and passenger fares, in financial services ($0.3 billion), and in travel (for all purposes including education) ($0.2 billion). Imports of goods increased $4.4 billion to $200.3 billion in December. Imports of goods on a Census basis increased $4.4 billion. * Industrial supplies and materials increased $2.7 billion. o Crude oil increased $1.1 billion. o Other petroleum products increased $0.5 billion. Net balance of payments adjustments decreased less than $0.1 billion. Imports of services increased $0.9 billion to $41.2 billion in December. The increase mostly reflected increases in transport ($0.5 billion) and in travel (for all purposes including education) ($0.3 billion). Real Goods in 2009 Dollars – Census Basis (Exhibit 11) The real goods deficit increased $6.0 billion to $54.7 billion in December. * Real exports of goods decreased less than $0.1 billion to $123.3 billion. * Real imports of goods increased $6.0 billion to $178.0 billion. Revisions In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals. Revisions to November exports * Exports of goods were revised upward $0.1 billion. * Exports of services were revised downward less than $0.1 billion. Revisions to November imports * Imports of goods were revised upward $0.9 billion. * Imports of services were revised downward $0.1 billion. Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19) The December figures show surpluses, in billions of dollars, with South and Central America ($2.6), Brazil ($0.4), and United Kingdom ($0.1). Deficits were recorded, in billions of dollars, with China ($30.4), European Union ($12.7), Germany ($5.6), Mexico ($5.6), Japan ($5.4), Canada ($3.3), South Korea ($2.7), OPEC ($2.3), India ($2.1), Italy ($2.1), France ($1.1), and Saudi Arabia ($1.0). * The deficit with Canada increased $1.7 billion to $3.3 billion in December. Exports decreased $0.8 billion to $25.8 billion and imports increased $0.9 billion to $29.0 billion. * The deficit with Mexico increased $1.2 billion to $5.6 billion in December. Exports decreased $0.6 billion to $19.6 billion and imports increased $0.6 billion to $25.2 billion. ANNUAL SUMMARY FOR 2014 Goods and Services For 2014, the goods and services deficit was $505.0 billion, up $28.7 billion from $476.4 billion in 2013. Exports were $2,345.4 billion in 2014, up $65.2 billion from 2013. Imports were $2,850.5 billion in 2014, up $93.9 billion from 2013. The 2014 increase in the goods and services deficit reflected an increase in the goods deficit of $35.2 billion or 5.0 percent to $736.8 billion and an increase in the services surplus of $6.5 billion or 2.9 percent to $231.8 billion. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2014, up from 2.8 percent in 2013. Exports Exports of goods increased $42.3 billion to $1,635.1 billion in 2014. Exports of goods on a Census basis increased $43.7 billion. * Capital goods increased $15.8 billion. o Other industrial machines increased $5.3 billion. o Civilian aircraft increased $4.3 billion. * Consumer goods increased $10.1 billion. o Pharmaceutical preparations increased $2.6 billion. o Artwork, antiques, and stamps increased $2.5 billion. Net balance of payments adjustments decreased $1.4 billion. Exports of services increased $22.9 billion to $710.3 billion in 2014. * Travel (for all purposes including education) increased $5.9 billion. * Charges for the use of intellectual property increased $5.7 billion. * Financial services increased $5.4 billion. Imports Imports of goods increased $77.5 billion to $2,371.9 billion in 2014. Imports of goods on a Census basis increased $77.5 billion. * Capital goods increased $36.8 billion. o Other industrial machines increased $6.5 billion. o Telecommunications equipment increased $4.3 billion. * Consumer goods increased $25.2 billion. o Pharmaceutical preparations increased $8.0 billion. o Cell phones and other household goods increased $5.8 billion. Net balance of payments adjustments increased less than $0.1 billion. Imports of services increased $16.4 billion to $478.5 billion in 2014. * Travel (for all purposes including education) increased $6.7 billion. * Other business services increased $5.6 billion. * Transport, which includes freight and port services and passenger fares, increased $3.7 billion. Goods by Selected Countries and Areas – Census Basis The 2014 figures show surpluses, in billions of dollars, with Hong Kong ($35.1), South and Central America ($34.4), Australia ($16.0), and Singapore ($14.1). Deficits were recorded, in billions of dollars, with China ($342.6), European Union ($141.1), Germany ($73.7), Japan ($67.0),Mexico ($53.8), OPEC ($49.4), Canada ($34.0), Saudi Arabia ($28.4), Italy ($25.1), South Korea ($25.1), India ($23.6), and Venezuela ($18.9). *The deficit with China increased $23.9 billion to $342.6 billion in 2014. Exports increased $2.3 billion to $124.0 billion and imports increased $26.2 billion to $466.7 billion. *The deficit with Germany increased $6.8 billion to $73.7 billion in 2014. Exports increased $2.1 billion to $49.4 billion and imports increased $8.8 billion to $123.2 billion.