The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $122.7 billion in February, down $8.0 billion from $130.7 billion in January, revised.
Exports, Imports, and Balance
February exports were $278.5 billion, $8.0 billion more than January exports. February imports were $401.1 billion, less than $0.1 billion less than January imports.
The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $8.8 billion to $147.0 billion and a decrease in the services surplus of $0.8 billion to $24.3 billion.
Year-to-date, the goods and services deficit increased $117.1 billion, or 86.0 percent, from the same period in 2024. Exports increased $24.0 billion or 4.6 percent. Imports increased $141.2 billion or 21.4 percent.
Three-Month Moving Averages
The average goods and services deficit increased $14.8 billion to $117.1 billion for the three months ending in February.
- Average exports increased $1.6 billion to $271.8 billion in February.
- Average imports increased $16.5 billion to $389.0 billion in February.
Year-over-year, the average goods and services deficit increased $50.1 billion from the three months ending in February 2024.
- Average exports increased $10.2 billion from February 2024.
- Average imports increased $60.3 billion from February 2024.
Exports
Exports of goods increased $8.3 billion to $181.9 billion in February.
Exports of goods on a Census basis increased $6.2 billion.
- Industrial supplies and materials increased $3.0 billion.
- Nonmonetary gold increased $3.2 billion.
- Fuel oil decreased $1.0 billion.
- Capital goods increased $2.7 billion.
- Computer accessories increased $0.9 billion.
- Civilian aircraft increased $0.5 billion.
- Automotive vehicles, parts, and engines increased $1.6 billion.
- Passenger cars increased $1.0 billion.
- Trucks, buses, and special purpose vehicles increased $0.6 billion.
- Other goods decreased $1.3 billion.
Net balance of payments adjustments increased $2.1 billion.
Exports of services decreased $0.4 billion to $96.5 billion in February.
- Transport decreased $0.3 billion.
- Travel decreased $0.3 billion.
- Government goods and services decreased $0.2 billion.
- Financial services increased $0.2 billion.
Imports
Imports of goods decreased $0.5 billion to $328.9 billion in February.
Imports of goods on a Census basis decreased $0.6 billion.
- Industrial supplies and materials decreased $4.2 billion.
- Finished metal shapes decreased $2.6 billion.
- Nonmonetary gold decreased $1.3 billion.
- Consumer goods increased $2.4 billion.
- Cell phones and other household goods increased $1.5 billion.
- Pharmaceutical preparations increased $1.2 billion.
- Capital goods increased $1.0 billion.
- Computers increased $0.7 billion.
- Medical equipment increased $0.5 billion.
- Civilian aircraft decreased $0.7 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $0.5 billion to $72.2 billion in February.
- Travel increased $0.2 billion.
- Charges for the use of intellectual property increased $0.1 billion.
Real Goods in 2017 Dollars – Census Basis
The real goods deficit decreased $6.9 billion, or 4.8 percent, to $135.4 billion in February, compared to a 4.4 percent decrease in the nominal deficit.
- Real exports of goods increased $4.9 billion, or 3.4 percent, to $147.9 billion, compared to a 3.6 percent increase in nominal exports.
- Real imports of goods decreased $2.0 billion, or 0.7 percent, to $283.3 billion, compared to a 0.2 percent decrease in nominal imports.
Revisions
Revisions to January exports
- Exports of goods were revised up $0.8 billion.
- Exports of services were revised down $0.2 billion.
Revisions to January imports
- Imports of goods were revised down $0.1 billion.
- Imports of services were revised up $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis
The February figures show surpluses, in billions of dollars, with South and Central America ($4.8), Netherlands ($4.1), United Kingdom ($3.4), Hong Kong ($2.4), Belgium ($0.8), Brazil ($0.4), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with European Union ($30.9), China ($26.6), Switzerland ($18.8), Mexico ($16.8), Ireland ($14.0), Vietnam ($12.4), Taiwan ($8.7), Germany ($8.1), Canada ($7.3), India ($5.6), Japan ($5.2), Italy ($5.1), South Korea ($4.5), Malaysia ($3.1), Australia ($2.1), France ($1.5), Singapore ($1.1), and Israel ($0.7).
- The deficit with Switzerland decreased $4.0 billion to $18.8 billion in February. Exports increased $0.7 billion to $2.5 billion and imports decreased $3.3 billion to $21.3 billion.
- The balance with the United Kingdom shifted from a deficit of $0.5 billion in January to a surplus of $3.4 billion in February. Exports increased $3.3 billion to $9.5 billion and imports decreased $0.6 billion to $6.1 billion.
- The deficit with the European Union increased $5.4 billion to $30.9 billion in February. Exports decreased $2.3 billion to $29.9 billion and imports increased $3.2 billion to $60.8 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available here.
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