Total U.S. February exports of $186.0 billion and imports of $228.9 billion resulted in a goods and services deficit of $43.0 billion, down from $44.5 billion in January, the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today.
February exports were $1.6 billion more than January exports of $184.4 billion. February imports were $0.1 billion more than January imports of $228.9 billion.
In February, the goods deficit decreased $1.5 billion from January to $60.2 billion, and the services surplus was virtually unchanged from January at $17.3 billion. Exports of goods increased $1.3 billion to $132.2 billion, and imports of goods decreased $0.1 billion to $192.4 billion. Exports of services increased $0.2 billion to $53.8 billion, and imports of services increased $0.2 billion to $36.5 billion.
The goods and services deficit decreased $1.6 billion from February 2012 to February 2013. Exports were up $5.8 billion, or 3.2 percent, and imports were up $4.2 billion, or 1.9 percent.
Goods
The January to February increase in exports of goods reflected increases in industrial supplies and materials ($1.8 billion); other goods ($0.5 billion); and automotive vehicles, parts, and engines ($0.2 billion). Decreases occurred in capital goods ($0.8 billion); consumer goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion).
The January to February decrease in imports of goods reflected decreases in industrial supplies and materials ($2.6 billion) and other goods ($0.3 billion). Increases occurred in automotive vehicles, parts, and engines ($1.1 billion); consumer goods ($0.7 billion); capital goods ($0.3 billion); and foods, feeds, and beverages ($0.2 billion).
The February 2012 to February 2013 increase in exports of goods reflected increases in foods, feeds, and beverages ($1.7 billion); industrial supplies and materials ($1.2 billion); other goods ($0.4 billion); consumer goods ($0.3 billion); automotive vehicles, parts, and engines ($0.3 billion); and capital goods ($0.1 billion).
The February 2012 to February 2013 increase in imports of goods reflected increases in consumer goods ($4.9 billion); capital goods ($1.5 billion); foods, feeds, and beverages
($0.6 billion); and automotive vehicles, parts, and engines ($0.2 billion). A decrease occurred in industrial supplies and materials ($3.3 billion). Other goods were virtually unchanged.
Services
Exports of services increased $0.2 billion from January to February. The increase was mostly accounted for by increases in other transportation ($0.1 billion), which includes
freight and port services, and travel ($0.1 billion). Changes in the other categories of services exports were relatively small.
Imports of services increased $0.2 billion from January to February. The increase was more than accounted for by increases in other transportation ($0.1 billion), travel ($0.1 billion), and passenger fares ($0.1 billion). Changes in the other categories of services imports were relatively small.
The February 2012 to February 2013 increase in exports of services was $1.8 billion or 3.5 percent. The largest increases were in other private services ($0.8 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and travel ($0.5 billion). Within other private services, the largest increase was in financial services.
The February 2012 to February 2013 increase in imports of services was $0.1 billion or 0.2 percent. Increases in other transportation ($0.4 billion) and other private services
($0.2 billion) were partly offset by decreases in direct defense expenditures ($0.2 billion) and travel ($0.2 billion). Within other private services, the largest increase was in insurance services.
Goods and Services Moving Average
For the three months ending in February, trade exports of goods and services averaged $185.7 billion, while imports of goods and services averaged $227.5 billion, resulting in an average trade deficit of $41.9 billion. For the three months ending in January, the average trade deficit was $43.6 billion, reflecting average exports of $184.5 billion and average imports of $228.1 billion.
Selected Not Seasonally Adjusted Goods Details
The February figures show surpluses, in billions of dollars, with Hong Kong $3.3 ($2.7 for January), Australia $1.3 ($1.2), Singapore $0.9 ($0.7), and Brazil $1.7 ($0.9).
Deficits were recorded, in billions of dollars, with China $23.4 ($27.8), European Union $8.8 ($8.6), Japan $5.9 ($6.1), Germany $4.5 ($4.2), Mexico $4.3 ($3.6), OPEC $3.6 ($6.4), Canada $2.6 ($4.8), Ireland $2.2 ($1.9), Saudi Arabia $1.8 ($1.9), India $1.2 ($1.5), Korea $1.2 ($2.1), and Venezuela $1.1 ($2.0).
Advanced technology products exports were $23.0 billion in February and imports were $28.0 billion, resulting in a deficit of $5.0 billion. February exports were $1.0 billion less than the $24.0 billion in January, while February imports were $3.2 billion less than the $31.2 billion in January.
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