International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Wednesday, April 7, 2021

U.S. International Trade in Goods and Services, February 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised.

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

$71.1 Billion

+4.8%°

Exports:

$187.3 Billion

-2.6%°

Imports:

$258.3 Billion

-0.7%°

Next release: Tuesday, May 4, 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, April 7, 2021

Goods and Services Trade Deficit: Seasonally adjusted
COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in February 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Exports, Imports, and Balance (exhibit 1)

February exports were $187.3 billion, $5.0 billion less than January exports. February imports were $258.3 billion, $1.7 billion less than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $88.0 billion and a decrease in the services surplus of $0.5 billion to $16.9 billion.

Year-to-date, the goods and services deficit increased $56.5 billion, or 68.6 percent, from the same period in 2020. Exports decreased $36.2 billion or 8.7 percent. Imports increased $20.3 billion or 4.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.7 billion to $68.6 billion for the three months ending in February.

  • Average exports increased $1.1 billion to $189.9 billion in February.
  • Average imports increased $1.8 billion to $258.5 billion in February.

Year-over-year, the average goods and services deficit increased $25.9 billion from the three months ending in February 2020.

  • Average exports decreased $19.2 billion from February 2020.
  • Average imports increased $6.7 billion from February 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $4.8 billion to $131.1 billion in February.

  Exports of goods on a Census basis decreased $4.8 billion.

  • Capital goods decreased $2.5 billion.
    • Other industrial machinery decreased $0.7 billion.
    • Civilian aircraft decreased $0.5 billion.
    • Semiconductors decreased $0.4 billion.
  • Consumer goods decreased $0.9 billion.
  • Foods, feeds, and beverages decreased $0.7 billion.
  • Automotive vehicles, parts, and engines decreased $0.7 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.2 billion to $56.1 billion in February.

  • Travel decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.0 billion to $219.1 billion in February.

  Imports of goods on a Census basis decreased $2.1 billion.

  • Automotive vehicles, parts, and engines decreased $3.4 billion.
    • Passenger cars decreased $1.8 billion.
  • Consumer goods decreased $2.7 billion.
    • Pharmaceutical preparations decreased $3.9 billion.
  • Industrial supplies and materials increased $3.5 billion.
    • Finished metal shapes increased $1.1 billion.
    • Crude oil increased $1.0 billion.
    • Natural gas increased $0.9 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.3 billion to $39.2 billion in February.

  • Transport increased $0.2 billion.
  • Insurance services increased $0.1 billion.

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

The real goods deficit increased $3.0 billion to $99.1 billion in February.

  • Real exports of goods decreased $7.9 billion to $139.4 billion.
  • Real imports of goods decreased $4.9 billion to $238.5 billion.

Revisions

Revisions to January exports

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

Revisions to January imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The February figures show surpluses, in billions of dollars, with South and Central America ($3.7), Brazil ($1.4), Hong Kong ($1.2), Singapore ($0.6), United Kingdom ($0.2), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($30.3), European Union ($19.0), Mexico ($6.8), Germany ($5.3), Japan ($4.5), Canada ($4.0), Italy ($3.2), France ($2.7), Taiwan ($2.4), South Korea ($2.3), and India ($1.7).

  • The deficit with China increased $3.1 billion to $30.3 billion in February. Exports decreased $4.5 billion to $10.4 billion and imports decreased $1.5 billion to $40.6 billion.
  • The deficit with Canada increased $2.2 billion to $4.0 billion in February. Exports decreased $0.5 billion to $23.7 billion and imports increased $1.7 billion to $27.7 billion.
  • The deficit with Mexico decreased $5.1 billion to $6.8 billion in February. Exports increased $2.1 billion to $22.8 billion and imports decreased $3.0 billion to $29.6 billion.

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