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 $43.4 billion in December, up $1.1 billion from $42.2 billion in November, revised. December exports were $181.5 billion, $0.5 billion less than November exports. December imports were $224.9 billion, up $0.6 billion from November.
The December increase in the goods and services deficit reflected an increase in the goods deficit of $1.3 billion to $62.5 billion and an increase in the services surplus of $0.1 billion to $19.2 billion.
For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion or 4.6 percent from 2014. Exports were $2,230.3 billion, down $112.9 billion or 4.8 percent. Imports were $2,761.8 billion, down $89.7 billion or 3.1 percent.
Annual Summary for 2015
For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion from $508.3 billion in 2014. Exports were $2,230.3 billion in 2015, down $112.9 billion from 2014. Imports were $2,761.8 billion in 2015, down $89.7 billion from 2014.
The 2015 increase in the goods and services deficit reflected an increase in the goods deficit of $17.5 billion or 2.4 percent to $758.9 billion and a decrease in the services surplus of $5.7 billion or 2.4 percent to $227.4 billion.
As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent in 2015, up from 2.9 percent in 2014.
Exports (Exhibits 3, 6, and 7)
Exports of goods decreased $118.8 billion to $1,513.9 billion in 2015.
Exports of goods on a Census basis decreased $115.6 billion.
- Industrial supplies and materials decreased $76.9 billion.
- Fuel oil decreased $22.2 billion.
- Other petroleum products decreased $16.1 billion.
- Foods, feeds, and beverages decreased $16.0 billion.
- Soybeans decreased $5.3 billion.
Net balance of payments adjustments decreased $3.1 billion.
Exports of services increased $5.9 billion to $716.4 billion in 2015.
- Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $9.3 billion.
- Transport, which includes freight and port services and passenger fares, decreased $5.4 billion.
Imports (Exhibits 4, 6, and 8)
Imports of goods decreased $101.3 billion to $2,272.8 billion in 2015.
Imports of goods on a Census basis decreased $106.6 billion.
- Industrial supplies and materials decreased $180.8 billion.
- Crude oil decreased $120.5 billion.
- Fuel oil decreased $17.3 billion.
- Consumer goods increased $37.5 billion.
- Pharmaceutical preparations increased $16.4 billion.
Net balance of payments adjustments increased $5.3 billion.
Imports of services increased $11.6 billion to $489.0 billion in 2015.
- Travel (for all purposes including education) increased $9.7 billion.
- Other business services increased $5.2 billion.
- Transport increased $3.1 billion.
Goods by Selected Countries and Areas – Census Basis (Exhibits 14 and 14a)
The 2015 figures show surpluses, in billions of dollars, with South and Central America ($37.4), Hong Kong ($30.5), Australia ($14.2), Singapore ($10.4), OPEC ($6.6), and Brazil ($4.3). Deficits were recorded, in billions of dollars, with China ($365.7), European Union ($153.3), Germany ($74.2), Japan ($68.6), Mexico ($58.4), South Korea ($28.3), Italy ($27.8), India ($23.2), Malaysia ($21.5), France ($17.6), Thailand ($17.3), Canada ($14.9), and Taiwan ($14.8).
- The deficit with China increased $22.6 billion to $365.7 billion in 2015. Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion.
- The surplus with Brazil decreased $7.6 billion to $4.3 billion in 2015. Exports decreased $10.8 billion to $31.7 billion and imports decreased $3.1 billion to $27.4 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.