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 $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports.
The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $64.7 billion and a decrease in the services surplus of $0.3 billion to $17.7 billion.
Year-to-date, the goods and services deficit increased $10.8 billion, or 13.1 percent, from the same period in 2015. Exports decreased $20.5 billion or 5.5 percent. Imports decreased $9.7 billion or 2.1 percent.
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Exports (Exhibits 3, 6, and 7)
Exports of goods increased $1.8 billion to $118.6 billion in February.
Exports of goods on a Census basis increased $1.9 billion.
- Consumer goods increased $1.1 billion.
- Gem diamonds increased $0.6 billion.
- Pharmaceutical preparations increased $0.3 billion.
- Other goods increased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services decreased less than $0.1 billion to $59.5 billion in February.
- Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.
- Financial services decreased $0.1 billion.
- Travel (for all purposes including education) increased $0.2 billion.
Imports (Exhibits 4, 6, and 8)
Imports of goods increased $2.7 billion to $183.3 billion in February.
Imports of goods on a Census basis increased $2.7 billion.
- Consumer goods increased $3.6 billion.
- Pharmaceutical preparations increased $1.3 billion.
- Toys, games, and sporting goods increased $0.6 billion.
- Automotive vehicles, parts, and engines decreased $1.5 billion.
- Passenger cars decreased $1.3 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services increased $0.3 billion to $41.8 billion in February.
- Travel (for all purposes including education) increased $0.1 billion.
- Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
- Transport increased $0.1 billion.
Goods by Selected Countries and Areas: Census Basis (Exhibit 19)
The February figures show surpluses, in billions of dollars, with South and Central America ($2.7), OPEC ($1.9), Saudi Arabia ($1.3), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($32.1), European Union ($10.6), Japan ($5.4), Germany ($5.2), Mexico ($5.1), South Korea ($2.8), India ($2.4), Italy ($2.4), France ($1.5), Canada ($1.0), and United Kingdom ($0.5).
- The deficit with China increased $1.0 billion to $32.1 billion in February. Exports decreased $0.3 billion to $8.4 billion and imports increased $0.8 billion to $40.5 billion.
- The balance with Saudi Arabia shifted from a deficit of $0.2 billion to a surplus of $1.3 billion in February. Exports increased $0.9 billion to $2.3 billion and imports decreased $0.6 billion to $1.0 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.