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U.S. International Trade in Goods and Services, February 2019

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .4 billion in February, down .8 billion from .1 billion in January, revised. U.S. International Trade in Goods and Services Deficit Deficit: .4 Billion -3.4%° Exports: 9.7 Billion +1.1%° Imports: 9.1 Billion +0.2%° Next release: May 9, 2019 (°) 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 17, 2019 Exports, Imports, and Balance (exhibit 1) February exports were 9.7 billion, .3 billion more than January exports.

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $49.4 Billion -3.4%°
Exports: $209.7 Billion +1.1%°
Imports: $259.1 Billion +0.2%°

Next release: May 9, 2019

(°) 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 17, 2019

U.S. International Trade in Goods and Services, February 2019

Exports, Imports, and Balance (exhibit 1)

February exports were $209.7 billion, $2.3 billion more than January exports. February imports were $259.1 billion, $0.6 billion more than January imports.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $1.2 billion to $72.0 billion and an increase in the services surplus of $0.5 billion to $22.6 billion.

Year-to-date, the goods and services deficit decreased $8.3 billion, or 7.6 percent, from the same period in 2018. Exports increased $11.1 billion or 2.7 percent. Imports increased $2.8 billion or 0.5 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.4 billion to $53.5 billion for the three months ending in February.

  • Average exports increased $0.1 billion to $207.5 billion in February.
  • Average imports decreased $0.3 billion to $261.0 billion in February.

Year-over-year, the average goods and services deficit decreased $0.1 billion from the three months ending in February 2018.

  • Average exports increased $3.8 billion from February 2018.
  • Average imports increased $3.7 billion from February 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.1 billion to $139.5 billion in February.

  Exports of goods on a Census basis increased $1.9 billion.

  • Capital goods increased $2.1 billion.
    • Civilian aircraft increased $2.2 billion.
  • Automotive vehicles, parts, and engines increased $0.6 billion.
  • Industrial supplies and materials decreased $0.4 billion.

  Net balance of payments adjustments increased $0.2 billion.

Exports of services increased $0.2 billion to $70.1 billion in February.

  • Transport increased $0.2 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.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.9 billion to $211.6 billion in February.

  Imports of goods on a Census basis increased $0.8 billion.

  • Consumer goods increased $1.6 billion.
    • Cell phones and other household goods increased $2.1 billion.
  • Other goods increased $0.5 billion.
  • Industrial supplies and materials decreased $1.2 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services decreased $0.3 billion to $47.5 billion in February.

  • Transport decreased $0.2 billion.
  • Travel (for all purposes including education) decreased $0.1 billion.
  • Government goods and services increased $0.1 billion.

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

The real goods deficit decreased $1.8 billion to $81.8 billion in February.

  • Real exports of goods increased $0.8 billion to $150.7 billion.
  • Real imports of goods decreased $0.9 billion to $232.5 billion.

Revisions

Revisions to January exports

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

Revisions to January imports

  • Imports of goods were revised down less than $0.1 billion.
  • Imports of services were revised up less than $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), Hong Kong ($2.8), United Kingdom ($0.9), Brazil ($0.6), Singapore ($0.4), Canada ($0.4), and OPEC ($0.3). Deficits were recorded, in billions of dollars, with China ($30.1), European Union ($12.4), Mexico ($7.7), Japan ($6.7), Germany ($5.5), Italy ($2.8), South Korea ($2.4), India ($2.2), France ($2.2), Taiwan ($1.7), and Saudi Arabia ($0.3).

  • The deficit with China decreased $3.1 billion to $30.1 billion in February. Exports increased $1.6 billion to $9.2 billion and imports decreased $1.5 billion to $39.3 billion.
  • The surplus with Hong Kong increased $1.0 billion to $2.8 billion in February. Exports increased $0.9 billion to $3.2 billion and imports decreased $0.1 billion to $0.3 billion.
  • The deficit with Japan increased $1.3 billion to $6.7 billion in February. Exports decreased $1.1 billion to $5.7 billion and imports increased $0.2 billion to $12.4 billion.

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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 in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's Web site at www.bea.gov/news/schedule.

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Next release: May 9, 2019, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, March 2019

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Notice

Country Name Change

With the release of the “U.S. International Trade in Goods and Services, March 2019” report (FT-900) on May 9, 2019, references to Macedonia will be replaced with North Macedonia to reflect the country’s recent name change. This change will also align with the name recognized by the U.S. Department of State and the International Organization for Standardization. This change will affect exhibit 4 of the FT-900 Supplement.

Upcoming Updates to Goods and Services

With the releases of the “U.S. International Trade in Goods and Services, April 2019” report (FT-900) and the FT-900 Annual Revision on June 6, 2019, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, and statistics on trade in services will be revised beginning with 2014. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2019 and Annual Update” report and in the international transactions interactive database, both to be released by the U.S. Bureau of Economic Analysis (BEA) on June 20, 2019.

Revised seasonally adjusted statistics will reflect the incorporation of recalculated seasonal and trading-day adjustments beginning with 2014. With the annual update in 2018, BEA extended the period for incorporating revised seasonal adjustments for services statistics from 3 to 5 years. With the upcoming annual update, BEA and the U.S. Census Bureau will also extend the period for incorporating revised seasonal and trading-day adjustments for goods statistics from 3 to 5 years.

In addition, revised statistics on trade in goods beginning with 2016 will reflect 1) corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis, 2) reclassifications of several end-use commodities, and 3) newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. For more information on BOP adjustments, see the “Goods (balance of payments basis)” section in the explanatory notes.

Revised statistics on trade in services beginning with 2016 will also reflect 1) newly available and revised source data, primarily from BEA’s surveys of international services transactions, and 2) revised temporal distributions of quarterly source data to monthly statistics (see the “Services” section in the explanatory notes for more information).

A preview of BEA’s 2019 annual update of the international transactions accounts appears in the April 2019 issue of the Survey of Current Business.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected].

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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