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

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .2 billion in January, up .2 billion from .0 billion in December, revised. U.S. International Trade in Goods and Services Deficit Deficit: .2 Billion +1.9%° Exports: 1.9 Billion +1.0%° Imports: 0.2 Billion +1.2%° Next release: Wednesday, April 7, 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, Friday, March 5, 2021 Coronavirus (COVID-19) Impact on International Trade in

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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 $68.2 billion in January, up $1.2 billion from $67.0 billion in December, revised.

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

$68.2 Billion

+1.9%°

Exports:

$191.9 Billion

+1.0%°

Imports:

$260.2 Billion

+1.2%°

Next release: Wednesday, April 7, 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, Friday, March 5, 2021

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

Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in January 2021 reflect both the ongoing impact of the COVID-19 pandemic and the continued economic recovery from the sharp declines in 2020. In particular, trade in services remains below pre-pandemic levels. 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. For more information, see “What is the impact of COVID-19 on statistics on trade in services?

Exports, Imports, and Balance (exhibit 1)

January exports were $191.9 billion, $1.8 billion more than December exports. January imports were $260.2 billion, $3.1 billion more than December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit of $1.3 billion to $85.4 billion and an increase in the services surplus of $0.1 billion to $17.2 billion.

Year-over-year, the goods and services deficit increased $23.8 billion, or 53.7 percent, from January 2020. Exports decreased $15.7 billion or 7.6 percent. Imports increased $8.1 billion or 3.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.4 billion to $68.1 billion for the three months ending in January.

  • Average exports increased $3.4 billion to $188.6 billion in January.
  • Average imports increased $4.9 billion to $256.7 billion in January.

Year-over-year, the average goods and services deficit increased $24.4 billion from the three months ending in January 2020.

  • Average exports decreased $21.3 billion from January 2020.
  • Average imports increased $3.1 billion from January 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.1 billion to $135.7 billion in January.

  Exports of goods on a Census basis increased $2.0 billion.

  • Industrial supplies and materials increased $2.5 billion.
    • Other petroleum products increased $0.6 billion.
    • Plastic materials increased $0.4 billion.
    • Nonmonetary gold decreased $0.4 billion.
  • Capital goods increased $1.6 billion.
    • Other industrial machinery increased $0.5 billion.
    • Civilian aircraft increased $0.4 billion.
  • Automotive vehicles, parts, and engines decreased $0.7 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services decreased $0.3 billion to $56.3 billion in January.

  • Transport decreased $0.1 billion.
  • Travel decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $3.4 billion to $221.1 billion in January.

  Imports of goods on a Census basis increased $3.4 billion.

  • Consumer goods increased $3.7 billion.
    • Pharmaceutical preparations increased $5.0 billion.
    • Artwork and other collectibles decreased $0.5 billion.
  • Automotive vehicles, parts, and engines decreased $1.6 billion.
    • Passenger cars increased $1.9 billion.

  Net balance of payments adjustments decreased less than $0.1 billion.

Imports of services decreased $0.3 billion to $39.0 billion in January.

  • Transport decreased $0.4 billion.
  • Travel decreased $0.1 billion.
  • Insurance services increased $0.1 billion.

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

The real goods deficit increased $1.5 billion to $96.5 billion in January.

  • Real exports of goods decreased $1.0 billion to $147.1 billion.
  • Real imports of goods increased $0.5 billion to $243.6 billion.

Revisions

Exports and imports of goods and services were revised for July through December 2020 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months in 2020 were revised so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to December exports

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

Revisions to December imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised up $0.5 billion.

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

The January figures show surpluses, in billions of dollars, with South and Central America ($5.3), Hong Kong ($2.4), Brazil ($1.5), Saudi Arabia ($0.5), and United Kingdom ($0.5). Deficits were recorded, in billions of dollars, with China ($27.2), European Union ($20.1), Mexico ($11.9), Germany ($7.2), Japan ($5.2), Italy ($2.9), France ($2.3), India ($2.3), Taiwan ($2.1), Canada ($2.0), South Korea ($0.9), and Singapore ($0.1).

  • The deficit with Mexico increased $1.6 billion to $11.9 billion in January. Exports increased $0.1 billion to $20.7 billion and imports increased $1.6 billion to $32.6 billion.
  • The deficit with Germany increased $1.5 billion to $7.2 billion in January. Exports decreased $0.2 billion to $4.7 billion and imports increased $1.3 billion to $12.0 billion.
  • The deficit with South Korea decreased $1.8 billion to $0.9 billion in January. Exports increased $1.3 billion to $5.7 billion and imports decreased $0.5 billion to $6.6 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, fourth-quarter figures are now available.

The fourth-quarter figures show surpluses, in billions of dollars, with South and Central America ($13.2), Hong Kong ($6.3), Brazil ($4.2), United Kingdom ($4.0), Saudi Arabia ($3.7), and Singapore ($2.0). Deficits were recorded, in billions of dollars, with China ($80.0), European Union ($36.8), Mexico ($33.6), Germany ($17.1), Japan ($16.7), India ($10.1), Italy ($8.9), Taiwan ($8.7), South Korea ($7.0), France ($4.0), and Canada ($0.3).

  • The deficit with the European Union increased $6.5 billion to $36.8 billion in the fourth quarter. Exports increased $5.1 billion to $103.5 billion and imports increased $11.7 billion to $140.3 billion.
  • The deficit with China increased $4.2 billion to $80.0 billion in the fourth quarter. Exports increased $7.9 billion to $49.4 billion and imports increased $12.1 billion to $129.3 billion.
  • The surplus with Hong Kong increased $1.5 billion to $6.3 billion in the fourth quarter. Exports increased $1.3 billion to $9.6 billion and imports decreased $0.2 billion to $3.3 billion.

*             *             *

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 website at www.bea.gov/news/schedule.

*             *             *

Next release: Next release: April 7, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, February 2021

*             *             *

Notice

Discontinuation of the Organization of the Petroleum Exporting Countries (OPEC) Grouping

The OPEC grouping has been discontinued with this release of the “U.S. International Trade in Goods and Services” report (FT-900). This change affects exhibits 14, 14a, 17a, 19, 20, 20a, and 20b of the FT-900 and exhibits 4 and 4a of the FT-900 Supplement. Data for goods on a Census basis for OPEC member countries continue to be available on USA Trade Online, the U.S. Census Bureau’s free online database, as well as on the Census Bureau’s application programming interface (API).

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at [email protected] or the U.S. Bureau of Economic Analysis, Balance of Payments Division, at [email protected].

Change in Definition of Agricultural Products

With this release of the FT-900, the Census Bureau, in coordination with the U.S. Department of Agriculture (USDA), has adopted the World Trade Organization’s internationally recognized definition of agricultural products as its standard definition for the statistical reporting of U.S. agricultural trade. More information on this change is available from USDA’s Foreign Agricultural Service.

This change affects the composition of the series “Agricultural Commodities” in exhibit 15 of the FT-900, in the Census Bureau’s API, and in exhibit 14 of the FT-900 Annual Revision to be released on June 8, 2021. This change is also reflected in the 2021 export and import classification concordances that are released with this FT-900.

For questions regarding goods trade statistics, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at [email protected]. For questions regarding the definition of agricultural products, please contact Jason Carver, Trade and Economic Analysis, Global Market Analysis, USDA Foreign Agricultural Service, on (202) 720-1063 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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