US goods and services deficit was US$68.9B in February, up US$1.3B from January's revised US$67.6B; February exports rose by US$5.8B to US$263.0B, imports increased by US$7.1B to US$331.9B: Dept. of Commerce

WASHINGTON , April 4, 2024 (press release) –

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.9 billion in February, up $1.3 billion from $67.6 billion in January, revised.

Exports, Imports, and Balance (exhibit 1)

February exports were $263.0 billion, $5.8 billion more than January exports. February imports were $331.9 billion, $7.1 billion more than January imports.

The February increase in the goods and services deficit reflected a decrease in the goods deficit of $0.3 billion to $91.4 billion and a decrease in the services surplus of $1.6 billion to $22.5 billion.

Year-to-date, the goods and services deficit decreased $3.9 billion, or 2.8 percent, from the same period in 2023. Exports increased $9.3 billion or 1.8 percent. Imports increased $5.4 billion or 0.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.1 billion to $66.9 billion for the three months ending in February.

• Average exports increased $3.0 billion to $259.0 billion in February.
• Average imports increased $5.1 billion to $325.9 billion in February.

Year-over-year, the average goods and services deficit decreased $3.7 billion from the three months ending in February 2023.

• Average exports increased $5.3 billion from February 2023.
• Average imports increased $1.6 billion from February 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $5.0 billion to $176.7 billion in February.

  Exports of goods on a Census basis increased $5.0 billion.

• Industrial supplies and materials increased $2.9 billion.
  • Crude oil increased $1.1 billion.
  • Nonmonetary gold increased $0.6 billion.
• Foods, feeds, and beverages increased $1.7 billion.
  • Soybeans increased $1.0 billion.
• Capital goods increased $1.5 billion.
  • Civilian aircraft increased $1.4 billion.
• Automotive vehicles, parts, and engines decreased $1.3 billion.
  • Passenger cars decreased $0.9 billion.

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

Exports of services increased $0.8 billion to $86.4 billion in February.

• Travel increased $0.4 billion.
• Transport increased $0.3 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $4.7 billion to $268.1 billion in February.

  Imports of goods on a Census basis increased $4.8 billion.

• Consumer goods increased $1.6 billion.
  • Cell phones and other household goods increased $1.4 billion.
  • Pharmaceutical preparations decreased $1.3 billion.
• Foods, feeds, and beverages increased $1.3 billion.
  • Other foods increased $0.5 billion.
• Automotive vehicles, parts, and engines increased $1.1 billion.
  • Other automotive parts and accessories increased $0.5 billion.

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

Imports of services increased $2.4 billion to $63.8 billion in February.

• Travel increased $1.3 billion.
• Transport increased $1.0 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $1.0 billion, or 1.2 percent, to $87.0 billion in February, compared to a 0.3 percent decrease in the nominal deficit.

• Real exports of goods increased $3.0 billion, or 2.1 percent, to $147.8 billion, compared to a 2.9 percent increase in nominal exports.
• Real imports of goods increased $4.0 billion, or 1.7 percent, to $234.9 billion, compared to a 1.8 percent increase in nominal imports.

Revisions

Revisions to January exports

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

Revisions to January imports

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised up $0.2 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 ($5.5), Netherlands ($4.3), Hong Kong ($2.8), Australia ($1.6), United Kingdom ($0.8), Belgium ($0.6), Brazil ($0.6), Switzerland ($0.4), and Saudi Arabia (less than $0.1). Deficits were recorded, in billions of dollars, with China ($21.9), European Union ($17.6), Mexico ($15.3), Vietnam ($9.6), Germany ($7.6), Japan ($6.2), Ireland ($5.3), South Korea ($5.2), Canada ($5.1), India ($4.4), Taiwan ($4.2), Italy ($3.4), Malaysia ($2.4), France ($0.8), Singapore ($0.3), and Israel ($0.3).

• The balance with Switzerland shifted from a deficit of $1.5 billion in January to a surplus of $0.4 billion in February. Exports increased $0.7 billion to $3.6 billion and imports decreased $1.2 billion to $3.2 billion.
• The deficit with Japan decreased $1.1 billion to $6.2 billion in February. Exports increased $0.1 billion to $6.4 billion and imports decreased $1.0 billion to $12.6 billion.
• The deficit with Mexico increased $2.7 billion to $15.3 billion in February. Exports increased $0.4 billion to $27.6 billion and imports increased $3.1 billion to $43.0 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: May 2, 2024, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, March 2024

Notice
Upcoming Updates to Goods and Services

With the releases of the "U.S. International Trade in Goods and Services" report (FT-900) and the FT-900 Annual Revision on June 6, 2024, 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 2019. The revised statistics for goods on a BOP basis and for services will also be included in the "U.S. International Transactions, 1st Quarter 2024 and Annual Update" report and in the international transactions interactive database, both to be released by BEA on June 20, 2024.

Revised statistics on trade in goods will reflect:

• Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
• End-use reclassifications of several commodities.
• Recalculated seasonal and trading-day adjustments.
• 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. See the "Goods (balance of payments basis)" section in the explanatory notes for more information.

Revised statistics on trade in services will reflect:

• An improved estimation method for transport services.
• Newly available and revised source data, primarily from BEA surveys of international services.
• Recalculated seasonal adjustments.
• 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 2024 annual update of the International Transactions Accounts will be available in the Survey of Current Business later in April 2024.

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 eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

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