The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced on April 13 that total February exports of $143.2 billion and imports of $182.9 billion resulted in a goods and services deficit of $39.7 billion, up from $37.0 billion in January, revised.
February exports were $0.3 billion more than January exports of $142.9 billion.
February imports were $3.0 billion more than January imports of $179.8
billion.
In February, the goods deficit increased $1.9 billion from January to $51.3 billion, and the
services surplus decreased $0.8 billion to $11.6 billion. Exports of goods increased $0.1
billion to $98.5 billion, and imports of goods increased $2.0 billion to $149.8 billion.
Exports of services increased $0.2 billion to $44.7 billion, and imports of services increased
$1.0 billion to $33.1 billion.
In February, the goods and services deficit increased $13.2 billion from February 2009.
Exports were up $17.9 billion, or 14.3 percent, and imports were up $31.1 billion, or 20.5
percent.
Goods (Census basis)
The January to February increase in exports of goods reflected increases in capital goods ($0.4
billion); automotive vehicles, parts, and engines ($0.2 billion); and industrial supplies and
materials ($0.2 billion). Decreases occurred in foods, feeds, and beverages ($0.5 billion) and
consumer goods ($0.2 billion). Other goods were virtually unchanged.
The January to February increase in imports of goods reflected increases in consumer goods ($1.1
billion); industrial supplies and materials ($1.0 billion); other goods ($0.4 billion); and
capital goods ($0.4 billion). Decreases occurred in automotive vehicles, parts, and engines
($0.8 billion) and foods, feeds, and beverages ($0.1 billion).
The February 2009 to February 2010 increase in exports of goods reflected increases in industrial
supplies and materials ($7.2 billion); automotive vehicles, parts, and engines ($3.2 billion);
capital goods ($1.9 billion); foods, feeds, and beverages ($1.1 billion); consumer goods ($0.5
billion); and other goods ($0.4 billion).
The February 2009 to February 2010 increase in imports of goods reflected increases in industrial
supplies and materials ($14.3 billion); automotive vehicles, parts, and engines ($5.9 billion);
capital goods ($4.0 billion); consumer goods ($3.5 billion); foods, feeds, and beverages ($0.4
billion); and other goods ($0.2 billion).
Services
Services exports increased $0.2 billion from January to February. The increase was mostly
accounted for by increases in other transportation (which includes freight and port services)
and other private services (which includes items such as business, professional, and technical
services, insurance services, and financial services). Changes in the other categories of
services exports were small.
Services imports increased $1.0 billion from January to February. The increase was more
than accounted for by increases in royalties and license fees (which included payments for the
rights to broadcast the 2010 Winter Olympic Games), other transportation, and travel. Changes
in the other categories of services imports were small.
Services exports increased $3.7 billion from February 2009 to February 2010. The largest
increases were in other private services ($1.7 billion), royalties and license fees ($0.7
billion), and other transportation ($0.7 billion). Within other private services, the largest
increases were in business, professional, and technical services and financial services.
Services imports increased $2.8 billion from February 2009 to February 2010. The largest
increases were in royalties and license fees ($1.0 billion), other private services ($0.9
billion), and other transportation ($0.7 billion). Within other private services, the largest
increases were in business, professional, and technical services and insurance services.
Goods and Services Moving Average
For the three months ending in February, exports of goods and services averaged $143.1 billion,
while imports of goods and services averaged $181.9 billion, resulting in an average trade
deficit of $38.9 billion. For the three months ending in January, the average trade deficit
was $37.7 billion, reflecting average exports of $141.5 billion and average imports of $179.1
billion.
Selected Not Seasonally Adjusted Goods Details
The February figures show surpluses, in billions of dollars, with Hong Kong $1.6 ($1.6 for
January), Australia $1.0 ($0.9), and Belgium $0.7 ($0.3). Deficits were recorded, in billions
of dollars, with China $16.5 ($18.3), OPEC $6.4 ($7.2), European Union $5.3 ($2.8), Mexico $4.8
($4.6), Japan $4.3 ($3.3), Canada $2.8 ($3.9), Germany $2.3 ($1.1), Venezuela $2.1 ($1.6), and
Ireland $2.0 ($1.6).
Advanced technology products exports were $19.7 billion in February and imports were $23.6
billion, resulting in a deficit of $3.9 billion. February exports were $1.6 billion less than
the $21.3 billion in January, while February imports were $1.0 billion less than the $24.6 billion
in January.
Revisions
For January, goods exports and goods imports (not seasonally adjusted) were virtually unrevised.
Goods carry-over in February was $0.1 billion (0.1 percent) for exports and $1.2 billion (0.9
percent) for imports. For January, revised export carry-over was virtually zero. For January,
revised import carry-over was $0.3 billion (0.2 percent), revised down from $1.1 billion (0.8
percent).
Services exports for January were revised up $0.2 billion to $44.5 billion, mostly reflecting an
upward revision in travel. Services imports for January were revised down $0.1 billion to $32.0
billion, mostly reflecting a downward revision in other private services.
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