The U.S. trade deficit in goods and services saw a 4.9 percent increase in February to a record high of $71.1 billion, according to trade statistics released April 7 by the Department of Commerce. According to press sources, observers say the deficit could continue to increase throughout the year as U.S. economic growth rebounds from a pandemic-related downturn.
The monthly trade deficit reflected a 2.6 percent decrease in exports to $187.3 billion and a 0.7 percent decrease in imports to $258.3 billion. The year-to-date deficit was up 68.6 percent from February 2020 as exports fell 8.7 percent and imports increased 4.1 percent.
The deficit in goods trade rose 3.3 percent in February to $88.0 billion. Imports of goods fell 0.9 percent to $219.1 billion, including decreases of $3.9 billion in pharmaceutical preparations and $1.8 billion in passenger cars along with increases of $1.1 billion in finished metal shapes and $1.0 billion in crude oil. Exports of goods fell 3.5 percent to $131.1 billion, including decreases of $900 million in consumer goods and $700 million each in industrial machinery; foods, feeds, and beverages; and automotive vehicles, parts, and engines.
The services surplus fell 2.9 percent to $16.9 billion, with imports up 0.8 percent to $39.2 billion and exports down 0.4 percent to $56.1 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$30.3 billion
|
+10.7
|
|
|
|
European Union
|
$19.0 billion
|
-5.5
|
|
|
|
Mexico
|
$6.8 billion
|
-42.9
|
|
|
|
Germany
|
$5.3 billion
|
-26.4
|
|
|
|
Japan
|
$4.5 billion
|
-13.5
|
|
|
|
Canada
|
$4.0 billion
|
+100.0
|
|
|
|
Italy
|
$3.2 billion
|
+10.3
|
|
|
|
France
|
$2.7 billion
|
+17.4
|
|
|
|
Taiwan
|
$2.4 billion
|
+14.3
|
|
|
|
South Korea
|
$2.3 billion
|
+155.6
|
|
|
|
India
|
$1.7 billion
|
-26.1
|
|
|
|
South/Central America
|
|
|
$3.7 billion
|
-30.2
|
|
Hong Kong
|
|
|
$1.2 billion
|
-50.0
|
|
Brazil
|
|
|
$1.4 billion
|
-6.7
|
|
Singapore
|
|
|
$0.6 billion
|
Shift from $0.1 billion deficit
|
|
United Kingdom
|
|
|
$0.2 billion
|
-60.0
|
|
Saudi Arabia
|
|
|
$0.1 billion
|
-80.0
|
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