Background

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

Copyright © 2021 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.

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