The monthly U.S. trade deficit in goods and services rose 2.8 percent in February 2023 as both imports and exports decreased. A MarketWatch article noted that, two months into the new year, the U.S. “is on track to break a string of three straight years of rising and record [trade] deficits, but not for reasons conducive to a healthy economy.”
Imports fell 1.5 percent from January to $321.7 billion. Imports of goods were down 2.2 percent to $262.2 billion, with decreases of $1.5 billion for cell phones and other household goods, $1.5 billion for passenger cars, and $1.1 billion for trucks, buses, and special purpose vehicles. Services imports gained 1.4 percent to $59.5 billion.
Exports declined 2.7 percent in February to $251.2 billion. Exports of goods fell 4.8 percent to $169.3 billion, with decreases of $2.3 billion for drugs, $1.5 billion for natural gas, and $1.2 billion for passenger cars. Services exports were up 2.1 percent to $82.0 billion.
With exports and imports both down, the monthly U.S. trade deficit increased from $68.7 billion in January to $70.5 billion in February. The deficit in goods trade was up 2.8 percent to $93.0 billion while the services trade surplus rose 3.7 percent to $22.4 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$25.2 billion
|
+15.1
|
|
|
|
European Union
|
$18.1 billion
|
-2.2
|
|
|
|
Mexico
|
$12.0 billion
|
-1.7
|
|
|
|
Vietnam
|
$8.1 billion
|
+1.3
|
|
|
|
Germany
|
$7.9 billion
|
+9.7
|
|
|
|
Japan
|
$5.7 billion
|
+1.8
|
|
|
|
Canada
|
$5.6 billion
|
+3.7
|
|
|
|
Taiwan
|
$4.7 billion
|
+34.3
|
|
|
|
South Korea
|
$4.5 billion
|
+21.6
|
|
|
|
Ireland
|
$3.7 billion
|
-19.6
|
|
|
|
India
|
$3.7 billion
|
-17.8
|
|
|
|
Italy
|
$3.4 billion
|
-5.6
|
|
|
|
Malaysia
|
$2.8 billion
|
0
|
|
|
|
Switzerland
|
$1.7 billion
|
+21.4
|
|
|
|
Saudi Arabia
|
$0.7 billion
|
+250
|
|
|
|
France
|
$0.6 billion
|
-45.5
|
|
|
|
Israel
|
$0.6 billion
|
0
|
|
|
|
South/Central America
|
|
|
$4.7 billion
|
-2.0
|
|
Hong Kong
|
|
|
$2.5 billion
|
+66.7
|
|
Netherlands
|
|
|
$1.8 billion
|
-43.8
|
|
Belgium
|
|
|
$1.6 billion
|
-11.1
|
|
Australia
|
|
|
$1.5 billion
|
0
|
|
Brazil
|
|
|
$0.9 billion
|
+50.0
|
|
United Kingdom
|
|
|
$0.5 billion
|
-81.5
|
|
Singapore
|
|
|
$0.2 billion
|
-50.0
|
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