Background

The monthly U.S. trade deficit in goods and services was virtually unchanged in February as both imports and exports increased.

According to statistics from the Department of Commerce, imports rose 1.3 percent from January to February, to $317.8 billion, the second straight record high. Imports of goods were up 0.6 percent to $266.2 billion, also a record, including increases of $1.9 billion in crude oil, $1.2 billion in other chemicals, and $900 million in capital goods as well as a $2.2 billion decrease in passenger cars. Imports of services jumped 4.9 percent to $51.6 billion. For the year-to-date, total imports were up 22.0 percent from February 2021.

Exports reversed course and rose 1.8 percent to $228.6 billion, also an all-time high. Exports of goods were up 1.8 percent, including increases of $1.5 billion in pharmaceutical preparations, $800 million in fuel oil, and $400 million in metallurgical grade coal along with a $1.0 billion decrease in civilian aircraft. Services exports were also up, gaining 1.9 percent to $69.9 billion. For the year-to-date, total exports were up 17.6 percent from a year earlier.

With both imports and exports seeing increases, the monthly U.S. trade deficit was down less than $0.1 billion in February to $89.2 billion. The deficit in goods trade fell 1.0 percent to $107.5 billion while the services trade surplus slipped 5.7 percent to $18.3 billion. For the year-to-date the overall trade deficit was up 34.5 percent from February 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$41.2 billion

+23.7

 

 

European Union

$17.0 billion

-5.6

 

 

Mexico

$9.8 billion

-21.6

 

 

Canada

$6.8 billion

0

 

 

Germany

$5.4 billion

0

 

 

Japan

$5.1 billion

-28.2

 

 

Taiwan

$4.2 billion

+7.7

 

 

South Korea

$4.1 billion

+36.7

 

 

Italy

$3.0 billion

-6.3

 

 

India

$2.2 billion

-8.3

 

 

France

$1.0 billion

+25.0

 

 

Saudi Arabia

$1.0 billion

+25.0

 

 

South/Central America

 

 

$5.7 billion

+29.5

Hong Kong

 

 

$1.4 billion

-30.0

Singapore

 

 

$1.2 billion

-7.7

Brazil

 

 

$1.2 billion

+9.1

United Kingdom

 

 

$0.9 billion

-10.0

 

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