The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised.

Exports, Imports, and Balance (exhibit 1)

February exports were $187.3 billion, $5.0 billion less than January exports. February imports were $258.3 billion, $1.7 billion less than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $88.0 billion and a decrease in the services surplus of $0.5 billion to $16.9 billion.

Year-to-date, the goods and services deficit increased $56.5 billion, or 68.6 percent, from the same period in 2020. Exports decreased $36.2 billion or 8.7 percent. Imports increased $20.3 billion or 4.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.7 billion to $68.6 billion for the three months ending in February.

• Average exports increased $1.1 billion to $189.9 billion in February.
• Average imports increased $1.8 billion to $258.5 billion in February.

Year-over-year, the average goods and services deficit increased $25.9 billion from the three months ending in February 2020.

• Average exports decreased $19.2 billion from February 2020.
• Average imports increased $6.7 billion from February 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $4.8 billion to $131.1 billion in February.

  Exports of goods on a Census basis decreased $4.8 billion.

• Capital goods decreased $2.5 billion.
  • Other industrial machinery decreased $0.7 billion.
  • Civilian aircraft decreased $0.5 billion.
  • Semiconductors decreased $0.4 billion.
• Consumer goods decreased $0.9 billion.
• Foods, feeds, and beverages decreased $0.7 billion.
• Automotive vehicles, parts, and engines decreased $0.7 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.2 billion to $56.1 billion in February.

• Travel decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.0 billion to $219.1 billion in February.

  Imports of goods on a Census basis decreased $2.1 billion.

• Automotive vehicles, parts, and engines decreased $3.4 billion.
  • Passenger cars decreased $1.8 billion.
• Consumer goods decreased $2.7 billion.
  • Pharmaceutical preparations decreased $3.9 billion.
• Industrial supplies and materials increased $3.5 billion.
  • Finished metal shapes increased $1.1 billion.
  • Crude oil increased $1.0 billion.
  • Natural gas increased $0.9 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.3 billion to $39.2 billion in February.

• Transport increased $0.2 billion.
• Insurance services increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $3.0 billion to $99.1 billion in February.

• Real exports of goods decreased $7.9 billion to $139.4 billion.
• Real imports of goods decreased $4.9 billion to $238.5 billion.

Revisions

Revisions to January exports

• Exports of goods were revised up $0.2 billion.
• Exports of services were revised up $0.1 billion.

Revisions to January imports

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised down $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The February figures show surpluses, in billions of dollars, with South and Central America ($3.7), Brazil ($1.4), Hong Kong ($1.2), Singapore ($0.6), United Kingdom ($0.2), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($30.3), European Union ($19.0), Mexico ($6.8), Germany ($5.3), Japan ($4.5), Canada ($4.0), Italy ($3.2), France ($2.7), Taiwan ($2.4), South Korea ($2.3), and India ($1.7).

• The deficit with China increased $3.1 billion to $30.3 billion in February. Exports decreased $4.5 billion to $10.4 billion and imports decreased $1.5 billion to $40.6 billion.
• The deficit with Canada increased $2.2 billion to $4.0 billion in February. Exports decreased $0.5 billion to $23.7 billion and imports increased $1.7 billion to $27.7 billion.
• The deficit with Mexico decreased $5.1 billion to $6.8 billion in February. Exports increased $2.1 billion to $22.8 billion and imports decreased $3.0 billion to $29.6 billion.