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U.S. Trade gap at $109.8 billion in March 2022

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

Modified 2022-05-05T12:29:13-04:00
Goran Soko / CSIMarket.com Contributer



The U.S. trade gap widened in March 2022 as the demand of foreign goods and services out-grows exports.
U.S. trade gap grew in double digits in March 2022 by 22.3 % to a record $-109.8 billion. The growing trade deficit could post a drag to the GDP growth, despite growing trade of goods and services across U.S. borders and improving exports, but the decrease in consumption of energy-related petroleum products, suggest that the economy could be slowing, economists said.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Economists said the data showed that higher gasoline prices are not just an inflation threat but can constrain economic growth.

The U.S. trade deficit with China edged down to $-36.2 billion in March 2022 from the deficit of $-36.5 billion recorded in February 2022, led by declining imports from China.

Chinese officials believe that a higher value of the yuan would not solve the U.S. trade deficit.
Imports of Crude Oil

0.00% 12.38% 0.00% 2.08% 0.64% 1.20% 0.10% 0.38%
Imports
Imports
Imports
Imports

Imports grew in double digits in March 2022 by 10.32 % to $351.5 billion and Other Transportation services and U.S. Government Misc. Services contracted by -24.62 %.

The combination of acceleration in stockpiling activity to meet stronger domestic demand and the price effect from higher commodity prices led to the stronger growth in imports.

The price of a barrel of oil rose to $67.6 a barrel in March 2022. Imports of petroleum decreased by $-0.06 billion, to $17.3 billion, in March 2022. The U.S. imported 6.2 million barrels a day in March 2022, down from 6.5 million in the prior month. U.S. Imports of services grew by 1.71 %, whats more important purcheses of foreign made products, which accounted for 85 %, of total imports, rose by 12 %. U.S. Exports by Major Category








Higher petroleum consumption in the U.S., has resulted in higher imports from OPEC Countries, such as Saudi Arabia and Venezuela.
Imports from europe increased, as purchases of goods from Switzerland grew the most, up 174.06 %, but imports from Finland fell by -4.98 %.
Imports from Canada and Mexico grew in March 2022 boosted by the higher price of oil.
Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, although demand for goods from Korea fell.

From March 2021, U.S. trade gap jumped by 47.5 %, due to 28.07 % increase in imports.

In March 2022 Exports soared by 5.63 % , reported by the Commerce Department, helped by improving exports of Industrial supplies, materials and Passenger Fares. Exports of Opto-Electronics grew also, up 47.04 % to $0.55 billions. Exports of Nuclear Technology also fell -28.57 % to $0.07 billions.
U.S. exports are rising because of faster growth in emerging markets and the favorable foreign-exchange markets, economists add. U.S. Exports of services increased by 1.79 %, services accounted for 1.79 % of total exports, sales of U.S. made products, grew by 7.32 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most, although exports of goods to Korea, fell.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe improved, where demand of U.S made goods in Sweden grew the most, up 90.27 %, but exports to Russia fell.


U.S. Imports by Major Countries

Exports to Selected Geographical Region



Technology Group Exports Technology Group Imports Technology Group Trade Balance
Total Technology Group exports increased by $4,389 millions or 15.13 % to $33,405 millions from Feb. 2022 , caused by increase in exports of Aerospace goods by 12.80 % to $8,238 millions from Feb. 2022. Exports of Information and Communication goods rose by $4,389 millions or 15.86 % to $8,336 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Feb. 2022 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Feb. 2022. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $9,885 millions or 73.65 % to $23,307 millions from deficit of $13,422 millions Feb. 2022. Information and Communications trade deficit rose by $6,718 millions or 48.21 % to $20,653 millions from deficit of $13,935 millions Feb. 2022.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $4,389 millions or 15.13 % to $33,405 millions from Feb. 2022 , caused by increase in exports of Aerospace goods by 12.80 % to $8,238 millions from Feb. 2022. Exports of Information and Communication goods rose by $4,389 millions or 15.86 % to $8,336 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Feb. 2022 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Feb. 2022. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports increased by $4,389 millions or 15.13 % to $33,405 millions from Feb. 2022 , caused by increase in exports of Aerospace goods by 12.80 % to $8,238 millions from Feb. 2022. Exports of Information and Communication goods rose by $4,389 millions or 15.86 % to $8,336 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
March 2022
Feb. 2022
Jan. 2022
Dec. 2021
Nov. 2021
Oct. 2021
Total Trade Balance
-109,802 -89,799 -89,692 -80,731 -79,331 -67,116
Trade Balance of Goods
-128,140 -107,778 -108,864 -101,431 -98,272 -83,945
Trade Balance of Services
18,338 17,978 19,172 20,700 18,941 16,828
Total Exports
241,716 228,824 224,400 228,143 224,734 223,633
Exports of Goods
170,652 159,009 155,890 158,268 156,250 158,725
Exports of Services
71,064 69,816 68,511 69,875 68,483 64,908
Total Imports
351,518 318,624 314,093 308,874 304,065 290,749
Imports of Goods
298,792 266,786 264,754 259,699 254,522 242,670
Imports of Services
52,725 51,838 49,339 49,175 49,543 48,079



U.S. Trade Balance by Selected Countries and Areas
( In millions $)




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Dec. 2021
Sep. 2021
Aug. 2021
July 2021
June 2021
May 2021
Total Goods
-99,794 -103,671 -98,983 -94,628 -94,520 -87,073
North America
-15,041 -14,458 -13,239 -12,531 -12,504 -12,260
Canada
-5,541 -5,194 -5,332 -4,283 -4,257 -3,689
Mexico
-9,500 -9,264 -7,907 -8,247 -8,247 -8,571
Europe
-22,478 -23,354 -24,262 -27,523 -27,523 -22,772
European Union
-17,959 -17,801 -19,777 -20,828 -20,828 -17,599
Austria
-1,424 -933 -953 -913 -913 -959
Belgium
1,311 1,732 1,258 730 730 1,536
Czech Republic
-270 -265 -193 -270 -270 -272
Finland
-584 -296 -392 -498 -498 -296
France
-963 -1,583 -1,399 -2,349 -2,349 -1,436
Germany
-6,117 -5,597 -6,651 -6,120 -6,120 -5,790
Hungary
-402 -254 -350 -442 -442 -324
Ireland
-4,819 -5,639 -5,081 -4,108 -4,108 -4,838
Italy
-3,442 -2,977 -3,482 -4,019 -4,019 -3,125
Netherlands
1,768 468 1,069 1,042 1,042 1,520
Poland
-282 -373 -389 -599 -599 -266
Spain
58 133 -613 -504 -504 -440
Sweden
-994 -758 -524 -834 -834 -919
United Kingdom
-20 -5 664 97 97 849
Other E.U.
-1,798 -1,460 -2,078 -1,942 -1,942 -1,991
Norway
-247 -265 -117 -419 -419 -169
Russia
-1,343 -2,010 -2,333 -2,501 -2,501 -2,144
Switzerland
-2,994 -2,981 -2,415 -3,200 -3,200 -3,111
Other Europe
85 -293 -284 -672 -672 -597
Euro Area
-15,083 -15,585 -17,123 -17,642 -17,642 -14,790
Pacific Rim Countries
-49,722 -51,555 -47,084 -41,964 -41,964 -38,908
Australia
1,028 1,177 1,150 1,216 1,216 1,508
China
-36,150 -36,503 -31,739 -28,648 -28,648 -26,321
Japan
-5,001 -4,602 -6,266 -6,286 -6,286 -5,030
Malaysia
-3,799 -3,373 -4,012 -3,532 -3,532 -3,770
Philippines
-345 -438 -555 -411 -411 -346
Newly Industrialized Countries (NICS)
-3,162 -3,302 -3,171 -2,795 -2,795 -3,358
Hong Kong
2,257 1,832 2,021 2,008 2,008 2,269
Korea
-3,295 -3,395 -3,154 -2,086 -2,086 -2,370
Singapore
1,041 -242 891 788 788 86
Taiwan
-3,596 -4,062 -3,731 -3,622 -3,622 -3,361
Other Pacific Rim
-94 -145 -117 -112 -112 -12
South/Central America
5,268 3,266 5,475 4,713 4,713 4,358
Argentina
174 87 298 192 192 379
Brazil
1,070 1,185 2,082 1,266 1,266 1,161
Chile
273 -70 124 637 637 258
Colombia
407 538 349 162 162 253
Other South/Central America
3,248 1,396 2,540 2,299 2,299 2,184
OPEC
- - - - - -
Indonesia
-1,768 -1,803 -1,572 -1,278 -1,278 -1,560
Nigeria
34 60 -9 7 7 110
Saudi Arabia
-596 -528 -622 -371 -371 -250
Venezuela
95 129 82 157 157 123
Other OPEC
- - - - - -
Africa
-455 -933 -1,402 -1,300 -1,300 -1,331
Algeria
-82 -53 -103 -151 -151 -45
Egypt
437 157 48 58 58 48
South Africa
-1,036 -628 -719 -908 -908 -1,100
Other Africa
191 -469 -621 -306 -306 -344
Other Countries
-16,344 -15,499 -17,207 -15,105 -15,105 -15,194
India
-3,142 -2,871 -3,062 -2,790 -2,790 -2,901
Thailand
-3,162 -3,302 -3,171 -2,795 -2,795 -3,358
Other
-9,444 -8,797 -10,351 -9,149 -9,149 -8,684




U.S. Imports by Major Category
( In millions $)




Imports by Major Category
( In millions $)
March 2022
Feb. 2022
Jan. 2022
Dec. 2021
Nov. 2021
Oct. 2021
Total
351,518 318,624 314,093 304,388 304,065 290,749
Total Services
52,725 51,838 49,339 49,175 49,543 48,079
Travel
622 587 609 635 645 645
Passenger Fares
11,732 10,544 10,073 10,710 10,636 10,148
Other Transportation
7,505 6,687 6,114 6,506 7,032 6,375
Royalties and License Fees
115 116 116 112 111 108
Other Private Services
5,019 5,014 5,004 4,767 4,761 4,750
Transfers Under U.S. Military Sales Contracts
4,205 4,178 4,050 3,993 3,956 3,757
U.S. Government Misc. Services
3,807 5,050 3,827 3,433 3,437 3,444
Total Goods
298,792 298,792 264,754 259,699 254,522 242,670
Foods, feeds, and beverages
17,610 17,610 17,061 15,705 16,465 15,932
Industrial supplies and materials
76,377 76,377 61,828 60,119 63,364 57,459
Capital goods, except automotive
75,092 75,092 68,762 67,715 65,391 65,190
Automotive vehicles, parts, and engines
32,824 32,824 32,519 30,938 28,529 27,316
Consumer goods
83,060 83,060 72,564 71,906 66,724 64,097
Other goods
11,346 11,346 10,101 11,710 12,272 11,133




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
March 2022

Feb. 2022

Jan. 2022

Dec. 2021

Nov. 2021

Oct. 2021

Total Technology Group
33,405 29,016 29,652 34,463 30,763 34,263
Advanced Materials
327 272 263 312 251 277
Aerospace
8,238 7,303 7,227 9,527 8,013 9,176
Biotechnology
3,526 3,757 3,126 4,730 3,819 4,711
Electronics
6,369 5,345 5,905 5,344 5,022 5,233
Flexible Manufacturing
2,391 1,831 2,065 2,123 1,885 2,705
Information and Communications
8,336 7,195 7,716 8,533 7,719 8,523
Life Science
3,430 2,723 2,622 3,101 2,932 2,928
Nuclear Technology
70 98 55 93 126 115
Opto-Electronics
547 372 402 500 414 409
Weapons
170 119 270 201 582 188





Annual Report on U.S. International Trade in Goods & Services
(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
2021
2020
2019
2018
2017
2016
Total Trade Balance
-859,133 -678,742 -576,865 -621,036 -566,031 -504,793
Trade Balance of Goods
-1,090,682 -915,797 -864,331 -891,251 -810,023 -752,507
Trade Balance of Services
231,549 237,055 287,466 270,215 243,993 247,714
Total Exports
2,528,537 2,131,899 2,528,262 2,499,970 2,329,311 2,208,072
Exports of Goods
1,761,967 1,434,768 1,652,437 1,671,839 1,551,434 1,455,704
Exports of Services
766,570 697,131 875,825 828,131 777,877 752,368
Total Imports
3,387,670 2,810,641 3,105,127 3,121,006 2,895,342 2,712,866
Imports of Goods
2,852,649 2,350,564 2,516,767 2,563,090 2,361,458 2,208,211
Imports of Services
535,021 460,076 588,359 557,916 533,884 504,654

Source U.S. Department of Commerce, BEA.gov
Picture Autor: (Maurice Marcellin) licence Creative Commons.


       
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