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U.S. Trade gap continued to narrow in February

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. Trade deficit narrowed in February, growth in both imports and exports has cooled, which is “hardly surprising given the state of the global economy and imports falling at a slightly faster rate.
In February the U.S. Commerce Department announced that, nations trade gap dropped by -11.9 %. The decline in trade deficit could make a positive contribution to the GDP growth, despite overall decline in trade and falling exports, as falling oil prices were the main reason behind the lower imports, leaving more disposable income to spend on other goods and services, economists think.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Declining oil price in February helped to moderate petroleum trade gap.

The U.S. trade deficit with China narrowed to $-16 billion in February from the deficit of $-26.1 billion recorded in January, led by declining imports from China.

Growth in China and other developing nations have also downshifted, cutting into demand for U.S. goods.
Imports of Crude Oil

-3.74% 1.38% -2.14% -4.23% 0.35% 0.03% -2.31% -3.60%
Imports
Imports
Imports
Imports

Imports fell by -2.53 % in February to $247.5 billion, reported by the Commerce Department, the largest decrease came from imports of Capital goods, except automotive and Other Transportation services. Opposite to overall trend, imports of Cars, parts, engines and U.S. Government Services, grew.

The foreign trade picture continues to be one of weaker global growth constraining exports, and slow domestic spending limiting the pull for imports, some economists said.

The value of U.S. crude oil imports fell to $6.2 billion in February from $6.2 billion in January as the price of a barrel of oil fell to $57.2 from $61.9 in the previous month. The decline of imports was broad based, services fell -2.9 % and imports of goods declined by -2.44 %. U.S. Exports by Major Category









Imports from europe fell, as demand for goods from Other E.U. Countries declined, but trade with Norway grew by 412.50 %.
Trade with other North American countries was mixed, consumption of goods from Canada declined, while imports from Mexico advanced.
U.S. Demand for goods from Pacific Rim Countries fell, as imports from Hong Kong declined, but imports of goods from Japan improved.

U.S. trade gap dropped by -19.1 % from Feb. 2019, as imports decline by -1.02 %.

exports decreased by -0.49 % in February to $207.5 billion, reported by the Commerce Department, following Consumer goods decline by -4.23 % and Other Transportation services. Exports of Weapons fell as well, by -54.66 % to $0.11 billions. Bucking the overall trend, exports of miscellaneous other goods and , grew. Exports of Opto-Electronics grew also, up 19.08 % to $0.41 billions.
The weakness overseas is hitting home. U.S. manufacturers, which have led the economic growth, have turned more cautious and business is slowing, according to a number of more recent sector surveys. Exports of services have declined by -2.57 %, services accounted for 33.9 %, of total exports in February. Exports of goods, rose by 0.61 %.

Increasing exports to Chile where offset by the decline of sales to Brazil.
Exports to europe improved, as exports to Switzerland grew the most, up 369.39 %, but exports to United Kingdom fell by -83.73 %.
Products made in U.S. have seen declining demand form Pacific Rim Countries, as exports to Hong Kong declined, but exports of goods to Japan improved.


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 deacreased by $26 millions or -0.09 % to $27,549 millions from Jan. 2020 , despite an increase in exports of Aerospace goods by 9.45 % to $10,170 millions from Jan. 2020. Exports of Information and Communication goods fell by $26 millions or -9.69 % to $6,638 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Jan. 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Jan. 2020. 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 fell by $6,427 millions or 55.62 % to $5,128 millions from deficit of $11,555 millions Jan. 2020. Information and Communications trade deficit fell by $2,627 millions or 25.14 % to $7,824 millions from deficit of $10,451 millions Jan. 2020.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports deacreased by $26 millions or -0.09 % to $27,549 millions from Jan. 2020 , despite an increase in exports of Aerospace goods by 9.45 % to $10,170 millions from Jan. 2020. Exports of Information and Communication goods fell by $26 millions or -9.69 % to $6,638 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Jan. 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Jan. 2020. 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 deacreased by $26 millions or -0.09 % to $27,549 millions from Jan. 2020 , despite an increase in exports of Aerospace goods by 9.45 % to $10,170 millions from Jan. 2020. Exports of Information and Communication goods fell by $26 millions or -9.69 % to $6,638 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
Feb. 2020
Jan. 2020
Dec. 2019
Nov. 2019
Oct. 2019
Sep. 2019
Total Trade Balance
-39,932 -45,338 -48,613 -43,086 -46,939 -52,450
Trade Balance of Goods
-61,212 -67,005 -69,652 -63,904 -67,797 -71,718
Trade Balance of Services
21,280 21,668 21,038 20,818 20,858 19,267
Total Exports
207,543 208,569 209,476 208,630 207,266 205,990
Exports of Goods
137,203 136,374 137,784 137,160 136,161 136,833
Exports of Services
70,341 72,195 71,692 71,470 71,105 69,156
Total Imports
247,476 253,906 258,089 251,716 254,205 258,440
Imports of Goods
198,415 203,380 207,436 201,064 203,957 208,551
Imports of Services
49,061 50,527 50,653 50,653 50,247 49,889



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




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
Feb. 2020
Jan. 2020
Dec. 2019
Nov. 2019
Oct. 2019
Sep. 2019
Total Goods
-47,565 -68,395 -68,395 -62,925 -78,038 -73,312
North America
-10,860 -10,334 -10,334 -9,726 -12,057 -11,420
Canada
-1,200 -2,836 -2,836 -1,435 -3,297 -2,539
Mexico
-9,661 -7,498 -7,498 -8,292 -8,760 -8,881
Europe
-11,370 -15,422 -15,422 -16,924 -20,986 -17,627
European Union
-9,955 -12,206 -12,206 -13,112 -16,439 -13,697
Austria
-585 -602 -602 -785 -838 -632
Belgium
1,157 1,040 1,040 1,201 1,462 984
Czech Republic
-181 -171 -171 -213 -288 -265
Finland
-217 -277 -277 -316 -345 -251
France
-243 -580 -580 -1,277 -2,390 -1,488
Germany
-4,088 -5,064 -5,064 -5,276 -5,282 -4,785
Hungary
-251 -280 -280 -365 -342 -338
Ireland
-3,983 -5,163 -5,163 -4,297 -5,314 -4,833
Italy
-1,879 -2,520 -2,520 -2,512 -2,876 -2,214
Netherlands
2,478 1,964 1,964 1,749 2,008 941
Poland
-266 -223 -223 -210 -86 -251
Spain
106 285 285 -162 -206 283
Sweden
-649 -664 -664 -557 -707 -533
United Kingdom
-1,355 1,273 1,273 1,304 300 827
Other E.U.
55 -1,223 -1,223 -1,396 -1,535 -1,139
Norway
-1,397 -118 -118 -64 -123 -375
Russia
-2,651 -1,485 -1,485 -1,335 -1,749 -1,164
Switzerland
1,985 -1,872 -1,872 -2,303 -2,670 -2,473
Other Europe
594 259 259 -109 -4 81
Euro Area
-7,866 -11,368 -11,368 -12,059 -14,317 -12,406
Pacific Rim Countries
-22,198 -35,969 -35,969 -34,454 -40,225 -39,067
Australia
1,446 791 791 1,315 1,731 1,280
China
-15,998 -26,065 -26,065 -26,366 -31,259 -31,622
Japan
-4,571 -4,984 -4,984 -5,450 -5,074 -5,050
Malaysia
-2,142 -2,288 -2,288 -2,318 -2,877 -2,346
Philippines
-206 -266 -266 -311 -407 -321
Newly Industrialized Countries (NICS)
-8,509 -10,913 -10,913 -8,275 -11,045 -9,918
Hong Kong
1,777 1,652 1,652 2,034 1,771 2,531
Korea
-1,119 -1,232 -1,232 -1,433 -1,863 -1,098
Singapore
759 -84 -84 745 634 605
Taiwan
-1,248 -2,120 -2,120 -1,684 -1,831 -2,078
Other Pacific Rim
55 -87 -87 55 170 68
South/Central America
5,556 4,931 4,931 5,869 5,380 4,752
Argentina
201 132 132 159 106 250
Brazil
1,746 1,398 1,398 1,650 1,431 1,075
Chile
453 234 234 923 561 545
Colombia
375 111 111 445 158 161
Other South/Central America
2,780 3,056 3,056 2,692 3,124 2,721
OPEC
1,048 560 560 1,016 1,734 1,098
Indonesia
-952 -1,286 -1,286 -1,043 -1,220 -1,036
Nigeria
105 10 10 -27 -34 -186
Saudi Arabia
211 -227 -227 139 736 372
Venezuela
96 38 38 84 78 56
Other OPEC
636 739 739 821 955 857
Africa
-172 -212 -212 90 -110 -437
Algeria
-35 -26 -26 -1 -61 -113
Egypt
196 159 159 168 298 63
South Africa
-262 -407 -407 -320 -252 -222
Other Africa
-71 63 63 243 -95 -165
Other Countries
-8,509 -10,913 -10,913 -8,275 -11,045 -9,918
India
-1,253 -2,110 -2,110 -1,778 -2,405 -2,127
Thailand
-1,322 -1,843 -1,843 -1,777 -1,798 -1,696
Other
-5,934 -6,961 -6,961 -4,720 -6,842 -6,094




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




Imports by Major Category
( In millions $)
Feb. 2020
Jan. 2020
Dec. 2019
Nov. 2019
Oct. 2019
Sep. 2019
Total
247,476 253,906 258,089 251,716 254,205 258,440
Total Services
49,061 50,527 50,653 50,653 50,247 49,889
Travel
716 716 742 792 758 738
Passenger Fares
8,630 9,138 9,299 9,114 8,983 9,044
Other Transportation
11,967 12,928 13,012 12,900 12,753 12,651
Royalties and License Fees
4,167 4,162 4,155 4,318 4,314 4,262
Other Private Services
2,792 2,858 2,816 2,913 2,911 2,893
Transfers Under U.S. Military Sales Contracts
4,879 4,862 4,838 4,940 4,916 4,877
U.S. Government Misc. Services
3,783 3,767 3,744 3,702 3,675 3,516
Total Goods
198,415 203,380 207,436 201,064 203,957 208,551
Foods, feeds, and beverages
12,488 12,893 12,291 12,238 12,402 12,772
Industrial supplies and materials
40,770 42,355 44,783 40,773 41,391 41,923
Capital goods, except automotive
51,719 55,426 56,064 55,406 56,562 56,162
Automotive vehicles, parts, and engines
30,509 29,105 29,777 30,114 29,049 30,851
Consumer goods
51,330 52,453 51,897 51,309 52,311 54,716
Other goods
9,811 9,525 10,915 9,719 10,530 10,389




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
Feb. 2020

Jan. 2020

Dec. 2019

Nov. 2019

Oct. 2019

Sep. 2019

Total Technology Group
27,549 27,575 32,949 29,637 31,754 30,810
Advanced Materials
222 191 215 221 233 253
Aerospace
10,170 9,292 13,920 11,001 11,519 12,095
Biotechnology
1,802 1,676 1,505 1,898 2,198 2,158
Electronics
4,016 4,346 4,222 4,047 4,294 4,016
Flexible Manufacturing
1,483 1,598 1,875 1,367 1,664 1,442
Information and Communications
6,638 7,350 7,657 7,415 7,877 7,175
Life Science
2,624 2,434 2,739 2,802 2,807 2,656
Nuclear Technology
71 94 88 142 84 79
Opto-Electronics
412 346 491 374 380 518
Weapons
112 247 236 369 697 418





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




U.S. International Trade in Goods & Services
(In millions $)
2019
2018
2017
2016
2015
2014
Total Trade Balance
-52,113 -621,036 -566,031 -504,793 -531,503 -471,532
Trade Balance of Goods
-74,858 -891,251 -810,023 -752,507 -758,934 -703,159
Trade Balance of Services
22,745 270,215 243,993 247,714 227,431 231,627
Total Exports
202,575 2,499,970 2,329,311 2,208,072 2,230,317 2,272,320
Exports of Goods
133,614 1,671,839 1,551,434 1,455,704 1,513,888 1,590,350
Exports of Services
68,961 828,131 777,877 752,368 716,429 681,970
Total Imports
254,689 3,121,006 2,895,342 2,712,866 2,761,820 2,743,851
Imports of Goods
208,472 2,563,090 2,361,458 2,208,211 2,272,821 2,293,508
Imports of Services
46,216 557,916 533,884 504,654 488,999 450,343

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


             
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