|
Month of March 2023 saw declining trade gap by -9.1 %
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
The U.S. Economy saw higher demand for its products and services as the exports rose to 256.2 billion, narrowing the Trade deficit in March 2023, after widening in February 2023, as the consumption of foreign produced goods declined. In March 2023 the U.S. Commerce Department announced that, nations trade gap dropped by -9.1 %. Growing exports, the narrowing trade deficit, will eventually contribute to the GDP growth, the shrinking price of oil, cuts the trade deficit, adds to the gdp and disposable income growth, but economists believe that declining demand for oil imports might be a evidence of slowing economy.
|
 |
Economists add that a decline in petroleum imports was the biggest driver behind the decline in March 2023.
Imports from China, meanwhile, climbed to $30.8 billion in March 2023 from $30.6 billion in February 2023. The trade deficit with the rising Asian giant increased $2.21 billion to $-23.5 billion in March 2023. Country data are not seasonally adjusted.
Lawmakers and some business executives say China keeps its currency artifically low to boosts its exports.
• Imports of Crude Oil
|
|
|
|
|
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.02%
|
0.49%
|
0.00%
|
-0.16%
|
Imports |
|
Imports |
|
Imports |
|
Imports |
|
|
In March 2023 imports fell by -0.34 % and Passenger Fares. Imports of Nuclear Technology also fell -18.63 % to $0.39 billions and other Transportation services, increased. Imports of Flexible Manufacturing grew as well, increasing 28.51 % to $1.71 billions.
Dreams that U.S. exports can drive the economy forward without consumer spending are not realistic, noted by some economists.
The decline came down to oil, as petroleum imports shrank, as oil prices fell to $13.7 billion a barrel in March 2023 from $14.6 billion a barrel in February 2023 and as Americans used -5.55 % less imported energy products. U.S. Imports of services increased 0.2 %, but weakining demand for foreign made goods, posted a drag on imports, goods accounted for 81.4 %, of total imports in March 2023, they declined by -0.47 %.
• 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 Other E.U. Countries grew the most, up 39.68 %, but imports from Finland fell by -19.12 %. Despite the decline in the price of oil, imports from Mexico and Canada grew in March 2023. Canada and Mexico are among the largest exporters of petroleum to the U.S. Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, although demand for goods from Taiwan fell.
U.S. trade gap dropped by -41.5 % from March 2022, due to 5.97 % increase in exports.
In March 2023 Exports have climbed by 2.12 % to $256.2 billion, reported by the Commerce Department and Other Transportation services and Other Transportation services. Exports of Biotechnology grew as well, up 81.73 % to $5.33 billions, Royalties and License Fees. U.S. Exports of Advanced Materials also declined, by 9.23 % to $0.30 billions. American exporters have been helped by a foreign-exchange rate, a weaker dollar makes U.S. goods cheaper in other countries. U.S. Exports of services increased by 0.11 %, services accounted for 0.11 % of total exports, sales of U.S. made products, grew by 3.09 %.
Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most and despite the decrease in demand for U.S. made goods, from Taiwan. 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 69.84 %, but exports to Switzerland 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 $9,215
millions or
31.65 % to $38,334
millions from Feb. 2023
, caused by increase in exports of Aerospace goods by
37.47 % to $11,179
millions from Feb. 2023. Exports of Information
and Communication goods
rose by $9,215
millions or
20.94 % to $8,971
millions.
|
Total Technology Group imports
increased by $7,296
millions or
16.09 % to $52,645
millions from Feb. 2023
, caused by increase in imports of Electronics goods by
16.18 % to $6,490
millions from Feb. 2023. Imports of Information
and Communication goods
rose by $7,296
millions or
17.51 % to $22,803
millions.
• Imports by Technology Group
|
Total
Technology Group trade
deficit fell by $1,919 millions or 11.82 % to $14,311 millions from
deficit of $16,230
millions Feb. 2023. Information and Communications
trade
deficit rose by $1,845 millions or 15.39 % to $13,832 millions from
deficit of $11,987
millions Feb. 2023.
• Trade Balance by Technology Group
|
Technology
Group Exports |
Total Technology Group exports
increased by $9,215
millions or
31.65 % to $38,334
millions from Feb. 2023
, caused by increase in exports of Aerospace goods by
37.47 % to $11,179
millions from Feb. 2023. Exports of Information
and Communication goods
rose by $9,215
millions or
20.94 % to $8,971
millions.
|
Technology
Group Imports |
Total Technology Group imports
increased by $7,296
millions or
16.09 % to $52,645
millions from Feb. 2023
, caused by increase in imports of Electronics goods by
16.18 % to $6,490
millions from Feb. 2023. Imports of Information
and Communication goods
rose by $7,296
millions or
17.51 % to $22,803
millions.
• Imports by Technology Group
|
Technology
Group Trade Balance |
Total Technology Group exports
increased by $9,215
millions or
31.65 % to $38,334
millions from Feb. 2023
, caused by increase in exports of Aerospace goods by
37.47 % to $11,179
millions from Feb. 2023. Exports of Information
and Communication goods
rose by $9,215
millions or
20.94 % to $8,971
millions.
|
U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services (In millions $) |
March 2023
|
Feb. 2023
|
Jan. 2023
|
Dec. 2022
|
Nov. 2022
|
Oct. 2022
|
Total Trade Balance |
|
-64,228 |
-70,643 |
-68,661 |
-67,419 |
-61,511 |
-77,847 |
Trade Balance of Goods |
|
-86,593 |
-93,033 |
-90,266 |
-90,641 |
-84,052 |
-99,398 |
Trade Balance of Services |
|
22,365 |
22,390 |
21,605 |
23,221 |
22,542 |
21,551 |
Total Exports |
|
256,150 |
250,838 |
258,009 |
250,152 |
251,864 |
256,996 |
Exports of Goods |
|
174,309 |
169,088 |
177,702 |
168,138 |
170,817 |
176,160 |
Exports of Services |
|
81,841 |
81,749 |
80,307 |
82,013 |
81,047 |
80,836 |
Total Imports |
|
320,378 |
321,481 |
326,670 |
317,571 |
313,374 |
334,843 |
Imports of Goods |
|
260,902 |
262,121 |
267,968 |
258,779 |
254,870 |
275,559 |
Imports of Services |
|
59,476 |
59,360 |
58,702 |
58,792 |
58,505 |
59,285 |
U.S. Trade Balance by Selected Countries and Areas
( In millions $)
U.S. Trade Balance by Selected Countries and Areas
( In millions $) |
Dec. 2022
|
Nov. 2022
|
Oct. 2022
|
May 2022
|
April 2022
|
March 2022
|
Total Goods |
|
-85,337 |
-86,204 |
-102,911 |
-108,384 |
-101,069 |
-118,611 |
North America |
|
-16,221 |
-15,404 |
-17,764 |
-20,436 |
-18,803 |
-19,952 |
Canada |
|
-5,087 |
-4,193 |
-5,395 |
-9,842 |
-7,246 |
-8,034 |
Mexico |
|
-11,134 |
-11,211 |
-12,370 |
-10,594 |
-11,558 |
-11,919 |
Europe |
|
-19,592 |
-21,380 |
-23,438 |
-21,363 |
-21,194 |
-28,498 |
European Union |
|
-18,360 |
-20,261 |
-22,782 |
-18,416 |
-16,593 |
-16,874 |
Austria |
|
-535 |
-1,265 |
-1,174 |
-1,188 |
-905 |
-1,204 |
Belgium |
|
886 |
65 |
-442 |
1,035 |
830 |
1,285 |
Czech Republic |
|
-280 |
-279 |
-343 |
-311 |
-252 |
-342 |
Finland |
|
-538 |
-459 |
-456 |
-509 |
-687 |
-400 |
France |
|
-918 |
-849 |
-1,931 |
-565 |
-1,666 |
-803 |
Germany |
|
-8,310 |
-7,239 |
-7,978 |
-6,225 |
-5,376 |
-6,360 |
Hungary |
|
-319 |
-181 |
-630 |
-363 |
-412 |
-357 |
Ireland |
|
-5,801 |
-5,646 |
-6,747 |
-6,007 |
-6,033 |
-4,931 |
Italy |
|
-4,228 |
-3,742 |
-4,019 |
-3,832 |
-3,202 |
-3,394 |
Netherlands |
|
4,404 |
2,355 |
4,122 |
2,515 |
2,965 |
2,332 |
Poland |
|
28 |
-35 |
150 |
-14 |
-65 |
-264 |
Spain |
|
435 |
146 |
20 |
261 |
498 |
217 |
Sweden |
|
-770 |
-895 |
-1,113 |
-976 |
-667 |
-849 |
United Kingdom |
|
1,520 |
1,049 |
1,011 |
1,282 |
1,173 |
648 |
Other E.U. |
|
-2,412 |
-2,238 |
-2,242 |
-2,237 |
-1,620 |
-1,802 |
Norway |
|
-17 |
-25 |
-107 |
-275 |
-149 |
-106 |
Russia |
|
-526 |
-532 |
-652 |
-1,049 |
-1,994 |
-2,645 |
Switzerland |
|
-2,276 |
-1,280 |
-100 |
-2,204 |
-2,892 |
-8,934 |
Other Europe |
|
65 |
-332 |
-808 |
-700 |
-739 |
-587 |
Euro Area |
|
-15,908 |
-17,609 |
-19,810 |
-15,724 |
-14,549 |
-14,254 |
Pacific Rim Countries |
|
-38,181 |
-37,208 |
-45,381 |
-47,923 |
-46,733 |
-52,922 |
Australia |
|
1,513 |
1,030 |
899 |
1,025 |
1,206 |
960 |
China |
|
-23,513 |
-21,300 |
-28,874 |
-31,543 |
-30,571 |
-33,998 |
Japan |
|
-7,088 |
-5,878 |
-6,222 |
-5,616 |
-6,030 |
-6,766 |
Malaysia |
|
-2,622 |
-3,033 |
-3,109 |
-3,137 |
-2,981 |
-4,015 |
Philippines |
|
-494 |
-470 |
-597 |
-601 |
-720 |
-540 |
Newly Industrialized Countries
(NICS) |
|
-509 |
-833 |
-453 |
-1,540 |
-995 |
-3,999 |
Hong Kong |
|
1,703 |
1,671 |
1,515 |
1,701 |
1,820 |
1,349 |
Korea |
|
-4,028 |
-4,257 |
-3,328 |
-4,070 |
-4,088 |
-3,303 |
Singapore |
|
759 |
1,126 |
865 |
933 |
754 |
56 |
Taiwan |
|
-2,802 |
-4,223 |
-4,079 |
-4,132 |
-3,711 |
-4,484 |
Other Pacific Rim |
|
-14 |
-33 |
-26 |
-257 |
-73 |
-161 |
South/Central America |
|
5,122 |
6,166 |
6,339 |
7,509 |
7,554 |
6,642 |
Argentina |
|
9 |
301 |
162 |
590 |
459 |
356 |
Brazil |
|
777 |
528 |
687 |
1,369 |
2,219 |
1,216 |
Chile |
|
590 |
869 |
1,028 |
850 |
667 |
390 |
Colombia |
|
-143 |
166 |
62 |
193 |
287 |
669 |
Other South/Central America |
|
3,644 |
4,126 |
4,240 |
4,334 |
3,741 |
3,883 |
OPEC |
|
- |
- |
- |
- |
- |
- |
Indonesia |
|
-1,595 |
-1,840 |
-2,426 |
-2,224 |
-2,340 |
-2,021 |
Nigeria |
|
-187 |
-162 |
-61 |
-285 |
-144 |
27 |
Saudi Arabia |
|
-651 |
-759 |
-470 |
-727 |
-539 |
-811 |
Venezuela |
|
245 |
176 |
161 |
173 |
181 |
128 |
Other OPEC |
|
- |
- |
- |
- |
- |
- |
Africa |
|
-778 |
-646 |
-1,231 |
-1,425 |
-632 |
-1,602 |
Algeria |
|
-90 |
-355 |
-114 |
-371 |
-29 |
-118 |
Egypt |
|
294 |
219 |
332 |
342 |
643 |
489 |
South Africa |
|
-705 |
-516 |
-822 |
-814 |
-826 |
-1,140 |
Other Africa |
|
-90 |
168 |
-566 |
-298 |
-276 |
-859 |
Other Countries |
|
-14,666 |
-16,945 |
-20,685 |
-23,814 |
-20,335 |
-21,174 |
India |
|
-2,414 |
-2,115 |
-3,177 |
-4,440 |
-3,812 |
-3,263 |
Thailand |
|
-509 |
-833 |
-453 |
-1,540 |
-995 |
-3,999 |
Other |
|
-2,979 |
-3,562 |
-4,405 |
-4,092 |
-3,148 |
-13,101 |
U.S. Imports by Major Category
( In millions $)
Imports by Major Category
( In millions $) |
March 2023
|
Feb. 2023
|
Jan. 2023
|
Dec. 2022
|
Nov. 2022
|
Oct. 2022
|
Total |
|
320,378 |
321,481 |
326,670 |
313,374 |
313,374 |
334,843 |
Total Services |
|
59,476 |
59,360 |
58,702 |
58,792 |
59,090 |
59,285 |
Travel |
|
721 |
730 |
724 |
732 |
724 |
731 |
Passenger Fares |
|
12,243 |
12,888 |
12,198 |
12,502 |
12,565 |
12,765 |
Other Transportation |
|
12,491 |
11,765 |
11,783 |
10,727 |
11,195 |
11,575 |
Royalties and License Fees |
|
103 |
104 |
107 |
129 |
128 |
124 |
Other Private Services |
|
5,209 |
5,209 |
5,207 |
4,856 |
4,845 |
4,823 |
Transfers Under U.S. Military
Sales Contracts |
|
5,101 |
5,100 |
5,210 |
4,786 |
4,791 |
4,696 |
U.S. Government Misc.
Services |
|
3,855 |
3,831 |
3,781 |
4,680 |
4,501 |
4,309 |
Total Goods
|
|
260,902 |
260,902 |
262,152 |
258,779 |
258,779 |
254,870 |
Foods, feeds, and beverages |
|
17,090 |
17,090 |
16,938 |
16,700 |
16,700 |
16,723 |
Industrial supplies and materials |
|
57,855 |
57,855 |
59,302 |
59,648 |
59,648 |
62,114 |
Capital goods, except automotive |
|
71,593 |
71,593 |
73,517 |
71,461 |
71,461 |
71,523 |
Automotive vehicles, parts, and
engines |
|
35,190 |
35,190 |
35,401 |
35,195 |
35,195 |
32,294 |
Consumer goods |
|
65,860 |
65,860 |
63,512 |
63,135 |
63,135 |
59,775 |
Other goods |
|
10,712 |
10,712 |
11,115 |
10,415 |
10,415 |
9,915 |
Exports by Technology Group
( In millions $)
Exports by Technology Group (
In millions $) |
March 2023
|
Feb. 2023
|
Jan. 2023
|
Dec. 2022
|
Nov. 2022
|
Oct. 2022
|
Total Technology Group |
|
38,334 |
29,119 |
32,069 |
35,156 |
32,158 |
35,729 |
Advanced Materials |
|
296 |
271 |
267 |
276 |
279 |
311 |
Aerospace |
|
11,179 |
8,132 |
8,536 |
10,497 |
8,419 |
9,914 |
Biotechnology |
|
5,330 |
2,933 |
4,360 |
3,106 |
3,155 |
3,178 |
Electronics |
|
5,969 |
5,033 |
5,414 |
5,945 |
6,193 |
6,521 |
Flexible Manufacturing |
|
1,707 |
1,448 |
1,742 |
2,014 |
1,850 |
2,350 |
Information and Communications |
|
8,971 |
7,418 |
8,138 |
8,918 |
8,464 |
9,406 |
Life Science |
|
3,861 |
3,148 |
2,997 |
3,402 |
3,015 |
3,214 |
Nuclear Technology |
|
135 |
120 |
79 |
114 |
73 |
82 |
Opto-Electronics |
|
616 |
373 |
415 |
655 |
473 |
442 |
Weapons |
|
270 |
244 |
121 |
230 |
237 |
312 |
Annual Report on U.S. International Trade in Goods & Services
(In millions $)
U.S. International Trade
in Goods & Services (In millions $) |
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
Total Trade Balance |
|
-63,828 |
-859,133 |
-678,742 |
-576,865 |
-621,036 |
-566,031 |
Trade Balance of Goods |
|
-86,378 |
-1,090,682 |
-915,797 |
-864,331 |
-891,251 |
-810,023 |
Trade Balance of Services |
|
22,551 |
231,549 |
237,055 |
287,466 |
270,215 |
243,993 |
Total Exports |
|
197,546 |
2,528,537 |
2,131,899 |
2,528,262 |
2,499,970 |
2,329,311 |
Exports of Goods |
|
135,206 |
1,761,967 |
1,434,768 |
1,652,437 |
1,671,839 |
1,551,434 |
Exports of Services |
|
62,340 |
766,570 |
697,131 |
875,825 |
828,131 |
777,877 |
Total Imports |
|
261,373 |
3,387,670 |
2,810,641 |
3,105,127 |
3,121,006 |
2,895,342 |
Imports of Goods |
|
221,584 |
2,852,649 |
2,350,564 |
2,516,767 |
2,563,090 |
2,361,458 |
Imports of Services |
|
39,789 |
535,021 |
460,076 |
588,359 |
557,916 |
533,884 |
|