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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.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
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

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




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