Declining Exports increase U.S. Trade gap in February

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

The U.S. trade gap widened in February on the shrinking trade.
U.S. trade gap jumped in February by 4.2 % to a record $-71.1 billion. The increase in trade deficit it's not only bad news in this report but declining imports as well, as shrinking exports of U.S. goods and services indicate slowing global demand, 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 narrowed to $-24.6 billion in February from the deficit of $-26.3 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

Industrial Supplies		Consumer Goods		Military sales		Private Services
8.20%	0.98%	-4.22%	-5.85%	1.59%	-0.09%	1.43%	1.04%
*Imports*	Exports	Imports	Exports	Imports	Exports	Imports	Exports

In February imports sunk by -0.7 %, as the United States decrease imports of Cars, parts, and engines and Other Transportation services. Bucking the overall trend, imports of miscellaneous other goods and Travel services, surged.

The price of a barrel of oil rose to $46.4 a barrel in February. Imports of petroleum decreased by $-0.29 billion, to $10 billion, in February. The U.S. imported 5.5 million barrels a day in February, down from 5.5 million in the prior month. U.S. Imports of services increased 0.36 %, but weakining demand for foreign made goods, posted a drag on imports, goods accounted for 84.8 %, of total imports in February, they declined by -0.89 %. • U.S. Exports by Major Category

Imports from europe fell, as imports from Hungary decline the most, down, but trade with Other E.U. Countries grew by 63.28 %. U.S. Demand for goods from Pacific Rim Countries fell, as imports from Singapore went down, but imports of goods from Hong Kong grew. Imports from Canada declined, while the demand for the Mexican goods, in the U.S grew. From Feb. 2020, U.S. trade gap jumped by 78 %, due to 4.39 % increase in imports. Exports fell by -2.45 % in February to $187.3 billion , reported by the Commerce Department, the largest decrease came from exports of Capital goods, except automotive and Travel services. Exports of Nuclear Technology also fell -51.28 % to $0.06 billions. Unlike the overall trend, exports of Industrial supplies, materials, Royalties and License Fees, grew. Exports of Weapons increased also, up 69.30 % to $0.19 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. The decline of exports was broad based, services fell -0.29 % and exports of goods declined by -3.34 %. Demand for U.S. made goods fell in Brazil, Colombia and overall South and Central America. Exports to europe improved, as trade with Norway grew the most, up 52.56 %, but exports to Hungary fell. Products made in U.S. have seen declining demand form Pacific Rim Countries, as exports to Singapore went down, but exports of goods to Hong Kong grew. • 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 $2,739 millions or -10.61 % to $23,070 millions from Jan. 2021 , caused by decrease in exports of Aerospace goods by -9.43 % to $5,391 millions from Jan. 2021. Exports of Information and Communication goods fell by $2,739 millions or -10.96 % to $6,570 millions.	Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Jan. 2021 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Jan. 2021. 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 $2,659 millions or 17.24 % to $12,764 millions from deficit of $15,423 millions Jan. 2021. Information and Communications trade deficit fell by $2,380 millions or 16.45 % to $12,087 millions from deficit of $14,467 millions Jan. 2021. • Trade Balance by Technology Group

Technology Group Exports

Total Technology Group exports deacreased by $2,739 millions or -10.61 % to $23,070 millions from Jan. 2021 , caused by decrease in exports of Aerospace goods by -9.43 % to $5,391 millions from Jan. 2021. Exports of Information and Communication goods fell by $2,739 millions or -10.96 % to $6,570 millions.

Technology Group Imports

Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from Jan. 2021 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from Jan. 2021. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

• Imports by Technology Group

Technology Group Trade Balance

U.S. International Trade in Goods & Services

(In millions $)

U.S. International Trade in Goods & Services (In millions $)	Feb. 2021	Jan. 2021	Dec. 2020	Nov. 2020	Oct. 2020	Sep. 2020
Total Trade Balance	-71,078	-68,213	-66,613	-68,142	-63,123	-63,862
Trade Balance of Goods	-88,010	-85,449	-84,152	-86,356	-81,410	-80,686
Trade Balance of Services	16,931	17,236	17,540	18,214	18,287	16,824
Total Exports	187,250	191,944	189,959	184,174	182,015	176,354
Exports of Goods	131,131	135,662	133,499	127,725	126,346	122,779
Exports of Services	56,120	56,282	56,460	56,449	55,668	53,575
Total Imports	258,329	260,158	256,572	252,316	245,138	240,216
Imports of Goods	219,140	221,112	217,652	214,080	207,756	203,465
Imports of Services	39,188	39,046	38,920	38,236	37,382	36,751

U.S. Trade Balance by Selected Countries and Areas

( In millions $)

U.S. Trade Balance by Selected Countries and Areas ( In millions $)	Feb. 2021	Jan. 2021	Dec. 2020	Nov. 2020	Oct. 2020	April 2020
Total Goods	-70,758	-78,022	-83,898	-86,675	-88,100	-70,752
North America	-9,427	-12,883	-11,833	-12,114	-13,873	-3,486
Canada	-3,045	-3,325	-1,872	-1,545	-1,232	-185
Mexico	-6,382	-9,558	-9,961	-10,568	-12,641	-3,302
Europe	-20,079	-21,199	-24,492	-20,957	-20,099	-23,694
European Union	-15,740	-16,347	-20,092	-17,359	-16,303	-15,281
Austria	-700	-762	-834	-753	-819	-619
Belgium	1,018	746	13	531	380	281
Czech Republic	-170	-175	-264	-193	-151	-188
Finland	-373	-383	-429	-332	-410	-232
France	-2,303	-1,821	-1,693	-1,851	-1,008	-1,498
Germany	-4,361	-6,328	-6,114	-4,988	-5,118	-4,342
Hungary	-221	-182	-369	-269	-336	-146
Ireland	-5,440	-4,283	-5,415	-4,394	-4,931	-4,597
Italy	-2,636	-2,576	-3,496	-3,459	-2,493	-2,212
Netherlands	2,134	1,941	1,552	1,519	1,962	845
Poland	-218	-225	-269	-335	-285	-278
Spain	-241	67	-202	-404	-145	-375
Sweden	-727	-639	-719	-832	-942	-539
United Kingdom	-1,503	-1,728	-1,852	-1,600	-2,008	-1,382
Other E.U.	-358	-35	-88	-155	-154	4
Norway	-1,120	-1,575	-971	-1,117	-1,062	-707
Russia	-3,317	-3,659	-2,686	-2,968	-3,450	-7,123
Switzerland	652	739	-247	951	1,261	-572
Other Europe	-196	-321	-408	-309	-391	-15
Euro Area	-13,583	-14,379	-17,714	-14,954	-13,407	-13,324
Pacific Rim Countries	-33,156	-35,592	-41,293	-44,482	-43,771	-36,877
Australia	672	785	423	1,125	1,367	-556
China	-24,617	-26,250	-27,230	-30,676	-30,105	-22,466
Japan	-4,023	-4,337	-5,855	-6,717	-5,848	-4,196
Malaysia	-2,461	-2,654	-3,321	-3,000	-3,237	-1,727
Philippines	-228	-382	-287	-414	-442	-85
Newly Industrialized Countries (NICS)	-2,248	-2,222	-10,822	-13,040	-14,554	-9,154
Hong Kong	1,581	2,054	2,197	1,895	1,856	-675
Korea	-1,631	-1,371	-2,526	-2,990	-3,205	-2,476
Singapore	622	15	-600	211	-9	-1,126
Taiwan	-2,206	-2,305	-3,007	-2,859	-3,045	-2,252
Other Pacific Rim	-5	-128	-28	-26	74	-186
South/Central America	3,262	4,817	3,520	3,842	3,091	2,807
Argentina	149	215	215	217	209	100
Brazil	1,295	1,342	677	1,239	796	682
Chile	67	401	317	237	266	-21
Colombia	27	185	64	185	166	156
Other South/Central America	88	118	2,245	1,964	1,654	1,889
OPEC	1,637	2,555	2,260	1,394	2,191	1,202
Indonesia	-861	-1,020	-1,059	-1,031	-1,176	-1,131
Nigeria	-317	-227	16	68	185	149
Saudi Arabia	-22	56	658	231	750	267
Venezuela	300	206	121	95	114	57
Other OPEC	93	77	1,465	1,000	1,142	730
Africa	-606	-471	-103	-243	279	-187
Algeria	-81	-96	-43	28	25	14
Egypt	-10,158	-12,089	361	246	103	253
South Africa	-1,627	-2,383	-712	-739	-354	-551
Other Africa	134	286	291	222	505	96
Other Countries	-2,248	-2,222	-10,822	-13,040	-14,554	-9,154
India	-6,416	-7,770	-2,106	-2,236	-2,846	-2,065
Thailand	-	-	-2,304	-2,379	-2,722	-1,996
Other	-	-	-6,411	-8,425	-8,985	-5,093

U.S. Imports by Major Category

( In millions $)

Imports by Major Category ( In millions $)	Feb. 2021	Jan. 2021	Dec. 2020	Nov. 2020	Oct. 2020	Sep. 2020
Total	258,329	260,158	256,572	252,316	245,138	240,216
Total Services	39,188	39,046	38,236	38,236	37,382	36,751
Travel	494	481	458	458	461	449
Passenger Fares	6,403	6,249	6,332	6,332	5,891	5,491
Other Transportation	2,553	2,739	2,504	2,504	2,125	1,727
Royalties and License Fees	98	98	60	60	60	91
Other Private Services	5,825	5,743	5,354	5,354	5,314	5,146
Transfers Under U.S. Military Sales Contracts	3,254	3,203	3,317	3,317	3,290	3,140
U.S. Government Misc. Services	3,421	3,416	4,020	4,020	4,050	3,517
Total Goods	219,140	221,112	217,652	214,080	207,756	203,465
Foods, feeds, and beverages	13,116	13,785	12,956	13,403	13,350	13,530
Industrial supplies and materials	46,586	43,054	42,372	39,727	38,214	36,888
Capital goods, except automotive	59,707	59,549	58,900	58,092	56,884	55,513
Automotive vehicles, parts, and engines	28,184	31,576	33,136	31,168	32,203	31,192
Consumer goods	60,665	63,339	59,608	61,183	57,186	55,770
Other goods	9,483	8,554	9,473	9,452	8,746	9,008

Exports by Technology Group

( In millions $)

Exports by Technology Group ( In millions $)	Feb. 2021	Jan. 2021	Dec. 2020	Nov. 2020	Oct. 2020	Sep. 2020
Total Technology Group	23,070	25,809	27,509	25,062	26,853	24,250
Advanced Materials	223	258	253	220	248	220
Aerospace	5,391	5,952	6,875	6,055	6,902	6,110
Biotechnology	2,139	2,159	1,872	2,485	2,318	2,064
Electronics	3,961	4,638	4,624	4,177	4,355	3,941
Flexible Manufacturing	1,608	2,342	2,163	1,451	1,729	1,844
Information and Communications	6,570	7,379	8,148	7,224	7,740	6,759
Life Science	2,540	2,502	2,910	2,747	2,838	2,596
Nuclear Technology	57	117	72	215	76	95
Opto-Electronics	388	348	442	347	352	379
Weapons	193	114	149	141	295	241

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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