|
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.
|
 |
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 |
|
