U.S. international trade in goods and services, February 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.5 billion in February, up $1.9 billion from $68.7 billion in January, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:	$70.5 Billion	+2.7%°
Exports:	$251.2 Billion	–2.7%°
Imports:	$321.7 Billion	–1.5%°

Exports, Imports, and Balance 

February exports were $251.2 billion, $6.9 billion less than January exports. February imports were $321.7 billion, $5.0 billion less than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit of $2.7 billion to $93.0 billion and an increase in the services surplus of $0.8 billion to $22.4 billion.

Year-to-date, the goods and services deficit decreased $35.5 billion, or 20.3 percent, from the same period in 2022. Exports increased $49.5 billion or 10.8 percent. Imports increased $14.0 billion or 2.2 percent.

Three-Month Moving Averages 

The average goods and services deficit increased $3.3 billion to $68.8 billion for the three months ending in February.

• Average exports decreased $0.3 billion to $252.7 billion in February.

• Average imports increased $3.0 billion to $321.5 billion in February.

Year-over-year, the average goods and services deficit decreased $15.7 billion from the three months ending in February 2022.

• Average exports increased $22.0 billion from February 2022.

• Average imports increased $6.3 billion from February 2022.

Exports 

Exports of goods decreased $8.5 billion to $169.2 billion in February.

Exports of goods on a Census basis decreased $6.7 billion.

• Industrial supplies and materials decreased $2.6 billion.

◦ Natural gas decreased $1.5 billion.

◦ Nonmonetary gold decreased $0.5 billion.

• Automotive vehicles, parts, and engines decreased $1.9 billion.

◦ Passenger cars decreased $1.2 billion.

• Consumer goods decreased $1.4 billion.

◦ Pharmaceutical preparations decreased $2.3 billion.

◦ Gem diamonds increased $0.5 billion.

• Capital goods decreased $1.3 billion.

◦ Civilian aircraft decreased $0.5 billion.

Net balance of payments adjustments decreased $1.9 billion.

Exports of services increased $1.7 billion to $82.0 billion in February.

• Travel increased $1.4 billion.

Imports 

Imports of goods decreased $5.8 billion to $262.2 billion in February.

Imports of goods on a Census basis decreased $5.9 billion.

• Consumer goods decreased $3.7 billion.

◦ Cell phones and other household goods decreased $1.5 billion.

◦ Pharmaceutical preparations decreased $0.6 billion.

◦ Cotton apparel and household goods decreased $0.5 billion.

• Automotive vehicles, parts, and engines decreased $2.9 billion.

◦ Passenger cars decreased $1.5 billion.

◦ Trucks, buses, and special purpose vehicles decreased $1.1 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.8 billion to $59.5 billion in February.

• Transport increased $0.7 billion.

Real Goods in 2012 Dollars – Census Basis 

The real goods deficit increased $2.7 billion, or 2.7 percent, to $104.6 billion in February, compared to a 0.8 percent increase in the nominal deficit.

• Real exports of goods decreased $6.7 billion, or 4.1 percent, to $155.6 billion, compared to a 3.8 percent decrease in nominal exports.

• Real imports of goods decreased $4.0 billion, or 1.5 percent, to $260.2 billion, compared to a 2.2 percent decrease in nominal imports.

Revisions

Revisions to January exports

• Exports of goods were revised down $0.1 billion.

• Exports of services were revised up $0.6 billion.

Revisions to January imports

• Imports of goods were revised up $0.1 billion.

• Imports of services were revised up $0.8 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis 

The February figures show surpluses, in billions of dollars, with South and Central America ($4.7), Hong Kong ($2.5), Netherlands ($1.8), Belgium ($1.6), Australia ($1.5), Brazil ($0.9), United Kingdom ($0.5), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($25.2), European Union ($18.1), Mexico ($12.0), Vietnam ($8.1), Germany ($7.9), Japan ($5.7), Canada ($5.6), Taiwan ($4.7), South Korea ($4.5), Ireland ($3.7), India ($3.7), Italy ($3.4), Malaysia ($2.8), Switzerland ($1.7), Saudi Arabia ($0.7), Israel ($0.6), and France ($0.6).

• The deficit with China increased $3.2 billion to $25.2 billion in February. Exports decreased $1.4 billion to $13.1 billion and imports increased $1.8 billion to $38.2 billion.

• The surplus with the United Kingdom decreased $2.2 billion to $0.5 billion in February. Exports decreased $1.6 billion to $6.2 billion and imports increased $0.7 billion to $5.7 billion.

• The surplus with Hong Kong increased $1.0 billion to $2.5 billion in February. Exports increased $1.0 billion to $2.8 billion and imports increased less than $0.1 billion to $0.3 billion.