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The Goods and Services Deficit Increased to $43.4 billion in December 2015

Fri Feb 05 2016
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.4 billion in December, up $1.1 billion from $42.2 billion in November, revised. December exports were $181.5 billion, $0.5 billion less than November exports. December imports were $224.9 billion, up $0.6 billion from November.

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The December increase in the goods and services deficit reflected an increase in the goods deficit of $1.3 billion to $62.5 billion and an increase in the services surplus of $0.1 billion to $19.2 billion.

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For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion or 4.6 percent from 2014. Exports were $2,230.3 billion, down $112.9 billion or 4.8 percent. Imports were $2,761.8 billion, down $89.7 billion or 3.1 percent.

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Annual Summary for 2015

For 2015, the goods and services deficit was $531.5 billion, up $23.2 billion from $508.3 billion in 2014. Exports were $2,230.3 billion in 2015, down $112.9 billion from 2014. Imports were $2,761.8 billion in 2015, down $89.7 billion from 2014.

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The 2015 increase in the goods and services deficit reflected an increase in the goods deficit of $17.5 billion or 2.4 percent to $758.9 billion and a decrease in the services surplus of $5.7 billion or 2.4 percent to $227.4 billion.

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As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent in 2015, up from 2.9 percent in 2014.

Exports

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Exports of goods decreased $118.8 billion to $1,513.9 billion in 2015.

Exports of goods on a Census basis decreased $115.6 billion.

  • Industrial supplies and materials decreased $76.9 billion.
    • Fuel oil decreased $22.2 billion.
    • Other petroleum products decreased $16.1 billion.
  • Foods, feeds, and beverages decreased $16.0 billion.
    • Soybeans decreased $5.3 billion.

Net balance of payments adjustments decreased $3.1 billion.

Exports of services increased $5.9 billion to $716.4 billion in 2015.

  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $9.3 billion.
  • Transport, which includes freight and port services and passenger fares, decreased $5.4 billion.

Imports

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Imports of goods decreased $101.3 billion to $2,272.8 billion in 2015.

Imports of goods on a Census basis decreased $106.6 billion.

  • Industrial supplies and materials decreased $180.8 billion.
    • Crude oil decreased $120.5 billion.
    • Fuel oil decreased $17.3 billion.
  • Consumer goods increased $37.5 billion.
    • Pharmaceutical preparations increased $16.4 billion.

Net balance of payments adjustments increased $5.3 billion.

Imports of services increased $11.6 billion to $489.0 billion in 2015.

  • Travel (for all purposes including education) increased $9.7 billion.
  • Other business services increased $5.2 billion.
  • Transport increased $3.1 billion.

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The 2015 figures show surpluses, in billions of dollars, with South and Central America ($37.4), Hong Kong ($30.5), Australia ($14.2), Singapore ($10.4), OPEC ($6.6), and Brazil ($4.3). Deficits were recorded, in billions of dollars, with China ($365.7), European Union ($153.3), Germany ($74.2), Japan ($68.6), Mexico ($58.4), South Korea ($28.3), Italy ($27.8), India ($23.2), Malaysia ($21.5), France ($17.6), Thailand ($17.3), Canada ($14.9), and Taiwan ($14.8).

  • The deficit with China increased $22.6 billion to $365.7 billion in 2015. Exports decreased $7.5 billion to $116.2 billion and imports increased $15.1 billion to $481.9 billion.
  • The surplus with Brazil decreased $7.6 billion to $4.3 billion in 2015. Exports decreased $10.8 billion to $31.7 billion and imports decreased $3.1 billion to $27.4 billion.

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NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

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