The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $57.6 billion in February, up $0.9 billion from $56.7 billion in January, revised.

Exports, Imports, and Balance (Exhibit 1)

February exports were $204.4 billion, $3.5 billion more than January exports. February imports were $262.0 billion, $4.4 billion more than January imports.

The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.3 billion to $77.0 billion and a decrease in the services surplus of $0.6 billion to $19.4 billion.

Year-to-date, the goods and services deficit increased $21.1 billion, or 22.7 percent, from the same period in 2017. Exports increased $22.4 billion or 5.9 percent. Imports increased $43.6 billion or 9.1 percent.

Exports (Exhibits 3, 6, and 8)

Exports of goods increased $3.0 billion to $137.2 billion in February.

Exports of goods on a Census basis increased $3.1 billion.

• Industrial supplies and materials increased $2.0 billion.
  • Nonmonetary gold increased $0.6 billion.
  • Crude oil increased $0.3 billion.
  • Natural gas increased $0.3 billion.
• Automotive vehicles, parts, and engines increased $0.9 billion.
  • Passenger cars increased $0.7 billion.
• Capital goods increased $0.7 billion.
  • Civilian aircraft increased $0.2 billion.
  • Drilling and oilfield equipment increased $0.2 billion.
• Consumer goods decreased $0.8 billion.
  • Pharmaceutical preparations decreased $0.6 billion.

Exports of services increased $0.5 billion to $67.3 billion in February.

• Transport increased $0.2 billion.
• Travel (for all purposes including education) increased $0.1 billion.
• Charges for the use of intellectual property increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $3.3 billion to $214.2 billion in February.

Imports of goods on a Census basis increased $3.5 billion.

• Capital goods increased $1.8 billion.
  • Civilian aircraft increased $0.5 billion.
  • Materials-handling equipment increased $0.3 billion.
  • Computers increased $0.3 billion.
• Industrial supplies and materials increased $0.8 billion.
  • Crude oil increased $0.7 billion.
• Foods, feeds, and beverages increased $0.8 billion.

Imports of services increased $1.1 billion to $47.8 billion in February.

• The largest increase was in charges for the use of intellectual property ($1.0 billion). The increase reflects payments for the rights to broadcast the 2018 Winter Olympic Games.
• The largest decrease was in travel (for all purposes including education) ($0.2 billion).

Goods by Selected Countries Areas: Monthly – Census Basis (Exhibit 19)

The February figures show surpluses, in billions of dollars, with South and Central America ($3.4), Hong Kong ($3.1), Brazil ($0.9), United Kingdom ($0.6), and Singapore ($0.5). Deficits were recorded, in billions of dollars, with China ($34.7), European Union ($15.3), Germany ($6.7), Mexico ($6.6), Japan ($6.0), Italy ($2.8), OPEC ($2.3), India ($1.9), Taiwan ($1.5), France ($1.4), South Korea ($1.1), Saudi Arabia ($0.4), and Canada ($0.4).

• The deficit with Mexico increased $1.0 billion to $6.6 billion in February. Exports decreased less than $0.1 billion to $21.9 billion and imports increased $0.9 billion to $28.5 billion.
• The deficit with Germany increased $0.4 billion to $6.7 billion in February. Exports decreased $0.2 billion to $4.7 billion and imports increased $0.2 billion to $11.3 billion.
• The deficit with Canada decreased $1.2 billion to $0.4 billion in February. Exports increased $1.2 billion to $26.1 billion and imports increased less than $0.1 billion to $26.4 billion.