International Trade At a Glance
- Exports: $151.4 billion
- Monthly Change: Up $3.2 billion
- Imports: $213.7 billion
- Monthly Change: Up $7.3 billion
- Trade Deficit: $62.3 billion
- Monthly Change: Up $3.3 billion
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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
February 2008
Goods and Services
The U.S. Census Bureau and the U.S. Bureau of
Economic Analysis, through the Department of
Commerce, announced today that total February exports
of $151.4 billion and imports of $213.7 billion resulted
in a goods and services deficit of $62.3 billion, up from
$59.0 billion in January, revised. February exports were
$3.0 billion more than January exports of $148.4 billion.
February imports were $6.3 billion more than January
imports of $207.3 billion.
In February, the goods deficit increased $3.5 billion
from January to $72.9 billion, and the services surplus
increased $0.1 billion to $10.6 billion. Exports of goods
increased $2.6 billion to $107.3 billion, and imports of
goods increased $6.0 billion to $180.2 billion. Exports
of services increased $0.4 billion to $44.1 billion, and
imports of services increased $0.3 billion to $33.5
billion.
In February, the goods and services deficit increased
$4.1 billion from February 2007. Exports were up $26.1
billion, or 20.8 percent, and imports were up $30.2
billion, or 16.4 percent.
Goods
The January to February change in exports of goods
reflected increases in industrial supplies and materials
($1.9 billion); foods, feeds, and beverages ($0.7 billion);
other goods ($0.6 billion); and automotive vehicles,
parts, and engines ($0.4 billion). Decreases occurred in
capital goods ($0.7 billion) and consumer goods ($0.1
billion).
The January to February change in imports of goods
reflected increases in consumer goods ($2.2 billion);
automotive vehicles, parts, and engines ($1.8 billion);
capital goods ($1.0 billion); foods, feeds, and beverages
($0.1 billion); industrial supplies and materials ($0.1
billion); and other goods ($0.1 billion).
The February 2007 to February 2008 change in
exports of goods reflected increases in industrial
supplies and materials ($8.0 billion); capital goods ($4.2
billion); foods, feeds, and beverages ($3.0 billion);
consumer goods ($1.8 billion); automotive vehicles,
parts, and engines ($1.4 billion); and other goods ($0.5
billion).
The February 2007 to February 2008 change in
imports of goods reflected increases in industrial
supplies and materials ($19.5 billion); capital goods
($1.9 billion); automotive vehicles, parts, and engines
($1.5 billion); consumer goods ($1.3 billion); foods,
feeds, and beverages ($0.6 billion); and other goods
($0.1 billion).
Services
Services exports increased $0.4 billion from January
to February. The increase was mostly accounted for by
increases in travel and royalties and license fees.
Changes in other categories of services exports were
small and nearly offsetting.
Services imports increased $0.3 billion from
January to February. The increase was mostly accounted
for by increases in other transportation (which includes
freight and port services), travel, and other private
services (which includes items such as business,
professional, and technical services, insurance services,
and financial services). Changes in other categories of
services imports were small and nearly offsetting.
From February 2007 to February 2008, services
exports increased $7.1 billion. The largest increases
were in other private services ($2.8 billion), travel ($2.1
billion), royalties and license fees ($0.9 billion), and
other transportation ($0.9 billion). Within other private
services, increases were largest in business, professional,
and technical services and in financial services.
From February 2007 to February 2008, services
imports increased $4.0 billion. The largest increases
were in other private services ($2.0 billion), other
transportation ($0.6 billion), and travel ($0.5 billion).
Within other private services, increases were largest in
insurance services and in business, professional, and
technical services.
Goods and Services Moving Average
For the three months ending in February, exports of
goods and services averaged $148.5 billion, while
imports of goods and services averaged $208.2 billion,
resulting in an average trade deficit of $59.7 billion. For
the three months ending in January, the average trade
deficit was $59.7 billion, reflecting average exports of
$146.0 billion and average imports of $205.7 billion.
Selected Not Seasonally Adjusted Goods Details
The February figures showed surpluses, in billions
of dollars, with Australia $1.2 ($0.6 for January), Hong
Kong $1.2 ($0.9), Singapore $1.1 ($0.5), Belgium $0.7
($0.9), and Egypt $0.4 ($0.3). Deficits were recorded, in
billions of dollars, with China $18.4 ($20.3), OPEC
$13.2 ($15.5), Japan $6.9 ($6.6), the European Union
$6.9 ($6.1), Canada $6.5 ($5.9), Mexico $5.5 ($5.1),
Nigeria $2.9 ($3.4), Venezuela $2.6 ($3.4), Korea $1.1
($1.2), and Taiwan $0.7 ($1.0).
Advanced technology products (ATP) exports were
$22.3 billion in February and imports were $25.6 billion,
resulting in a deficit of $3.3 billion. February exports
were $0.1 billion more than the $22.1 billion in January,
while imports were virtually unchanged from January at
$25.6 billion.
Revisions
Goods carry-over in February was $0.4 billion (0.4
percent) for exports and $1.7 billion (1.0 percent) for
imports. For January, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.2 billion
(0.2 percent). For January, revised import carry-over
was $0.3 billion (0.2 percent), revised down from $0.8
billion (0.5 percent).
Services exports for January were virtually
unrevised at $43.6 billion. Downward revisions in travel
and passenger fares were partly offset by an upward
revision in other transportation. Services imports for
January were virtually unrevised at $33.2 billion.
foreign-trade-february2008-text
Source: Department of Commerce, Census Bureau
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