U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
February 2009
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 $126.8
billion and imports of $152.7 billion resulted in a goods and services deficit
of $26.0 billion, down from $36.2 billion in January, revised. February exports
were $2.0 billion more than January exports of $124.7 billion. February imports
were $8.2 billion less than January imports of $160.9 billion.
In February, the goods deficit decreased $10.1 billion from January to $36.9 billion,
and the services surplus increased $0.2 billion to $10.9 billion. Exports of goods
increased $2.5 billion to $84.7 billion, and imports of goods decreased $7.6 billion
to $121.5 billion. Exports of services decreased $0.4 billion to $42.1 billion, and
imports of services decreased $0.6 billion to $31.2 billion.
In February, the goods and services deficit decreased $35.9 billion from February 2008.
Exports were down $25.7 billion, or 16.9 percent, and imports were down $61.7 billion,
or 28.8 percent.
Goods
The January to February change in exports of goods reflected increases in consumer goods
($1.3 billion); automotive vehicles, parts, and engines ($0.5 billion); foods, feeds,
and beverages ($0.3 billion); other goods ($0.2 billion); capital goods ($0.2 billion);
and industrial supplies and materials ($0.1 billion).
The January to February change in imports of goods reflected decreases in industrial
supplies and materials ($3.6 billion); capital goods ($1.9 billion); consumer goods
($1.4 billion); automotive vehicles, parts, and engines ($0.9 billion); and foods,
feeds, and beverages ($0.1 billion). An increase occurred in other goods ($0.4 billion).
The February 2008 to February 2009 change in exports of goods reflected decreases in
industrial supplies and materials ($9.7 billion); capital goods ($6.1 billion); automotive
vehicles, parts, and engines ($4.8 billion); foods, feeds, and beverages ($1.7 billion);
other goods ($0.7 billion); and consumer goods ($0.6 billion).
The February 2008 to February 2009 change in imports of goods reflected decreases in
industrial supplies and materials ($30.1 billion); automotive vehicles, parts, and engines
($12.2 billion); capital goods ($8.6 billion); consumer goods ($6.6 billion); foods, feeds,
and beverages ($0.5 billion); and other goods ($0.1 billion).
Services
Services exports decreased $0.4 billion from January to February. The decrease was more
than accounted for by decreases in travel, passenger fares, and other private services
(which includes items such as business, professional, and technical services, insurance
services, and financial services). An increase in transfers under U.S. military sales
contracts was partly offsetting. Changes in other categories of services exports were small.
Services imports decreased $0.6 billion from January to February. The decrease was mostly
accounted for by decreases in other transportation (which includes freight and port services),
passenger fares, and travel. Changes in other categories of services imports were small.
The February 2008 to February 2009 decrease in exports of services was $2.4 billion. The
largest decreases were in travel ($1.2 billion), other transportation ($0.9 billion), and
passenger fares ($0.3 billion).
The February 2008 to February 2009 decrease in imports of services was $2.2 billion. The
largest decreases were in other transportation ($1.4 billion) and travel ($0.6 billion).
Goods and Services Moving Average
For the three months ending in February, exports of goods and services averaged $128.0
billion, while imports of goods and services averaged $162.0 billion, resulting in an
average trade deficit of $34.0 billion. For the three months ending in January, the
average trade deficit was $39.5 billion, reflecting average exports of $132.6 billion
and average imports of $172.2 billion.
Selected Not Seasonally Adjusted Goods Details
The February figures show surpluses, in billions of dollars, with Hong Kong $1.2 ($1.0 for
January), Australia $1.0 ($0.6), Singapore $0.7 ($0.7), and Egypt $0.5 ($0.2). Deficits
were recorded, in billions of dollars, with China $14.2 ($20.6), the European Union $3.3
($3.5), Mexico $3.1 ($2.7), Japan $2.2 ($4.3), OPEC $2.1 ($4.0), Canada $1.8 ($2.5),
Venezuela $1.0 ($1.1), Taiwan $1.0 ($1.3), Korea $0.9 ($1.9), and Nigeria $0.5 ($0.4).
Advanced technology products (ATP) exports were $18.9 billion in February and imports were
$20.4 billion, resulting in a deficit of $1.5 billion. February exports were $0.2 billion
more than the $18.7 billion in January, while imports were $0.3 billion less than the $20.7
billion in January.
Revisions
Goods carry-over in February was $0.1 billion (0.1 percent) for exports and $0.8 billion
(0.6 percent) for imports. For January, revised export carry-over was less than $0.1 billion.
For January, revised import carry-over was $0.3 billion (0.2 percent), revised down from
$0.8 billion (0.6 percent).
Services exports for January were revised down $0.2 billion to $42.5 billion. The revision
was accounted for by small downward revisions in most categories of services exports.
Services imports for January were virtually unrevised at $31.8 billion, as small downward
revisions were mostly offset by small upward revisions.
