The U.S. monthly international trade deficit increased in February 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $45.9 billion in January (revised) to $47.1 billion in February, as imports increased more than exports. The previously published January deficit was $45.7 billion. The goods deficit increased $0.9 billion from January to $64.7 billion in February. The services surplus decreased $0.3 billion from January to $17.7 billion in February.
Exports
Exports of goods and services increased $1.8 billion, or 1.0 percent, in February to $178.1 billion. Exports of goods increased $1.8 billion and exports of services decreased less than $0.1 billion.
- The increase in exports of goods mainly reflected increases in consumer goods ($1.1 billion) and in other goods ($0.6 billion).
- The decrease in exports of services mainly reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion). An increase in travel (for all purposes including education)($0.2 billion) was partly offsetting.
Imports
Imports of goods and services increased $3.0 billion, or 1.3 percent, in February to $225.1 billion. Imports of goods increased $2.7 billion and imports of services increased $0.3 billion.
- The increase in imports of goods mainly reflected an increase in consumer goods ($3.6 billion). A decrease in automotive vehicles, parts, and engines ($1.5 billion) was partly offsetting.
- The increase in imports of services reflected increases in travel (for all purposes including education) ($0.1 billion), in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in transport ($0.1 billion).
Goods by geographic area (seasonally adjusted, Census basis)
- The deficit with China increased $1.0 billion to $32.1 billion in February. Exports decreased $0.3 billion to $8.4 billion and imports increased $0.8 billion to $40.5 billion.
- The deficit with Canada increased $0.3 billion to $1.0 billion in February. Exports decreased $0.7 billion to $21.6 billion and imports decreased $0.4 billion to $22.6 billion.
- The balance with members of OPEC shifted from a deficit of $0.2 billion in January to a surplus of $1.9 billion in February. Exports increased $1.6 billion to $7.4 billion and imports decreased $0.4 billion to $5.5 billion.
For more information, read the full report.