The U.S. international trade deficit increased in 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $576.9 billion in 2019 to $678.7 billion in 2020, as exports decreased more than imports. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.2 percent in 2020, up from 2.7 percent in 2019. The goods deficit increased from $864.3 billion in 2019 to $915.8 billion in 2020, and the services surplus decreased from $287.5 billion in 2019 to $237.1 billion in 2020.
Exports
Exports of goods and services decreased $396.4 billion, or 15.7 percent, in 2020 to $2,131.9 billion. Exports of goods decreased $217.7 billion and exports of services decreased $178.7 billion.
- The decrease in exports of goods reflected decreases in capital goods ($87.5 billion), in industrial supplies and materials ($59.2 billion), in automotive vehicles, parts, and engines ($35.3 billion), and in consumer goods ($30.8 billion).
- The decrease in exports of services reflected decreases in travel ($117.2 billion) and in transport ($34.7 billion).
Imports
Imports of goods and services decreased $294.5 billion, or 9.5 percent, in 2020 to $2,810.6 billion. Imports of goods decreased $166.2 billion and imports of services decreased $128.3 billion.
- The decrease in imports of goods reflected decreases in automotive vehicles, parts, and engines ($65.2 billion), in industrial supplies and materials ($42.3 billion), and in capital goods ($31.2 billion).
- The decrease in imports of services reflected decreases in travel ($95.3 billion) and in transport ($35.9 billion).
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