US Trade Figures for February

Posted Friday, April 5, 2024 10:59 pm

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.9 billion in February, up $1.3 billion from $67.6 billion in January, revised.

February exports were $263.0 billion, $5.8 billion more than January exports. February imports were $331.9 billion, $7.1 billion more than January imports.

The February increase in the goods and services deficit reflected a decrease in the goods deficit of $0.3 billion to $91.4 billion and a decrease in the services surplus of $1.6 billion to $22.5 billion.

Year-to-date, the goods and services deficit decreased $3.9 billion, or 2.8 percent, from the same period in 2023. Exports increased $9.3 billion or 1.8 percent. Imports increased $5.4 billion or 0.8 percent.

The average goods and services deficit increased $2.1 billion to $66.9 billion for the three months ending in February.

Exports of goods increased $5 billion to $176.7 billion in February, while exports of services increased $800 million to $86.4 billion in February. Imports of goods increased $4.7 billion to $268.1 billion and imports of services increased $2.4 billion to $63.8 billion.

In February, the United States ran trade deficits with China at $21.9 billion; European Union at $17.6 billion; Mexico $15.3 billion; Vietnam $9.6 billion; Germany $7.6 billion; Japan $6.2 billion; Ireland $5.3 billion;, South Korea $5.2 billion; Canada $5.1 billion; India $4.4 billion; Taiwan
$4.2 billion;, Italy $3.4 billion; Malaysia $2.4 billion; France $800 billion; Singapore $300 million and Israel $300 million.

The February figures show surpluses with South and Central America at $5.5 billion; Netherlands $4.3 billion; Hong Kong $2.8 billion; Australia $1.6 billion; United Kingdom $800 million; Belgium $600 million; Brazil $600 million; Switzerland $400 million and Saudi Arabia at less than $100 million.

Summary and Highlights

Press Highlights

February exports of services ($86.4 billion) were the highest on record.

February exports of capital goods ($53.0 billion) were the highest on record.

February exports to France ($4.1 billion) were the highest since September 2022 ($4.7 billion).

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Vol 44 No. 19 May 6, 2024

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