April 07, 2021

The U.S. Bureau of Economic Analysis indicated that, “goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised.”

February exports amounted to $187.3 billion, which was less than January exports by $5.0 billion, whereas, February imports amounted to $258.3 billion which was $1.7 billion less than January imports.

BEA also noted that, “the February increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $88.0 billion and a decrease in the services surplus of $0.5 billion to $16.9 billion.”

Year to date compared with that of 2020, there was a 68.6% or $56.5 billion increase in the goods and services deficit. Moreover, exports fell $36.2 billion or 8.7%. Imports rose $20.3 billion or 4.1%.

Three-Month Moving Averages

For the three months ended in February, the average goods and services deficit rose $0.7 billion to $68.6 billion. This was due to a $1.1 billion increase in average exports to $189.9 billion in February and a $1.8 billion increase in average imports to $258.5 billion in February.

Exports of goods fell $4.8 billion to $131.1 billion in February. These consists of capital goods, consumer goods, foods, feeds, and beverages and automotive vehicles, parts, and engines which decreased by $2.5 billion, $0.9 billion, $0.7 billion and $0.7 billion, respectively. Additionally, export of services fell $0.2 billion to $56.1 billion in February. Of the services exported, travel decreased $0.1 billion.

Imports of goods declined $2.0 billion to $219.1 billion in February. As for imports of goods; automotive vehicles, consumer goods, and industrial supplies and materials decreased $3.4 billion, $2.7 billion and $3.5 billion, respectively. Besides, imports of services increased by $0.3 billion to $39.2 billion in February. Of this, transport increased $0.2 billion and insurance services rose $0.1 billion.

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