FOR IMMEDIATE RELEASE 8:30 A.M. EDT TUESDAY, APRIL 12, 2011 CB11-66 BEA11-15 FT-900 (11-02) 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 2011 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 $165.1 billion and imports of $210.9 billion resulted in a goods and services deficit of $45.8 billion, down from $47.0 billion in January, revised. February exports were $2.4 billion less than January exports of $167.5 billion. February imports were $3.6 billion less than January imports of $214.5 billion. In February, the goods deficit decreased $1.0 billion from January to $59.3 billion, and the services surplus increased $0.3 billion to $13.6 billion. Exports of goods decreased $2.5 billion to $118.0 billion, and imports of goods decreased $3.4 billion to $177.3 billion. Exports of services were virtually unchanged at $47.2 billion, and imports of services decreased $0.2 billion to $33.6 billion. The goods and services deficit increased $6.0 billion from February 2010 to February 2011. Exports were up $20.5 billion, or 14.2 percent, and imports were up $26.6 billion, or 14.4 percent. Goods (Census basis) The January to February decrease in exports of goods reflected decreases in automotive vehicles, parts, and engines ($1.0 billion); industrial supplies and materials ($0.6 billion); other goods ($0.5 billion); capital goods ($0.3 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.2 billion). The January to February decrease in imports of goods reflected decreases in automotive vehicles, parts, and engines ($2.3 billion); capital goods ($2.1 billion); industrial supplies and materials ($1.4 billion); and other goods ($0.1 billion). Increases occurred in consumer goods ($2.3 billion) and foods, feeds, and beverages ($0.1 billion). The February 2010 to February 2011 increase in exports of goods reflected increases in industrial supplies and materials ($9.6 billion); capital goods ($4.0 billion); foods, feeds, and beverages ($1.9 billion); automotive vehicles, parts, and engines ($1.0 billion); and consumer goods ($0.8 billion). Other goods were virtually unchanged. The February 2010 to February 2011 increase in imports of goods reflected increases in industrial supplies and materials ($9.2 billion); consumer goods ($5.7 billion); capital goods ($5.7 billion); automotive vehicles, parts, and engines ($3.3 billion); and foods, feeds, and beverages ($1.4 billion). A decrease occurred in other goods ($0.3 billion). Services Services exports were virtually unchanged from January to February. An increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) was partly offset by a decrease in other transportation (which includes freight and port services). Changes in the other categories of services exports were small. Services imports decreased $0.2 billion from January to February. The decrease was more than accounted for by decreases in other transportation and travel. An increase in other private services was partly offsetting. Changes in the other categories of services imports were small. The February 2010 to February 2011 increase in exports of services was $2.9 billion. The largest increases were in other private services ($1.8 billion), travel ($0.6 billion), and passenger fares ($0.3 billion). Within other private services, the largest increases were in business, professional, and technical services and financial services. The February 2010 to February 2011 increase in imports of services was $1.1 billion. The largest increases were in other private services ($1.0 billion), other transportation ($0.3 billion), and passenger fares ($0.3 billion). Within other private services, the largest increases were in insurance services and business, professional, and technical services. Goods and Services Moving Average For the three months ending in February, exports of goods and services averaged $165.3 billion, while imports of goods and services averaged $209.7 billion, resulting in an average trade deficit of $44.3 billion. For the three months ending in January, the average trade deficit was $41.8 billion, reflecting average exports of $163.7 billion and average imports of $205.5 billion. Selected Not Seasonally Adjusted Goods Details The February figures show surpluses, in billions of dollars, with Hong Kong $2.5 ($2.2 for January), Australia $1.4 ($1.2), Singapore $0.8 ($0.8), and Egypt $0.5 ($0.5). Deficits were recorded, in billions of dollars, with China $18.8 ($23.3), OPEC $9.4 ($9.9), European Union $6.9 ($5.6), Mexico $5.3 ($4.9), Japan $5.2 ($5.0), Germany $3.3 ($3.1), Canada $2.9 ($3.8), Ireland $2.6 ($1.9), Nigeria $2.5 ($2.9), Venezuela $2.1 ($2.8), Taiwan $0.9 ($0.9), and Korea $0.8 ($1.0). Advanced technology products exports were $21.0 billion in February and imports were $26.9 billion, resulting in a deficit of $5.9 billion. February exports were $0.1 billion less than the $21.1 billion in January, while February imports were $1.3 billion less than the $28.3 billion in January. Revisions (Goods on a Census basis, not seasonally adjusted) For January, goods exports were revised down $0.1 billion and imports were revised up $0.5 billion. Goods carry-over in February was $0.1 billion (0.1 percent) for exports and $1.4 billion (0.9 percent) for imports. For January, revised export carry-over was virtually unchanged at $0.1 billion (0.1 percent). For January, revised import carry-over was $0.3 billion (0.2 percent), revised down from $0.6 billion (0.3 percent). Services exports for January were revised down $0.1 billion to $47.1 billion, mostly reflecting a downward revision in travel. Services imports for January were virtually unrevised at $33.8 billion.