The 2020 Mid-Year Economic Update_long

February U.S. Exports Increase, Imports Decrease

Goods and services deficit up 3.2 percent year over year.

Total February exports were $192.9 billion and imports were $236.4 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. This resulted in a goods and services deficit of $43.6 billion, down from $48.2 billion in January. February exports were up $0.4 billion from January, and February imports were down $4.3 billion from January.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.6 billion to $65.0 billion and an increase in the services surplus of less than $0.1 billion to $21.4 billion. Year-to-date, the goods and services deficit increased $2.8 billion, or 3.1 percent, from the same period in 2016. Exports increased $25.8 billion or 7.2 percent. Imports increased $28.6 billion or 6.4 percent.

Exports of goods increased $0.4 billion in February. The increase in exports of goods mostly reflected an increase of $0.7 billion in consumer goods and an increase in pharmaceutical preparations of $0.6 billion. Exports of services increased less than $0.1 billion to $64.4 billion in February.

Imports of goods decreased $4.2 billion to $193.4 billion in February. The decrease in imports of goods mostly reflected a decrease in consumer goods ($3.2 billion). Imports of services decreased less than $0.1 billion to $43.0 billion.

 

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