The 2020 Mid-Year Economic Update_long

February U.S. Exports, Imports Decrease

Goods and services deficit down $2.6 billion year-over-year.

Total February exports were $186.2 billion and imports were $221.7 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 $35.4 billion, down $7.2 billion from $42.7 billion in January. February exports were down $3 billion from January, and February imports were down $10.2 billion from January.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $7.4 billion to $55.2 billion and a decrease in the services surplus of $0.1 billion to $19.7 billion.

Year-over-year, the goods and services deficit decreased $2.6 billion, or 3.2 percent, from February 2014. Exports decreased $5.3 billion or 1.4 percent. Imports decreased $7.9 billion or 1.7 percent.

Exports of goods decreased $2.9 billion and exports of services decreased $0.1 billion. The decrease in exports of goods mostly reflected decreases in capital goods ($1.7 billion) and industrial supplies and materials ($1.4 billion).

The decrease in exports of services reflected decreases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in financial services ($0.1 billion) that were partly offset by increases in other business services ($0.1 billion) and in travel (for all purposes including education) ($0.1 billion).

Imports of goods decreased $10.3 billion and imports of services increased less than $0.1 billion. The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($4.4 billion) and in capital goods ($2.6 billion). The increase in imports of services mainly reflected an increases in travel (for all purposes including education) ($0.1 billion) offset by a decrease in transport ($0.1 billion).

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