EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, APRIL 7, 2021 CB 21-50, BEA 21-17 Goods Data Inquiries Goods Media Inquiries Services Data and Media Inquiries U.S. Census Bureau U.S. Census Bureau U.S. Bureau of Economic Analysis Economic Indicators Division, International Trade Public Information Office Balance of Payments Division (301) 763-2311 (301) 763-3030 Data: (301) 278-9559 [email protected] [email protected] Media: (301) 278-9003 [email protected] U.S. International Trade in Goods and Services February 2021 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.1 billion in February, up $3.3 billion from $67.8 billion in January, revised. Goods and Services Trade Deficit U.S. INTERNATIONAL TRADE IN Billion $ Seasonally adjusted GOODS AND SERVICES DEFICIT 75 70 65 Monthly deficit Deficit: $71.1 Billion +4.8%° 60 55 Exports: $187.3 Billion -2.6%° 50 Three-month 45 Imports: $258.3 Billion -0.7%° moving average 40 Next release: Tuesday, May 4, 2021 35 300 (°) Statistical significance is not applicable or not measurable. February 2019 February 2020 February 2021 Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. U.S. Bureau of Economic Analysis U.S. International Trade in Goods and Services U.S. Census Bureau April 7, 2021 International Trade in Goods and Services, April 7, 2021 COVID-19 Impact on International Trade in Goods and Services The global pandemic and the economic recovery continued to impact international trade in February 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified. Exports, Imports, and Balance (exhibit 1) February exports were $187.3 billion, $5.0 billion less than January exports. February imports were $258.3 billion, $1.7 billion less than January imports. 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, the goods and services deficit increased $56.5 billion, or 68.6 percent, from the same period in 2020. Exports decreased $36.2 billion or 8.7 percent. Imports increased $20.3 billion or 4.1 percent. Three-Month Moving Averages (exhibit 2) The average goods and services deficit increased $0.7 billion to $68.6 billion for the three months ending in February. • Average exports increased $1.1 billion to $189.9 billion in February. • Average imports increased $1.8 billion to $258.5 billion in February. Year-over-year, the average goods and services deficit increased $25.9 billion from the three months ending in February 2020. • Average exports decreased $19.2 billion from February 2020. • Average imports increased $6.7 billion from February 2020. Exports (exhibits 3, 6, and 7) Exports of goods decreased $4.8 billion to $131.1 billion in February. Exports of goods on a Census basis decreased $4.8 billion. • Capital goods decreased $2.5 billion. o Other industrial machinery decreased $0.7 billion. o Civilian aircraft decreased $0.5 billion. o Semiconductors decreased $0.4 billion. • Consumer goods decreased $0.9 billion. • Foods, feeds, and beverages decreased $0.7 billion. • Automotive vehicles, parts, and engines decreased $0.7 billion. Net balance of payments adjustments increased $0.1 billion. Exports of services decreased $0.2 billion to $56.1 billion in February. • Travel decreased $0.1 billion. – 2 – Imports (exhibits 4, 6, and 8) Imports of goods decreased $2.0 billion to $219.1 billion in February. Imports of goods on a Census basis decreased $2.1 billion. • Automotive vehicles, parts, and engines decreased $3.4 billion. o Passenger cars decreased $1.8 billion. • Consumer goods decreased $2.7 billion. o Pharmaceutical preparations decreased $3.9 billion. • Industrial supplies and materials increased $3.5 billion. o Finished metal shapes increased $1.1 billion. o Crude oil increased $1.0 billion. o Natural gas increased $0.9 billion. Net balance of payments adjustments increased $0.1 billion. Imports of services increased $0.3 billion to $39.2 billion in February. • Transport increased $0.2 billion. • Insurance services increased $0.1 billion. Real Goods in 2012 Dollars – Census Basis (exhibit 11) The real goods deficit increased $3.0 billion to $99.1 billion in February. • Real exports of goods decreased $7.9 billion to $139.4 billion. • Real imports of goods decreased $4.9 billion to $238.5 billion. Revisions Revisions to January exports • Exports of goods were revised up $0.2 billion. • Exports of services were revised up $0.1 billion. Revisions to January imports • Imports of goods were revised up less than $0.1 billion. • Imports of services were revised down $0.1 billion. Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19) The February figures show surpluses, in billions of dollars, with South and Central America ($3.7), Brazil ($1.4), Hong Kong ($1.2), Singapore ($0.6), United Kingdom ($0.2), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($30.3), European Union ($19.0), Mexico ($6.8), Germany ($5.3), Japan ($4.5), Canada ($4.0), Italy ($3.2), France ($2.7), Taiwan ($2.4), South Korea ($2.3), and India ($1.7). – 3 – • The deficit with China increased $3.1 billion to $30.3 billion in February. Exports decreased $4.5 billion to $10.4 billion and imports decreased $1.5 billion to $40.6 billion. • The deficit with Canada increased $2.2 billion to $4.0 billion in February. Exports decreased $0.5 billion to $23.7 billion and imports increased $1.7 billion to $27.7 billion. • The deficit with Mexico decreased $5.1 billion to $6.8 billion in February. Exports increased $2.1 billion to $22.8 billion and imports decreased $3.0 billion to $29.6 billion. * * * All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule. * * * Next release: May 4, 2021, at 8:30 A.M. EDT U.S. International Trade in Goods and Services, March 2021 * * * – 4 – Notice Upcoming Updates to Goods and Services With the releases of the “U.S. International Trade in Goods and Services, April 2021” report (FT-900) and the FT-900 Annual Revision on June 8, 2021, statistics on trade in goods on both a Census basis and a balance of payments (BOP) basis will be revised beginning with 2016, and statistics on trade in services will be revised beginning with 2013. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2021 and Annual Update” report and in the international transactions interactive database, both to be released by the U.S. Bureau of Economic Analysis (BEA) on June 23, 2021. Revised statistics on trade in goods will reflect: • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis. • Incorporation of a new BOP adjustment to improve the coverage of aircraft imports on a BOP basis. For more information on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis, see the “Goods (balance of payments basis)” section in the explanatory notes. • Newly available and revised source data on other BOP adjustments. • Recalculated seasonal and trading-day adjustments. Revised statistics on trade in services will reflect: • Newly available and revised source data, primarily from BEA surveys of international services, including the results of BEA’s benchmark survey of insurance services. • Recalculated seasonal adjustments. • Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information. A preview of BEA’s 2021 annual update of the international transactions accounts will appear in the April 2021 issue of the Survey of Current Business. If you have questions, please contact the U.S. Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected] or BEA, Balance of Payments Division, at [email protected]. – 5 – Explanatory Notes Goods (Census basis) February 2021 was $0.2 billion (0.2 percent) for exports and $0.1 billion (less than 0.1 percent) for imports. For January Data for goods on a Census basis are compiled from the 2021, revised export carry-over was less than $0.1 billion documents collected by U.S. Customs and Border (less than 0.1 percent) and revised import carry-over was Protection (CBP) and reflect the movement of goods less than $0.1 billion (less than 0.1 percent). between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S.