The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.6 billion in February, down $4.6 billion from $48.2 billion in January, revised. February exports were $192.9 billion, $0.4 billion more than January exports. February imports were $236.4 billion, $4.3 billion less than January imports.

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

Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods increased $0.4 billion to $128.5 billion in February.

Exports of goods on a Census basis increased $0.5 billion.

• Consumer goods increased $0.7 billion.
  • Pharmaceutical preparations increased $0.6 billion.
• Other goods increased $0.5 billion.
• Industrial supplies and materials increased $0.4 billion.
• Foods, feeds, and beverages decreased $0.7 billion.
  • Soybeans decreased $0.6 billion.
• Capital goods decreased $0.6 billion.
  • Civilian aircraft decreased $0.6 billion.

Exports of services increased less than $0.1 billion to $64.4 billion in February.

• Changes in all categories were $0.1 billion or less and were nearly offsetting

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods decreased $4.2 billion to $193.4 billion in February.

Imports of goods on a Census basis decreased $4.1 billion.

• Consumer goods decreased $3.1 billion.
  •  Cell phones and other household goods decreased $1.9 billion.
• Automotive vehicles, parts, and engines decreased $2.6 billion.
  • Passenger cars decreased $2.1 billion.
• Industrial supplies and materials increased $1.4 billion.
  • Crude oil increased $1.3 billion.

Imports of services decreased less than $0.1 billion to $43.0 billion in February.

• Changes in all categories were $0.1 billion or less and were nearly offsetting.

Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

The February figures show surpluses, in billions of dollars, with Hong Kong ($3.3), South and Central America ($2.0), Singapore ($1.1), Brazil ($0.5), and United Kingdom ($0.2). Deficits were recorded, in billions of dollars, with China ($31.7), European Union ($12.0), Mexico ($6.2), Germany ($5.4), Japan ($4.9), Canada ($2.4), OPEC ($2.2), Italy ($2.1), South Korea ($1.9), India ($1.8), France ($1.3), Saudi Arabia ($1.2), and Taiwan ($1.1).

• The balance with the United Kingdom shifted from a deficit of $0.9 billion to a surplus of $0.2 billion in February. Exports increased $0.6 billion to $4.5 billion and imports decreased $0.5 billion to $4.3 billion.
• The deficit with Japan decreased $0.6 billion to $4.9 billion in February. Exports decreased less than $0.1 billion to $5.5 billion and imports decreased $0.7 billion to $10.4 billion.
• The deficit with China increased $1.6 billion to $31.7 billion in February. Exports decreased $0.3 billion to $10.5 billion and imports increased $1.3 billion to $42.2 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.