The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January, revised.

February exports were $209.7 billion, $2.3 billion more than January exports. February imports were $259.1 billion, $0.6 billion more than January imports.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $1.2 billion to $72.0 billion and an increase in the services surplus of $0.5 billion to $22.6 billion.

Year-to-date, the goods and services deficit decreased $8.3 billion, or 7.6 percent, from the same period in 2018. Exports increased $11.1 billion or 2.7 percent. Imports increased $2.8 billion or 0.5 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $2.1 billion to $139.5 billion in February.

Exports of goods on a Census basis increased $1.9 billion.

• Capital goods increased $2.1 billion.
  • Civilian aircraft increased $2.2 billion.
• Automotive vehicles, parts, and engines increased $0.6 billion.
• Industrial supplies and materials decreased $0.4 billion.

Exports of services increased $0.2 billion to $70.1 billion in February.

• Transport increased $0.2 billion.
• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $0.9 billion to $211.6 billion in February.

Imports of goods on a Census basis increased $0.8 billion.

• Consumer goods increased $1.6 billion.
  • Cell phones and other household goods increased $2.1 billion.
• Other goods increased $0.5 billion.
• Industrial supplies and materials decreased $1.2 billion.

Imports of services decreased $0.3 billion to $47.5 billion in February.

• Transport decreased $0.2 billion.
• Travel (for all purposes including education) decreased $0.1 billion.
• Government goods and services increased $0.1 billion.

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

The February figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.8), United Kingdom ($0.9), Brazil ($0.6), Singapore ($0.4), Canada ($0.4), and OPEC ($0.3). Deficits were recorded, in billions of dollars, with China ($30.1), European Union ($12.4), Mexico ($7.7), Japan ($6.7), Germany ($5.5), Italy ($2.8), South Korea ($2.4), India ($2.2), France ($2.2), Taiwan ($1.7), and Saudi Arabia ($0.3).

• The deficit with China decreased $3.1 billion to $30.1 billion in February. Exports increased $1.6 billion to $9.2 billion and imports decreased $1.5 billion to $39.3 billion.
• The surplus with Hong Kong increased $1.0 billion to $2.8 billion in February. Exports increased $0.9 billion to $3.2 billion and imports decreased $0.1 billion to $0.3 billion.
• The deficit with Japan increased $1.3 billion to $6.7 billion in February. Exports decreased $1.1 billion to $5.7 billion and imports increased $0.2 billion to $12.4 billion.