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Wednesday, April 05, 2023

Trade Deficit increased to $70.5 Billion in February

by Calculated Risk on 4/05/2023 08:48:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.5 billion in February, up $1.9 billion from $68.7 billion in January, revised.

February exports were $251.2 billion, $6.9 billion less than January exports. February imports were $321.7 billion, $5.0 billion less than January imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports decreased in February.

Exports are up 8% year-over-year; imports are up 1% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and then bounced back - but imports have been decreasing recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are positive.

The trade deficit with China decreased to $19.0 billion in January, from $30.7 billion a year ago.

The trade deficit was larger than the consensus forecast.