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April 21, 2022

US trade deficit edges down 0.1% as imports, exports increase

The US trade deficit in goods and services edged down by 0.1% in February, reflecting a US$1.1bn decline in both the goods deficit and services surplus.

By Beth Wright

The goods and services deficit amounted to $89.2bn in February, down less than $0.1bn from $89.2bn in January revised, according to trade statistics released by the Department of Commerce.

Exports were $228.6bn – $4.1bn more than January exports – while imports were $317.8bn, $4.1bn more than those in January.

The February decrease in the goods and services deficit reflected a decrease in the goods deficit of $1.1bn to $107.5bn and a decrease in the services surplus of $1.1bn to $18.3bn.

International trade law firm Sandler, Travis & Rosenberg (ST&R) said the monthly US trade deficit in goods and services was virtually unchanged in February and remains at a record high as both imports and exports increased.

Year-to-date, the goods and services deficit increased by $45.7bn, or 34.5%, from the same period in 2021. Exports increased $68bn or 17.6%, while imports rose by $113.7bn or 22%.

The largest deficit was recorded with China at $41.2bn, followed by the European Union at $17bn, and Mexico at $9.8bn. Deficits were also recorded with Canada ($6.8bn), Germany ($5.4bn), Japan ($5.1bn), Taiwan ($4.2bn), South Korea ($4.1bn), Italy ($3bn), India ($2.2bn), Saudi Arabia ($1bn), and France ($1bn).

Surpluses for the month of February, meanwhile, were recorded with South and Central America ($5.7bn), Hong Kong ($1.4bn), Singapore ($1.2bn), Brazil ($1.2bn), and United Kingdom ($0.9bn).

Prior to the revision, the US international trade deficit in goods and services was reported as $89.7bn in January, a record high, according to ST&R.

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