The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.2 billion in January, up $1.2 billion from $67.0 billion in December, revised.
U.S. International Trade in Goods and Services Deficit
Deficit: $68.2 Billion +1.9%°
Exports: $191.9 Billion +1.0%°
Imports: $260.2 Billion +1.2%°
Next release: Wednesday, April 7, 2021
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, Friday, March 5, 2021
Coronavirus (COVID-19) Impact on International Trade in Goods and Services
Exports and imports in January 2021 reflect both the ongoing impact of the COVID-19 pandemic and the continued economic recovery from the sharp declines in 2020. In particular, trade in services remains below pre-pandemic levels. 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. For more information, see “What is the impact of COVID-19 on statistics on trade in services?”
Exports, Imports, and Balance (exhibit 1)
January exports were $191.9 billion, $1.8 billion more than December exports. January imports were $260.2 billion, $3.1 billion more than December imports.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $1.3 billion to $85.4 billion and an increase in the services surplus of $0.1 billion to $17.2 billion.
Year-over-year, the goods and services deficit increased $23.8 billion, or 53.7 percent, from January 2020. Exports decreased $15.7 billion or 7.6 percent. Imports increased $8.1 billion or 3.2 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.4 billion to $68.1 billion for the three months ending in January.
Average exports increased $3.4 billion to $188.6 billion in January.
Average imports increased $4.9 billion to $256.7 billion in January.
Year-over-year, the average goods and services deficit increased $24.4 billion from the three months ending in January 2020.
Average exports decreased $21.3 billion from January 2020.
Average imports increased $3.1 billion from January 2020. Read More→
https://www.bea.gov/news/2021/us-international-trade-goods-and-services-january-2021
