Recent Updates

  • Euro area: Flash Consumer Confidence (Apr)
  • Ireland: Producer & Wholesale Price Indexes (Mar)
  • UK: Capital Issuance (Mar)
  • Spain: Trade in Constant Prices, Trade in Goods (Feb)
  • Germany: Federal Budget, PPI, Monthly Tax Revenue (Mar), Short-term Indicator (Feb), Public Sector Finance (Q4)
  • Colombia: Imports (Feb); Brazil: IPCA-15 (Apr)
  • Turkey: Non-Domestic PPI, House Sales, Central Government and Domestic Debt by Instrument, External Debt by Lender, Domestic
  • more updates...

Economy in Brief

U.S. Trade Deficit Deepens Unexpectedly but Deficit With China Narrows Significantly
by Tom Moeller  April 3, 2014

The U.S. foreign trade deficit of $42.3 billion in February compared to $39.3 billion in January, last month reported as $39.1 billion. A $39.0 billion deficit had been expected in the Action Economics Forecast Survey. The deficit's deepening owed to a 1.1% decline (+1.9% y/y) in exports, the second decline in the last three months. Imports rose 0.4% (1.1% y/y). In chained 2009 dollars, the deficit in goods deteriorated in February to $50.1 billion from $48.4 billion. Real exports of goods fell 1.6% (+1.2% y/y) while real imports slipped 0.2% (+1.1% y/y).

The constant dollar value of exports of industrial supplies and materials declined 6.8% (-2.5% y/y) pulled lower by an 11.7% drop (+3.9%) in petroleum exports. Real capital goods exports fell 2.2% (0.4% y/y) and real exports of foods feeds & beverages were off by 2.0% (+6.7% y/y). To the upside, real exports of nonauto consumer goods rose 8,4% (12.9% y/y) and real auto exports gained 0.9% (-1.6% y/y). Services exports were unchanged (5.5% y/y). Travel exports slipped 0.1% (+7.2% y/y) but the dollar's value encouraged U.S. visits. Passenger fares declined 4.4% (+0.2% y/y).

The value of U.S. petroleum imports declined 2.0% (-3.6% y/y) and the quantity of petroleum product imports fell 0.9% (+0.4% y/y). The price of crude oil gained m/m to $91.53, still down from the $109.69 high reached in April 2012. In constant dollars, nonpetroleum imports slipped 0.1% (+1.2% y/y). Real automotive imports increased 4.0% (5.0% y/y) while real nonauto consumer goods imports edged 0.2% higher (-1.9% y/y. Real capital goods imports declined 2.4% (+1.6% y/y. Services imports rebounded 2.1% (6.7% y/y). Travel imports slipped 0.1% (+4.6% y/y) but passenger fares increased 1.3% (9.0% y/y).

The February trade deficit in goods with mainland China narrowed to $20.9 billion, its least since March 2013. Exports to China jumped 6.2% y/y while imports declined 6.0% y/y. With Japan, the deficit held steady at $5.3 billion. U.S. exports improved 5.7% y/y but imports were down 3.5% y/y. The deficit with the European Union deepened slightly to $9.1 billion. U.S. exports increased 3.6% y/y while imports rose 4.0% y/y.

The international trade data can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figures are from the Action Economics consensus survey, which is carried in the AS1REPNA.

Foreign Trade (Current Dollars) Feb Jan Dec Y/Y 2013 2012 2011
U.S. Trade Deficit $42.3 bil. $39.3 bil. $39.0 bil. $42.3 bil.
(2/13)
$474.9 bil. $534.7 bil. $556.8 bil.
Exports (%) -1.1 0.6 -1.7 1.9 2.8 4.6 14.5
Imports 0.4 0.6 0.2 1.1 0.0 2.8 13.9
  Petroleum -2.0 8.9 2.1 -3.6 -10.9 -5.6 30.7
  Nonpetroleum goods 0.2 -0.5 -0.4 0.5 2.0 5.2 12.1
close
large image