Recent Updates
- Indonesia: International Trade (Apr)
- Finland: Trend Indicator of Output (Mar), Bankruptcy Filings (Apr)
- Japan: Monetary Survey (Apr), Wholesale & Retail Trade (Mar)
- Singapore: International Trade Press (Apr)
- more updates...
Economy in Brief
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
U.S. Import Prices Hold Steady While Export Prices Rise in April
Import prices held steady m/m (+12.0% y/y) in April...
EMU IP Drops Month-to-Month and Year-over-Year
Industrial output among EMU members fell by 1.8% month-to-month in March...
U.S. Producer Price Inflation Moderates in April
The Producer Price Index for Final Demand increased 0.5% during April...
U.S. Housing Affordability Plunges in March
Affordable homes are in short supply...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller March 28, 2022
• Exports rebound after sharp decline.
• Imports edge higher following strong increase.
The advance estimate of the U.S. international trade deficit in goods eased to $106.59 billion in February from the record $107.57 billion in January. A $106.8 billion deficit had been expected in the Action Economics Forecast Survey. Exports of goods increased 1.2% (20.7% y/y) following a 1.5% decline. Imports gained 0.3% (21.1% y/y) after increasing 1.8% in January.
The February increase in exports reflected a 6.3% (33.8% y/y) rebound in non-auto consumer goods which followed a 13.6% January decline. Exports of foods, feeds & beverages rose 3.6% last month (5.9% y/y) after holding steady in January. Industrial supplies & materials exports rose 2.6% last month (30.5% y/y) after edging 0.8% higher. Working 3.4% lower (1.6% y/y) were exports of autos & parts following a 5.1% decline. Capital goods exports were off 1.7% in February (+16.5% y/y) after they rose 2.4% in January.
Imports increased as industrial supplies & materials surged 4.4% in February (39.3% y/y) after rising 2.6% in January. Capital goods imports rose 1.5% (16.6% y/y), about as they did in January. Nonauto consumer goods imports improved 0.6% (20.0% y/y) following a 0.9% gain. These increases were offset last month by a 9.9% decline (+4.0% y/y) in imports of autos & parts which came after a 5.1% increase. Also falling by 3.0% (+26.1% y/y) were imports of foods, feeds & beverages which followed January's 8.6% rise.
The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.
Advance U.S. Foreign Trade in Goods (Census Basis) | Feb | Jan | Dec | Feb Y/Y | 2021 | 2020 | 2019 |
---|---|---|---|---|---|---|---|
U.S. Trade Balance ($ bil.) | -106.59 | -107.57 | -100.67 | -87.59 (2/21) | -1,078.57 | -911.06 | -850.92 |
Exports (% Chg) | 1.2 | -1.5 | 1.4 | 20.7 | 23.1 | -13.3 | -1.4 |
Imports (% Chg) | 0.3 | 1.8 | 2.2 | 21.1 | 21.3 | -6.3 | -1.7 |
Note: Current month is based on Advance Trade data; Previous months reflect revised data from International Trade release.