Global| Mar 26 2021Advance U.S. Trade Deficit in Goods Deepens in February
by:Tom Moeller
|in:Economy in Brief
Summary
• Int'l trade deficit sets new record. • Both exports and imports decline. The advance estimate of the U.S. trade deficit in goods widened to $86.72 billion in February from $84.58 billion in January. An $85.1 billion deficit had been [...]
• Int'l trade deficit sets new record.
• Both exports and imports decline.
The advance estimate of the U.S. trade deficit in goods widened to $86.72 billion in February from $84.58 billion in January. An $85.1 billion deficit had been expected in the Action Economics Forecast Survey. Exports declined 3.8% (-5.4% y/y) after a 1.5% January gain. Imports weakened 1.4% (+10.1% y/y) following a 1.6% rise. During January and February, the trade deficit averaged $85.65 billion versus $83.44 billion averaged in Q4'20.
Exports of capital goods and autos & parts each declined 5.9%. Nonauto consumer goods exports fell 5.7%. Foods, feeds & beverages exports were off 5.4% while industrial supplies & materials exports eased 0.1%.
Imports of autos & parts fell 10.7% while food & beverage imports declined 4.8%. Nonauto consumer goods imports weakened 4.6%. Capital goods imports were fairly steady but industrial supplies imports surged 8.2% with higher oil prices.
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 (Customs Value $) | Feb | Jan | Dec | Feb Y/Y | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| U.S. Trade Deficit ($ bil.) | -86.72 | -84.58 | -83.19 | -59.49 (2/20) | -904.95 | -854.37 | -872.04 |
| Exports (% Chg) | -3.8 | 1.5 | 4.6 | -5.4 | -12.9 | -1.4 | 7.7 |
| Imports (% Chg) | -1.4 | 1.6 | 1.4 | 10.1 | -6.4 | -1.6 | 8.5 |
Note: Current month is based on Advance Trade data; Previous months reflect revised data from International Trade release.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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