U.S. international trade deficit drops to $45.8 billion in February

U.S. international trade deficit drops to $45.8 billion in February

2011-04-13 21:11:24 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The U.S. international trade deficit decreased to $45.8 billion in February, compared to January's revised $47 billion in January, as exports of U.S. goods and services totaled $165.1 billion, while imports totaled $210.9 billion, according to a report released by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.  

The report showed that February exports were $2.4 billion less than January's exports of $167.5 billion, while imports dropped $3.6 billion compared to January's $214.5 billion.

In addition, February's goods deficit decreased $1 billion from January to $59.3 billion, and the services surplus increased $0.3 billion to $13.6 billion, which is the highest on record. Meanwhile, exports of goods decreased by $2.5 billion to $118 billion, and imports of goods decreased $3.4 billion to $177.3 billion.

The report also revealed that exports of services remained virtually unchanged at $47.2 billion, and imports of services decreased $0.2 billion to $33.6 billion.

Furthermore, February's goods and services deficit increased $6 billion compared to the same period one year ago, as exports were up $20.5 billion, or 14.2 percent, and imports were up $26.6 billion, or 14.4 percent.

In January, U.S. revised exports totaled $167.1 billion, the largest monthly total ever recorded, surpassing the previous record of $165.7 billion in July 2008.

Meanwhile, the Export-Import Bank of the United States (Ex-Im Bank) reported it authorized $10.8 billion for the first five months of fiscal year (October 2010 through February), supporting $13 billion in U.S. exports and approximately 93,000 American jobs.  

The Bank's support of U.S. small business exports also grew to $1.7 billion, compared with $1.5 billion for the same five-month period a year ago.

Exports of U.S. goods and services over the twelve-month period ending February 28, totaled $1.88 trillion, which was 19.5 percent above the level of exports in 2009.  Also over the period ending February 28, exports have been growing at an annualized rate of 16.5 percent when compared to 2009.  

The pace exceeds the 15 percent monthly growth required to double exports by the end of 2014.

"The steady growth in exports keeps the United States on track to meet President Obama's goal of doubling exports and supporting two million American jobs by 2015," said Ex-Im Bank Chairman and President Fred P. Hochberg.

Among the major export markets (defined as markets with at least $6 billion in annual imports of U.S. goods), the largest annualized increase in U.S. goods purchases occurred in Turkey (53.8 percent), South Africa (37.6 percent), Panama (36.7 percent), Taiwan (36.2 percent), Peru (35.4 percent), Brazil (34.5 percent), Argentina (32.7 percent), Malaysia (32.6 percent), Korea (31.7 percent), and Egypt (31.5 percent).

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