2017 Trade Gap is $566.0 Billion

The U.S. international trade deficit increased in 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $504.8 billion in 2016 to $566.0 billion in 2017, as imports increased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2017, up from 2.7 percent in 2016. The goods deficit increased from $752.5 billion in 2016 to $810.0 billion in 2017, and the services surplus decreased from $247.7 billion in
2016 to $244.0 billion in 2017.

Good Service Feb6

Exports
Exports of goods and services increased $121.2 billion, or 5.5 percent, in 2017 to $2,329.3 billion. Exports of goods increased $95.7 billion and exports of services increased $25.5 billion.
• The largest increases in exports of goods were in industrial supplies and materials ($66.4 billion) and in capital goods ($13.2 billion).
• The largest increases in exports of services were in other business services ($13.3 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, in financial services ($6.0 billion), and in telecommunications, computer, and information services ($2.2 billion).

Imports
Imports of goods and services increased $182.5 billion, or 6.7 percent, in 2017 to $2,895.3 billion.  Imports of goods increased $153.2 billion and imports of services increased $29.2 billion.
• The largest increases in imports of goods were in industrial supplies and materials ($64.3 billion), in capital goods ($50.7 billion), and in consumer goods ($18.6 billion).
• The largest increases in imports of services were in travel (for all purposes including education) ($11.7 billion), in charges for the use of intellectual property ($4.9 billion), and in transport ($4.0 billion).

For more information read the full report.


Enter your email address to follow this blog and receive notifications of new posts by email.

Archives


%d bloggers like this: