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February 2018 Trade Gap is $57.6 Billion

The U.S. monthly international trade deficit increased in February 2018 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $56.7 billion in January (revised) to $57.6 billion in February, as imports increased more than exports. The previously published January deficit was $56.6 billion. The goods deficit increased $0.3 billion in February to $77.0 billion. The services surplus decreased $0.6 billion in February to $19.4 billion.

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Exports
Exports of goods and services increased $3.5 billion, or 1.7 percent, in February to $204.4 billion. Exports of goods increased $3.0 billion and exports of services increased $0.5 billion.

  • The increase in exports of goods mostly reflected increases in industrial supplies and materials ($2.0 billion), in automotive vehicles, parts, and engines ($0.9 billion), and in capital goods ($0.7 billion). A decrease in consumer goods ($0.8 billion) partly offset the increases.
  • The increase in exports of services mostly reflected increases in transport ($0.2), in travel (for all purposes including education) ($0.1 billion), and in charges for the use of intellectual property ($0.1 billion).

Imports
Imports of goods and services increased $4.4 billion, or 1.7 percent, in February to $262.0 billion. Imports of goods increased $3.3 billion and imports of services increased $1.1 billion.

  • The increase in imports of goods mostly reflected increases in capital goods ($1.8 billion), in industrial supplies and materials ($0.8 billion), and in foods, feeds, & beverages ($0.8 billion).
  • The increase in imports of services mostly reflected an increase in charges for the use of intellectual property ($1.0 billion), which included payments for the rights to broadcast the 2018 Winter Olympic Games.

For more information, read the full report.

U.S. Net International Investment Position Decreased in Fourth Quarter

The U.S. net international investment position decreased to −$7,845.8 billion (preliminary) at the end of the fourth quarter from −$7,739.7 billion (revised) at the end of the third quarter. The $106.1 billion decrease reflected net financial transactions of –$52.4 billion and net other changes in position, such as price and exchange-rate changes, of –$53.8 billion.

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  • The net investment position decreased 1.4 percent in the fourth quarter, compared with an increase of 3.3 percent in the third quarter. The net investment position decreased an average of 5.0 percent per quarter from the first quarter of 2011 through the second quarter of 2017.
  • U.S. assets increased $727.2 billion to $27,632.8 billion, mostly reflecting increases in portfolio investment and direct investment assets due to increases in foreign equity prices.
  • U.S. liabilities increased $833.3 billion to $35,478.6 billion, mostly reflecting increases in portfolio investment and direct investment liabilities due to increases in U.S. equity prices.

For more information, read the full report.

Personal Saving Increases in February

pi-blog-feb-tablePersonal income increased 0.4 percent in February, the same increase as in January. Wages and salaries, the largest component of personal income, increased 0.5 percent in February after increasing 0.6 percent in January.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in February after increasing 1.0 percent in January.

Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in February after increasing 0.6 percent in January.

Real consumer spending (PCE), spending adjusted for price changes, was unchanged in February after decreasing 0.2 percent in January. Spending on durable goods increased 0.6 percent in February after decreasing 1.6 percent in January.

PCE prices increased 0.2 percent in February after increasing 0.4 percent in January. Excluding food and energy, PCE prices increased 0.2 percent in February after increasing 0.3 percent in January.

Personal saving rate
Personal saving as a percent of DPI was 3.4 percent in February after 3.2 percent in January.

For more information, read the full report.

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