Research >> Economics
Goods and Services Deficit increased in February 2023
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.5 billion in February, up $1.9 billion from $68.7 billion in January, revised.
Exports, Imports, and Balance
February exports were $251.2 billion, $6.9 billion less than January exports. February imports were $321.7 billion, $5.0 billion less than January imports.
The February increase in the goods and services deficit reflected an increase in the goods deficit of $2.7 billion to $93.0 billion and an increase in the services surplus of $0.8 billion to $22.4 billion.
Year-to-date, the goods and services deficit decreased $35.5 billion, or 20.3 percent, from the same period in 2022. Exports increased $49.5 billion or 10.8 percent. Imports increased $14.0 billion or 2.2 percent.
Three-Month Moving Averages
The average goods and services deficit increased $3.3 billion to $68.8 billion for the three months ending in February.
• Average exports decreased $0.3 billion to $252.7 billion in February.
• Average imports increased $3.0 billion to $321.5 billion in February.
Year-over-year, the average goods and services deficit decreased $15.7 billion from the three months ending in February 2022.
• Average exports increased $22.0 billion from February 2022.
• Average imports increased $6.3 billion from February 2022.
Posted: April 5, 2023 Wednesday 08:30 AM