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February 05, 2021US TRADE BALANCE, DECEMBER 2020 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $66.6 billion in December, $2.4 billion lower than the deficit of $69.0 billion (revised) in November 2020.
The US goods trade deficit narrowed by $2.8 billion to $84.2 billion in December, while the US services trade surplus declined by $0.4 billion to $17.5 billion.
Both exports and imports increased in December reflecting the continued recovery from the sharp declines registered earlier in the year.
US exports increased 3.4% ($6.2 billion) month-over-month to $190.0 billion in December. However, this was still below the February 2020 level of $209.4 billion.
- Exports of goods increased 4.7% ($6.0 billion) from November to $133.2 billion in December. US goods exports were $138.5 billion in February.
- US services exports increased 0.5 per cent ($0.3 billion) from the previous month to $56.5 billion in December, still below the February level of $71.2 billion.
December imports of goods and services were $256.6 billion, up 1.5% ($3.8 billion) from November. This was also above the $247.1 billion level seen in February.
- US goods imports increased 1.5% ($3.1 billion) from November to $217.7 billion in December. US goods imports were $198.7 billion in February.
- US service imports increased 1.8% ($0.7 billion) month-over-month to $38.9 billion in December. US services imports were $48.4 billion in February.
Annual - 2020
For 2020, the US trade deficit narrowed by $101.9 billion to $678.7 billion. The goods trade deficit narrowed by $51.5 billion to $915.8 billion. The services trade surplus narrowed by $50.4 billion to $237.1 billion in 2020.
Total exports decreased 15.7% ($396.4 billion) while imports decreased 9.5% ($294.5 billion) in 2020 from the previous year.
For goods, exports declined 13.2% and imports declined 6.6% in 2020. Among services, exports declined 20.4% and imports declined 21.8% in 2020. Measuring total trade (sum of exports and imports) of United States, there was a 12.3% decline in 2020 following a 0.4% decline in 2019.
Source: US Census Bureau, US Bureau of Economic Analysis
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