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May 04, 2021US TRADE BALANCE, MARCH 2021 Month over month (Mar-21 vs Feb-21)
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the month-over-month net trade deficit widened by $3.9 billion to $74.4 billion. Goods trade deficit widened by $3.6 billions to $91.6 billion. Services trade surplus narrowed by $0.3 billion to $17.1 billion.
Total exports increased 6.6% ($12.4 billion) to $200.0 billion. Exports of goods increased 8.9% ($11.7 billion) to $142.9 billion. Exports of services increased 1.4% ($0.8 billion) to $57.1 billion.
Total imports increased 6.3% ($16.4 billion) to $274.5 billion. Imports of goods increased 7.0% ($15.3 billion) to $234.4 billion. Imports of services increased 2.8% ($1.1 billion) to $40.0 billion.
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Year over year (Mar 2021 vs Mar 2020)
In the United States, Net trade deficit widened by 57.6% (-$27.2 billions). Net trade Goods deficit widened by 37.7% (-$25.1 billions). Net trade Services surplus narrowed by 11.2% (-$2.2 billions).
Total exports widened by 8.1% ($14.9 billions). Exports of goods widened by 11.9% ($15.2 billions). Exports of services narrowed by 0.6% (-$0.3 billions).
Total imports widened by 18.1% ($42.1 billions). Imports of goods widened by 20.8% ($40.3 billions). Imports of services widened by 4.8% ($1.8 billions)
Year-to-date (Jan-Mar 2021 vs Jan-Mar 2020)
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the year-to-date net trade deficit narrowed by $83.2 billions to -$212.8 billion over the same period last year. Goods deficit narrowed by $71.0 billions to -$264.7 billion while services surplus narrowed by $12.1 billions to $51.9 billion.
Total exports decreased 3.5% (-$21.0 billion). Exports of goods increased 1.8% ($7.1 billion). Exports of services decreased 14.2% (-$28.1 billion).
Total imports increased 8.5% ($62.2 billion). Imports of goods increased 13.1% ($78.1 billion). Imports of services decreased 11.9% (-$16.0 billion).
CURRENT ACCOUNT AS A SHARE OF GDP (2020Q4 over 2020Q3)
In the United States the current account deficit (as measured as a share of GDP) widened 0.1 percentage points to 3.5%.
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The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country's trade and income flows relative to the size of the economy. The ratio is calculated by dividing the net values of exports less imports, primary Income (interest and dividends) and secondary income (transfers) over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage. A current account surplus indicates upward pressure on the foreign exchange rate unless it is offset by net outflows (leading, acquisition of assets) outside the country.
REFERENCES
OECD BOP as a % of GDP
US Census Bureau, US Bureau of Economic Analysis. Press release Data
U.S. Census Bureau and U.S. Bureau of Economic Analysis, Trade Balance: retrieved from FRED, Federal Reserve Bank of St. Louis;
BOPGSTB Trade Balance: Goods and Services, Balance of Payments Basis
BOPGTB Trade Balance: Goods, Balance of Payments Basis
BOPSTB Trade Balance: Services, Balance of Payments Basis
BOPTEXP Exports of Goods and Services, Balance of Payments Basis
BOPGEXP Exports of Goods, Balance of Payments Basis
BOPSEXP Exports of Services, Balance of Payments Basis
BOPTIMP Imports of Goods and Services: Balance of Payments Basis
BOPGIMP Imports of Goods: Balance of Payments Basis
BOPSIMP Imports of Services, Balance of Payments Basis
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