BEA News: U.S. International Trade in Goods and Services, December 2021 (08 Feb 2022)

BEA News: U.S. International Trade in Goods and Services, December 2021
The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

The U.S. monthly international trade deficit increased in December 2021 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $79.3 billion in November (revised) to $80.7 billion in December, as imports increased more than exports. The previously published November deficit was $80.2 billion. The goods deficit increased $3.2 billion in December to $101.4 billion. The services surplus increased $1.8 billion in December to $20.7 billion.

The full text of the release on BEA's website can be found at: www.bea.gov/news/2022/us-international-trade-goods-and-services-december-2021

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News Release

U.S. International Trade in Goods and Services, December 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $80.7 billion in December, up $1.4 billion from $79.3 billion in November, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:	$80.7 Billion	+1.8%°
Exports:	$228.1 Billion	+1.5%°
Imports:	$308.9 Billion	+1.6%°
Next release: Tuesday, March 8, 2022 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, The 2021 increase in the goods and services deficit reflected an increase in the goods deficit of $168.7 billion, or 18.3 percent, to $1,090.7 billion and a decrease in the services surplus of $13.8 billion, or 5.6 percent, to $231.5 billion. The goods and services deficit was 3.7 percent of current-dollar gross domestic product in 2021, up from 3.2 percent in 2020. Exports (exhibits 3, 6, and 7) Exports of goods increased $333.2 billion to $1,762.0 billion in 2021.    Exports of goods on a Census basis increased $329.6 billion. Industrial supplies and materials increased $169.6 billion. Other petroleum products increased $25.2 billion. Natural gas increased $21.2 billion. Crude oil increased $19.9 billion. Capital goods increased $59.3 billion. Other industrial machinery increased $11.1 billion. Semiconductors increased $11.0 billion. Civilian aircraft increased $7.7 billion. Consumer goods increased $47.3 billion. Pharmaceutical preparations increased $24.1 billion. Cell phones and other household goods increased $5.9 billion. Gem diamonds increased $5.0 billion. Foods, feeds, and beverages increased $25.9 billion. Automotive vehicles, parts, and engines increased $15.7 billion.    Net balance of payments adjustments increased $3.5 billion. Exports of services increased $60.9 billion to $766.6 billion in 2021. Other business services increased $26.8 billion. Financial services increased $17.7 billion. Imports (exhibits 4, 6, and 8) Imports of goods increased $501.8 billion to $2,852.6 billion in 2021.    Imports of goods on a Census basis increased $497.0 billion. Industrial supplies and materials increased $169.7 billion. Crude oil increased $56.3 billion. Other petroleum products increased $18.2 billion. Iron and steel mill products increased $14.2 billion. Consumer goods increased $126.8 billion. Cell phones and other household goods increased $22.9 billion. Toys, games, and sporting goods increased $16.7 billion. Cotton apparel and household goods increased $11.3 billion. Capital goods increased $117.5 billion. Electric apparatus increased $16.2 billion. Computer accessories increased $12.9 billion. Medical equipment increased $12.3 billion. Semiconductors increased $11.1 billion. Automotive vehicles, parts, and engines increased $36.8 billion. Other automotive parts and accessories increased $20.8 billion. Foods, feeds, and beverages increased $27.8 billion.    Net balance of payments adjustments increased $4.9 billion. Imports of services increased $74.7 billion to $535.0 billion in 2021. Transport increased $32.1 billion. Travel increased $22.0 billion. Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a) The 2021 figures show surpluses, in billions of dollars, with South and Central America ($53.6), Hong Kong ($25.8), Netherlands ($18.2), Brazil ($15.6), Australia ($14.0), and Belgium ($12.7). Deficits were recorded, in billions of dollars, with China ($355.3), European Union ($219.6), Mexico ($108.2), Germany ($70.1), Japan ($60.2), Ireland ($60.2), Canada ($49.5), Malaysia ($41.0), Taiwan ($40.2), Italy ($39.3), Switzerland ($39.0), Thailand ($34.7), India ($33.1), South Korea ($29.2), Russia ($23.3), France ($20.3), and Indonesia ($17.6). The deficit with China increased $45.0 billion to $355.3 billion in 2021. Exports increased $26.6 billion to $151.1 billion and imports increased $71.6 billion to $506.4 billion. The deficit with the European Union increased $35.4 billion to $219.6 billion in 2021. Exports increased $40.4 billion to $271.6 billion and imports increased $75.8 billion to $491.3 billion. The deficit with Switzerland decreased $17.8 billion to $39.0 billion in 2021. Exports increased $5.9 billion to $24.0 billion and imports decreased $11.9 billion to $63.0 billion. *             *             * All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Exports, Imports, and Balance (exhibit 1)

December exports were $228.1 billion, $3.4 billion more than November exports. December imports were $308.9 billion, $4.8 billion more than November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $3.2 billion to $101.4 billion and an increase in the services surplus of $1.8 billion to $20.7 billion.

For 2021, the goods and services deficit increased $182.4 billion, or 27.0 percent, from 2020. Exports increased $394.1 billion or 18.5 percent. Imports increased $576.5 billion or 20.5 percent.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in December 2021 and throughout the year. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased less than $0.1 billion to $75.5 billion for the three months ending in December.

• Average exports increased $7.1 billion to $225.6 billion in December.
• Average imports increased $7.0 billion to $301.2 billion in December.

Year-over-year, the average goods and services deficit increased $9.9 billion from the three months ending in December 2020.

• Average exports increased $39.4 billion from December 2020.
• Average imports increased $49.3 billion from December 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.0 billion to $158.3 billion in December.

   Exports of goods on a Census basis increased $2.2 billion.

• Consumer goods increased $1.2 billion.
  • Pharmaceutical preparations increased $1.0 billion.
• Capital goods increased $0.9 billion.
  • Civilian aircraft engines increased $0.6 billion.
• Automotive vehicles, parts, and engines increased $0.8 billion.
  • Passenger cars increased $0.8 billion.
• Industrial supplies and materials increased $0.5 billion.
  • Nonmonetary gold increased $1.2 billion.
  • Natural gas liquids decreased $0.6 billion.
• Foods, feeds, and beverages decreased $1.1 billion.
  • Soybeans decreased $0.5 billion.

   Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $1.4 billion to $69.9 billion in December.

• Transport increased $0.6 billion.
• Travel increased $0.5 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $5.2 billion to $259.7 billion in December.

   Imports of goods on a Census basis increased $5.3 billion.

• Consumer goods increased $5.2 billion.
  • Cell phones and other household goods increased $2.4 billion.
  • Toys, games, and sporting goods increased $1.0 billion.
  • Household appliances increased $0.6 billion.
• Automotive vehicles, parts, and engines increased $2.4 billion.
  • Passenger cars increased $1.4 billion.
  • Other automotive parts and accessories increased $0.6 billion.
• Capital goods increased $2.3 billion.
  • Telecommunications equipment increased $0.6 billion.
  • Computers increased $0.5 billion.
• Industrial supplies and materials decreased $3.2 billion.
  • Crude oil decreased $1.3 billion.
  • Finished metal shapes decreased $0.7 billion.
  • Fertilizers, pesticides, and insecticides decreased $0.7 billion.

   Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $0.4 billion to $49.2 billion in December.

• Travel decreased $0.5 billion.
• Transport increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $1.3 billion to $111.2 billion in December.

• Real exports of goods increased $4.8 billion to $153.7 billion.
• Real imports of goods increased $6.0 billion to $264.9 billion.

Revisions

In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to November exports

• Exports of goods were revised up $0.3 billion.
• Exports of services were revised up $0.2 billion.

Revisions to November imports

• Imports of goods were revised down $0.4 billion.
• Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The December figures show surpluses, in billions of dollars, with South and Central America ($5.4), Hong Kong ($1.9), Brazil ($1.2), Singapore ($0.8), and United Kingdom ($0.6). Deficits were recorded, in billions of dollars, with China ($34.1), European Union ($16.3), Mexico ($11.0), Germany ($5.3), Japan ($5.0), Canada ($4.2), India ($3.9), Taiwan ($3.8), South Korea ($3.7), Italy ($3.1), France ($0.8), and Saudi Arabia ($0.7).

• The deficit with China increased $6.0 billion to $34.1 billion in December. Exports decreased $2.2 billion to $11.8 billion and imports increased $3.8 billion to $45.9 billion.
• The deficit with South Korea increased $1.4 billion to $3.7 billion in December. Exports decreased $0.9 billion to $4.8 billion and imports increased $0.5 billion to $8.5 billion.
• The deficit with the European Union decreased $3.0 billion to $16.3 billion in December. Exports increased $0.7 billion to $25.1 billion and imports decreased $2.4 billion to $41.4 billion.

Annual Summary for 2021

Exports, Imports, and Balance (exhibit 1)

For 2021, the goods and services deficit was $859.1 billion, up $182.4 billion from $676.7 billion in 2020. Exports were $2,528.5 billion, up $394.1 billion from 2020. Imports were $3,387.7 billion, up $576.5 billion from 2020.

The 2021 increase in the goods and services deficit reflected an increase in the goods deficit of $168.7 billion, or 18.3 percent, to $1,090.7 billion and a decrease in the services surplus of $13.8 billion, or 5.6 percent, to $231.5 billion.

The goods and services deficit was 3.7 percent of current-dollar gross domestic product in 2021, up from 3.2 percent in 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $333.2 billion to $1,762.0 billion in 2021.

   Exports of goods on a Census basis increased $329.6 billion.

• Industrial supplies and materials increased $169.6 billion.
  • Other petroleum products increased $25.2 billion.
  • Natural gas increased $21.2 billion.
  • Crude oil increased $19.9 billion.
• Capital goods increased $59.3 billion.
  • Other industrial machinery increased $11.1 billion.
  • Semiconductors increased $11.0 billion.
  • Civilian aircraft increased $7.7 billion.
• Consumer goods increased $47.3 billion.
  • Pharmaceutical preparations increased $24.1 billion.
  • Cell phones and other household goods increased $5.9 billion.
  • Gem diamonds increased $5.0 billion.
• Foods, feeds, and beverages increased $25.9 billion.
• Automotive vehicles, parts, and engines increased $15.7 billion.

   Net balance of payments adjustments increased $3.5 billion.

Exports of services increased $60.9 billion to $766.6 billion in 2021.

• Other business services increased $26.8 billion.
• Financial services increased $17.7 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $501.8 billion to $2,852.6 billion in 2021.

   Imports of goods on a Census basis increased $497.0 billion.

• Industrial supplies and materials increased $169.7 billion.
  • Crude oil increased $56.3 billion.
  • Other petroleum products increased $18.2 billion.
  • Iron and steel mill products increased $14.2 billion.
• Consumer goods increased $126.8 billion.
  • Cell phones and other household goods increased $22.9 billion.
  • Toys, games, and sporting goods increased $16.7 billion.
  • Cotton apparel and household goods increased $11.3 billion.
• Capital goods increased $117.5 billion.
  • Electric apparatus increased $16.2 billion.
  • Computer accessories increased $12.9 billion.
  • Medical equipment increased $12.3 billion.
  • Semiconductors increased $11.1 billion.
• Automotive vehicles, parts, and engines increased $36.8 billion.
  • Other automotive parts and accessories increased $20.8 billion.
• Foods, feeds, and beverages increased $27.8 billion.

   Net balance of payments adjustments increased $4.9 billion.

Imports of services increased $74.7 billion to $535.0 billion in 2021.

• Transport increased $32.1 billion.
• Travel increased $22.0 billion.

Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

> The 2021 figures show surpluses, in billions of dollars, with South and Central America ($53.6), Hong Kong ($25.8), Netherlands ($18.2), Brazil ($15.6), Australia ($14.0), and Belgium ($12.7).

> Deficits were recorded, in billions of dollars, with China ($355.3), European Union ($219.6), Mexico ($108.2), Germany ($70.1), Japan ($60.2), Ireland ($60.2), Canada ($49.5), Malaysia ($41.0), Taiwan ($40.2), Italy ($39.3), Switzerland ($39.0), Thailand ($34.7), India ($33.1), South Korea ($29.2), Russia ($23.3), France ($20.3), and Indonesia ($17.6).

• The deficit with China increased $45.0 billion to $355.3 billion in 2021. Exports increased $26.6 billion to $151.1 billion and imports increased $71.6 billion to $506.4 billion.
• The deficit with the European Union increased $35.4 billion to $219.6 billion in 2021. Exports increased $40.4 billion to $271.6 billion and imports increased $75.8 billion to $491.3 billion.
• The deficit with Switzerland decreased $17.8 billion to $39.0 billion in 2021. Exports increased $5.9 billion to $24.0 billion and imports decreased $11.9 billion to $63.0 billion.

*             *             *

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release.

For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services.

The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.