BEA News: U.S. International Trade in Goods and Services, January 2022

BEA News: U.S. International Trade in Goods and Services, January 2022
The U.S. monthly international trade deficit increased in January 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $82.0 billion in December (revised) to $89.7 billion in January, as imports increased and exports decreased. The previously published December deficit was $80.7 billion. The goods deficit increased $7.1 billion in January to $108.9 billion. The services surplus decreased $0.6 billion in January to $19.2 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-january-2022

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Tuesday, March 8, 2022

CB 22–35
BEA 22–08

U.S. International Trade in Goods and Services, January 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $89.7 billion in January, up $7.7 billion from $82.0 billion in December, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:	$89.7 Billion	+9.4%°
Exports:	$224.4 Billion	-1.7%°
Imports:	$314.1 Billion	+1.2%°
Next release: Tuesday, April 5, 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, March 8, 2022

Exports, Imports, and Balance (exhibit 1)

January exports were $224.4 billion, $3.9 billion less than December exports. January imports were $314.1 billion, $3.8 billion more than December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit of $7.1 billion to $108.9 billion and a decrease in the services surplus of $0.6 billion to $19.2 billion.

Year-over-year, the goods and services deficit increased $24.6 billion, or 37.7 percent, from January 2021.

Exports increased $29.9 billion or 15.4 percent.
Imports increased $54.4 billion or 21.0 percent.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in January 2022. 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 increased $7.6 billion to $83.9 billion for the three months ending in January.

• Average exports decreased $0.1 billion to $225.9 billion in January.
• Average imports increased $7.5 billion to $309.8 billion in January.

Year-over-year, the average goods and services deficit increased $17.8 billion from the three months ending in January 2021.

• Average exports increased $35.7 billion from January 2021.
• Average imports increased $53.6 billion from January 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.3 billion to $155.9 billion in January.

   Exports of goods on a Census basis decreased $2.3 billion.

• Consumer goods decreased $3.0 billion.
  • Pharmaceutical preparations decreased $3.2 billion.
• Capital goods increased $1.1 billion.
  • Civilian aircraft increased $0.4 billion.
  • Telecommunications equipment increased $0.2 billion.

   Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services decreased $1.6 billion to $68.5 billion in January.

• Travel decreased $1.8 billion.
• Transport decreased $0.5 billion.
• Other business services increased $0.3 billion.
• Financial services increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $4.8 billion to $264.8 billion in January.

   Imports of goods on a Census basis increased $4.6 billion.

• Automotive vehicles, parts, and engines increased $1.6 billion.
  • Passenger cars increased $0.8 billion.
  • Other automotive parts and accessories increased $0.5 billion.
• Industrial supplies and materials increased $1.5 billion.
  • Crude oil increased $0.9 billion.
  • Natural gas increased $0.6 billion.
  • Copper increased $0.6 billion.
• Foods, feeds, and beverages increased $1.4 billion.
  • Other foods increased $0.5 billion.
  • Meat products increased $0.2 billion.
• Capital goods increased $1.1 billion.
  • Telecommunications equipment increased $0.3 billion.
  • Other industrial machinery increased $0.3 billion.
  • Semiconductors decreased $0.6 billion.
• Other goods decreased $1.6 billion.

   Net balance of payments adjustments increased $0.2 billion.

Imports of services decreased $1.0 billion to $49.3 billion in January.

• Transport decreased $0.8 billion.
• Travel decreased $0.5 billion.
• Other business services increased $0.1 billion.

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

The real goods deficit increased $6.4 billion to $118.1 billion in January.

• Real exports of goods decreased $6.0 billion to $147.2 billion.
• Real imports of goods increased $0.4 billion to $265.3 billion.

Revisions

Exports and imports of goods and services were revised for July through December 2021 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months of 2021 were revised so that the totals of the seasonally adjusted months equal the annual totals.

Revisions to December exports

• Exports of goods were revised down $0.1 billion.
• Exports of services were revised up $0.3 billion.

Revisions to December imports

• Imports of goods were revised up $0.3 billion.
• Imports of services were revised up $1.2 billion.

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

The January figures show surpluses, in billions of dollars, with South and Central America ($4.4), Hong Kong ($2.0), Singapore ($1.3), Brazil ($1.1), and United Kingdom ($1.0). Deficits were recorded, in billions of dollars, with China ($33.3), European Union ($18.0), Mexico ($12.5), Japan ($7.1), Canada ($6.8), Germany ($5.4), Taiwan ($3.9), Italy ($3.2), South Korea ($3.0), India ($2.4), Saudi Arabia ($0.8), and France ($0.8).

• The deficit with Canada increased $2.6 billion to $6.8 billion in January. Exports decreased $1.2 billion to $27.7 billion and imports increased $1.4 billion to $34.5 billion.
• The deficit with Japan increased $2.1 billion to $7.1 billion in January. Exports increased $0.1 billion to $6.2 billion and imports increased $2.2 billion to $13.4 billion.
• The deficit with India decreased $1.5 billion to $2.4 billion in January. Exports increased $0.6 billion to $4.3 billion and imports decreased $0.9 billion to $6.7 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, fourth-quarter figures are now available.

The fourth-quarter figures show surpluses, in billions of dollars, with South and Central America ($22.1), Hong Kong ($6.7), Brazil ($6.4), Singapore ($5.1), United Kingdom ($5.0), and Saudi Arabia ($0.7). Deficits were recorded, in billions of dollars, with China ($87.9), European Union ($39.4), Mexico ($33.5), Germany ($18.4), India ($13.8), Taiwan ($11.9), Japan ($11.4), Italy ($10.5), Canada ($8.5), South Korea ($6.7), and France ($4.6).

• The deficit with China increased $8.4 billion to $87.9 billion in the fourth quarter. Exports increased $2.8 billion to $48.0 billion and imports increased $11.2 billion to $136.0 billion.
• The deficit with Mexico increased $8.3 billion to $33.5 billion in the fourth quarter. Exports increased $1.8 billion to $79.5 billion and imports increased $10.1 billion to $113.0 billion.
• The deficit with Japan decreased $4.5 billion to $11.4 billion in the fourth quarter. Exports increased $1.6 billion to $28.9 billion and imports decreased $2.8 billion to $40.4 billion.

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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.

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Next release: April 5, 2022, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, February 2022

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Notice

Changes to End-Use Classifications

With this release of the “U.S. International Trade in Goods and Services” report (FT-900), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) have revised the end-use classifications of several commodities. These changes were made to achieve a consistent classification between goods exports and goods imports and to improve the grouping of the commodities based on their end-use characteristics. The changes also reflect the results of work performed by the World Customs Organization (WCO) as part of its long-term program to review and update the nomenclature of the international Harmonized Commodity Description and Coding System (Harmonized System) from which the end-use commodity classifications are derived. The last WCO modifications to the Harmonized System were introduced in March 2017 with January 2017 statistics. These reclassifications will also be incorporated into statistics for 2019–2021 with the June 8, 2022, releases of the FT-900 and the FT-900 Annual Revision.

Additional Country Detail

With the releases of the FT-900 and the FT-900 Annual Revision on June 8, 2022, exhibits that present seasonally adjusted trade in goods and services by selected countries and areas—exhibits 19, 20, 20a, and 20b in the FT-900 and related exhibits 18, 19, 19a, and 19b in the FT-900 Annual Revision—will be expanded to include Australia, Belgium, Ireland, Israel, Malaysia, Netherlands, Switzerland, and Vietnam. Historical statistics will also be made available with the releases. In addition, exhibits 14 and 14a in the FT-900, which present not seasonally adjusted trade in goods by selected countries and areas, will be expanded to include Israel and Vietnam. Templates of the modified exhibits are available at www.census.gov/foreign-trade/statistics/notices/country_detail_templates.xlsx.

Upcoming Updates to Goods and Services

With the releases of the FT-900 and the FT-900 Annual Revision on June 8, 2022, statistics on trade in goods on both a Census basis and a balance of payments (BOP) basis will be revised beginning with 2017, and statistics on trade in services will be revised beginning with 2015. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2022 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 23, 2022.

Revised statistics on trade in goods will reflect:

• Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
• End-use reclassifications of several commodities.
• Recalculated seasonal and trading-day adjustments.
• Newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. See the “Goods (balance of payments basis)” section in the explanatory notes for more information.

Revised statistics on trade in services will reflect:

• Newly available and revised source data, primarily from BEA surveys of international services, including the results of BEA’s benchmark survey of financial services.
• Recalculated seasonal adjustments.
• Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information.

A preview of BEA’s 2022 annual update of the international transactions accounts will appear in the April 2022 Survey of Current Business.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.