News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Wednesday, March 8, 2023
CB 23–34
BEA 23–08

U.S. International Trade in Goods and Services, January 2023

ERRATA Exhibit 14 in the "U.S. International Trade in Goods and Services, January 2023" report was updated on March 9, 2023, to correct December 2022 and January 2023 import statistics for “Vietnam,” “Other,” “Unidentified Countries,” and “Timing Adjustments.” This correction did not affect other exhibits.
 

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.3 billion in January, up $1.1 billion from $67.2 billion in December, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $68.3 Billion +1.6%°
Exports: $257.5 Billion +3.4%°
Imports: $325.8 Billion +3.0%°

Next release: Wednesday April 5, 2023

(°) 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, 2023

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

January exports were $257.5 billion, $8.5 billion more than December exports. January imports were $325.8 billion, $9.6 billion more than December imports.

The January increase in the goods and services deficit reflected a decrease in the goods deficit of $0.6 billion to $90.1 billion and a decrease in the services surplus of $1.7 billion to $21.8 billion.

Year-over-year, the goods and services deficit decreased $19.2 billion, or 21.9 percent, from January 2022. Exports increased $30.2 billion or 13.3 percent. Imports increased $11.0 billion or 3.5 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $3.0 billion to $65.4 billion for the three months ending in January.

  • Average exports increased $0.3 billion to $252.8 billion in January.
  • Average imports decreased $2.7 billion to $318.2 billion in January.

Year-over-year, the average goods and services deficit decreased $16.0 billion from the three months ending in January 2022.

  • Average exports increased $23.5 billion from January 2022.
  • Average imports increased $7.5 billion from January 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $10.1 billion to $177.8 billion in January.

   Exports of goods on a Census basis increased $8.3 billion.

  • Consumer goods increased $4.1 billion.
    • Pharmaceutical preparations increased $2.8 billion.
  • Capital goods increased $1.9 billion.
    • Civilian aircraft increased $0.5 billion.
    • Telecommunications equipment increased $0.3 billion.
  • Automotive vehicles, parts, and engines increased $1.2 billion.
    • Other automotive parts and accessories increased $0.7 billion.
    • Passenger cars increased $0.3 billion.

   Net balance of payments adjustments increased $1.8 billion.

Exports of services decreased $1.6 billion to $79.7 billion in January.

  • Travel decreased $1.2 billion.
  • Transport decreased $0.7 billion.
  • Other business services increased $0.3 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $9.5 billion to $267.9 billion in January.

   Imports of goods on a Census basis increased $9.5 billion.

  • Consumer goods increased $4.1 billion.
    • Cell phones and other household goods increased $1.6 billion.
    • Pharmaceutical preparations increased $0.9 billion.
    • Toys, games, and sporting goods increased $0.8 billion.
  • Automotive vehicles, parts, and engines increased $3.1 billion.
    • Trucks, buses, and special purpose vehicles increased $1.4 billion.
    • Passenger cars increased $1.4 billion.
  • Capital goods increased $1.4 billion.
    • Electric apparatus increased $0.8 billion.
    • Telecommunications equipment increased $0.7 billion.

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

Imports of services increased $0.1 billion to $57.9 billion in January.

  • Travel increased $1.1 billion.
  • Transport decreased $1.0 billion.

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

The real goods deficit increased $3.5 billion, or 3.6 percent, to $101.8 billion in January, compared to a 1.4 percent increase in the nominal deficit.

  • Real exports of goods increased $5.9 billion, or 3.8 percent, to $162.7 billion, compared to a 5.0 percent increase in nominal exports.
  • Real imports of goods increased $9.5 billion, or 3.7 percent, to $264.4 billion, compared to a 3.7 percent increase in nominal imports.

Revisions

Exports and imports of goods and services were revised for July through December 2022 to incorporate more comprehensive and updated quarterly and monthly data. In addition to these revisions, seasonally adjusted data for all months of 2022 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 $0.5 billion.
  • Exports of services were revised down $0.7 billion.

Revisions to December imports

  • Imports of goods were revised down $0.4 billion.
  • Imports of services were revised down $1.0 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 ($4.8), Netherlands ($3.2), United Kingdom ($2.7), Belgium ($1.8), Australia ($1.5), Hong Kong ($1.5), Brazil ($0.6), and Singapore ($0.4). Deficits were recorded, in billions of dollars, with China ($21.9), European Union ($18.5), Mexico ($12.2), Vietnam ($8.0), Germany ($7.2), Japan ($5.6), Canada ($5.4), Ireland ($4.6), India ($4.5), South Korea ($3.7), Italy ($3.6), Taiwan ($3.5), Malaysia ($2.8), Switzerland ($1.4), France ($1.1), Israel ($0.6), and Saudi Arabia ($0.2).

  • The surplus with the Netherlands decreased $1.2 billion to $3.2 billion in January. Exports decreased $0.6 billion to $6.3 billion and imports increased $0.6 billion to $3.1 billion.
  • The deficit with India increased $1.2 billion to $4.5 billion in January. Exports increased $0.1 billion to $3.3 billion and imports increased $1.3 billion to $7.7 billion.
  • The deficit with Japan decreased $1.6 billion to $5.6 billion in January. Exports increased $0.3 billion to $6.5 billion and imports decreased $1.2 billion to $12.1 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

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 ($22.8), Netherlands ($14.2), Singapore ($7.8), United Kingdom ($7.1), Australia ($6.7), Brazil ($6.0), Hong Kong ($5.1), Belgium ($1.0), and Switzerland ($0.7). Deficits were recorded, in billions of dollars, with China ($63.0), European Union ($39.0), Mexico ($37.2), Vietnam ($25.5), Germany ($23.9), Japan ($18.6), Italy ($12.4), Taiwan ($11.3), India ($9.7), South Korea ($8.8), Malaysia ($8.6), Canada ($7.5), France ($4.9), Israel ($2.8), Ireland ($2.1), and Saudi Arabia ($0.4).

  • The deficit with China decreased $30.2 billion to $63.0 billion in the fourth quarter. Exports increased $1.7 billion to $51.1 billion and imports decreased $28.5 billion to $114.1 billion.
  • The deficit with Canada decreased $6.8 billion to $7.5 billion in the fourth quarter. Exports decreased $1.1 billion to $108.5 billion and imports decreased $7.9 billion to $116.0 billion.
  • The deficit with the European Union increased $13.0 billion to $39.0 billion in the fourth quarter. Exports increased $0.2 billion to $151.2 billion and imports increased $13.2 billion to $190.2 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 .

Next release: April 5, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, February 2023

Notice

Change to the Euro Area

With this release of the "U.S. International Trade in Goods and Services" report (FT-900), statistics beginning with January 2023 for the area grouping "Euro Area" include Croatia, which adopted the euro as its currency effective January 1, 2023. This change affects exhibit 14 of the FT-900 and exhibit 4 of the FT-900 Supplement.

Upcoming Updates to Goods and Services

With the releases of the FT-900 and the FT-900 Annual Revision on June 7, 2023, statistics on trade in goods on both a Census basis and a balance of payments (BOP) basis will be revised beginning with 2018 and statistics on trade in services will be revised beginning with 2017. The revised statistics for goods on a BOP basis and for services will also be included in the "U.S. International Transactions, First Quarter 2023 and Annual Update" report and in the international transactions interactive database, both to be released by BEA on June 22, 2023.

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.
  • 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 2023 annual update of the International Transactions Accounts will appear in the April 2023 Survey of Current Business.

Upcoming Change to the Real (Chained-Dollar) Series

With the releases of the FT-900 and the FT-900 Annual Revision on June 7, 2023, the reference year for the chained-dollar series will be updated to 2017 from 2012 to reference the time series on prices from a more recent year. The historical chained-dollar series, which begin in 1994, will also be revised to reflect the new reference year. See the "Adjustments for price change" section in the explanatory notes for more information.

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