February 5, 2020
The U.S. international trade deficit decreased in 2019 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $627.7 billion in 2018 to $616.8 billion in 2019, as imports decreased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2019, down from 3.0 percent in 2018. The goods deficit decreased from $887.3 billion in 2018 to $866.0 billion in 2019, and the services surplus decreased from $259.7 billion in 2018 to $249.2 billion in 2019.
Exports
Exports of goods and services decreased $1.5 billion, or 0.1 percent, in 2019 to $2,499.8 billion. Exports of goods decreased $21.3 billion and exports of services increased $19.7 billion.
Exports of goods and services decreased $1.5 billion, or 0.1 percent, in 2019 to $2,499.8 billion. Exports of goods decreased $21.3 billion and exports of services increased $19.7 billion.
- The decrease in exports of goods reflected decreases in capital goods ($15.8 billion) and in industrial supplies and materials ($11.1 billion). An increase in other goods ($5.1 billion) partly offset the decreases.
- The increase in exports of services reflected increases in other business services ($13.7 billion) and in telecommunications, computer, and information services ($4.8 billion).
Imports
Imports of goods and services decreased $12.5 billion, or 0.4 percent, in 2019 to $3,116.5 billion. Imports of goods decreased $42.6 billion and imports of services increased $30.2 billion.
Imports of goods and services decreased $12.5 billion, or 0.4 percent, in 2019 to $3,116.5 billion. Imports of goods decreased $42.6 billion and imports of services increased $30.2 billion.
- The decrease in imports of goods reflected decreases in industrial supplies and materials ($53.6 billion) and in capital goods ($14.4 billion). Increases in other goods ($11.6 billion) and in consumer goods ($7.1 billion) partly offset the decreases.
- The increase in imports of services reflected increases in travel ($7.8 billion), in insurance services ($7.1 billion), and in other business services ($5.6 billion).
For more information, read the full report.