US trade balance for February 2021

US Trade deficit
  • US trade balance comes in at -$71.1B vs -$70.5B estimate. The deficit is a record.
  • Prior month -$68.2B revised to -$67.8B
  • Exports -2.6% vs +1.1% last month
  • Imports -0.7% vs -1.2% last month
  • Exports $187.25B v $192.23B last month.
  • Imports $258.33B vs $260.06B

The US trade balance is a negative for GDP. The optics from this report are indicative of a greater negative with it being a record. Looking back at 2019, eyeballing the deficit, it had a low of -$41B and a high at $51.7B. The numbers over the last 8 months have been over $63B for each. The US demand for imports outpaces the overseas demand. There may be some weather impacts but the trend has been over an extended period.

  • China deficit -$24.62B vs -26.25 last month
  • Oil imports $46.37B vs $42.5B last month. That is down by -4.4% from Feb 2020

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