US Trade Deficit Deteriorates As US Import Price Index Surges By Most Since June 2009
Another month, and another confirmation that the US export segment is non-existent. In February the US posted a $45.8 billion trade deficit compared to $47 billion in January, but worse than expectations of $44 billion. Importing our way to prosperity and #Winning_the_Future continues. Comparing the Chinese reported trade surplus with the US and the US reported trade deficit with China we get just a 100%+ difference: $7.8 billion versus $18.8 billion. Gotta love two administrations that just make up numbers trying to reconcile their fraud. This number also means that Q1 GDP will see another major revision lower. And so will Q2, Q3 and so forth, leading to QE3. And while we are at it, let's just make it stagflation: the US import price index surged from 1.4% to 2.7% on expectations of 2.1%: the largest rise since June 2009.
From the report:
Goods and Services
- Exports decreased to $165.1 billion in February from $167.5
billion in January. Goods were $118.0 billion in February, down from
$120.4 billion in January, and services were $47.2 billion in
February, up from $47.1 billion in January.
- Imports decreased to $210.9 billion in February from
$214.5 billion in January. Goods were $177.3 billion in February,
down from $180.7 billion in January, and services were $33.6 billion in
February, down from $33.8 billion in January.
- For goods, the deficit was $59.3 billion in February, down
from $60.3 billion in January. For services, the surplus was $13.6
billion, up from $13.3 billion in January.
Goods by Category (Census basis)
- The January to February decrease in exports of goods
reflected decreases in automotive vehicles, parts, and engines ($1.0
billion); industrial supplies and materials ($0.6 billion); other
goods ($0.5 billion); capital goods ($0.3 billion); consumer goods ($0.2
billion); and foods, feeds, and beverages ($0.2 billion).
- The January to February decrease in imports of goods
reflected decreases in automotive vehicles, parts and engines ($2.3
billion); capital goods ($2.1 billion); industrial supplies and
materials ($1.4 billion); and other goods ($0.1 billion). Increases
occurred in consumer goods ($2.3 billion) and foods, feeds, and
beverages ($0.1 billion).
Services by Category
- Exports of services were virtually unchanged from January to
February. An increase in other private services ($0.1 billion), which
includes items such as business, professional, and technical services,
insurance services, and financial services, was partly offset by a
decrease in other transportation ($0.1 billion), which includes freight
and port services. Changes in the other categories of services exports
- The January to February decrease in imports of services was
more than accounted for by decreases in other transportation ($0.2
billion) and travel ($0.1 billion). An increase in other private
services ($0.1 billion) was partly offsetting. Changes in the other
categories of services imports were small.
Goods by Geographic Area (Not Seasonally Adjusted)
- The goods deficit with China decreased from $23.3 billion in
January to $18.8 billion in February. Exports increased $0.4 billion
(primarily passenger cars, soybeans, and steelmaking materials) to $8.4
billion, while imports decreased $4.1 billion (primarily computers and
accessories; toys, games, and sporting goods; and electric apparatus) to
- The goods deficit with the European Union increased from
$5.6 billion in January to $6.9 billion in February. Exports decreased
$0.3 billion (primarily nonmonetary gold; soybeans; and artwork,
antiques and stamps) to $20.0 billion, while imports increased $1.1
billion (primarily pharmaceutical preparations, civilian aircraft, and
household goods) to $26.9 billion.
- The goods deficit with the Japan increased from $5.0
billion in January to $5.2 billion in February. Exports increased $0.3
billion (primarily metallurgical grade coal; civilian aircraft, engines,
equipment, and parts; and corn) to $5.3 billion, while imports
increased $0.6 billion (primarily automotive parts and accessories,
computer accessories, and motorcycles and parts) to $10.5 billion.
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