*EPF311 04/18/01
Declining Imports Helped Narrow U.S. Trade Deficit in February
(Bilateral deficits also narrowed) (800)
By Warner Rose
Washington File Staff Writer

Washington -- The U.S. trade deficit -- the gap between U.S. exports and imports of goods and services -- narrowed substantially in February because of a decline in U.S. imports.

The February trade deficit totaled $26,987 million, nearly 19 percent lower than the January deficit of $33,251 million, according to new monthly U.S. trade figures released April 18 by the U.S. Commerce Department. A $6,136 million reduction in the goods deficit in February accounted for the overall deficit's decline, according to Commerce.

The smaller goods deficit reflected declines in imports of consumer goods, industrial supplies and materials (including petroleum), capital goods, automobiles and auto parts and engines and other products. Deficits declined with several major trading partners including Canada, China, Mexico and the Organization of Petroleum Exporting Countries.

Total U.S. goods and services exports in February were $90,458 million while imports were $117,445 million.

While the import of goods declined to $98,597 million in February, exports rose by almost $900 million to $65,243 million. In services, in which the United States has a chronic surplus, February exports totaled $25,215 million while imports were $18,848 million.

The February overall U.S. deficit and the goods deficit were the smallest since December 1999.

During most of 2000, the monthly trade deficits increased. The total 2000 deficit was $369,689 million, a record amount and more than $100,000 million higher than the deficit in 1999, which had been the previous record, according to Commerce Department figures.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance-of-payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 -264,971 956,242 1,221,213
Jan.-Dec. 2000 -368,865 1,068,741 1,437,606

Jan.-Feb. 2000 -54,843 168,979 223,821
Jan.-Feb. 2001 -60,238 180,039 240,277

February 2000 -27,529 85,300 112,829
February 2001 -26,987 90,458 117,445

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 -345,559 684,358 1,029,917
Jan.-Dec. 2000 -449,853 772,514 1,222,367

Jan.-Feb. 2000 -68,824 121,173 189,996
Jan.-Feb. 2001 -72,844 129,822 202,666

February 2000 -34,708 60,873 95,581
February 2001 -33,354 65,243 98,597

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 1999 80,588 271,884 191,296
Jan.-Dec. 2000 80,988 296,227 215,239

Jan.-Feb. 2000 13,981 47,806 33,825
Jan.-Feb. 2001 12,606 50,217 37,611

February 2000 7,179 24,427 17,248
February 2001 6,367 25,215 18,848

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral February February
balance exports imports

Total -28,245 63,222 91,467

North America -5,928 22,267 28,194
Canada -4,473 13,404 17,876
Mexico -1,455 8,863 10,318

Western Europe -3,334 16,199 19,533
Euro Area -2,834 10,412 13,247
European Union -3,295 14,571 17,866
Austria -96 206 302
Belgium 309 1,151 841
Finland -158 132 290
France -358 1,983 2,342
Germany -1,936 2,930 4,866
Italy -1,062 890 1,952
Netherlands 1,114 1,826 712
Spain 117 534 417
Sweden -435 365 800
United Kingdom -48 3,487 3,536
Other EU -740 1,068 1,808

European Free Trade
Association -63 1,278 1,341
Norway -317 140 457
Switzerland 278 1,127 849
Other EFTA -24 12 35
Other Western Eur. 23 349 326

Eastern Europe, Former
Soviet Reps. -809 454 1,263
Hungary -278 60 338
Poland -20 61 81
Former Sov. Reps. -417 256 673
Russia -340 161 501
Other FSR -77 95 172
Other Eastern Europe -94 77 171

Pacific Rim -13,410 15,851 29,262
Australia 525 923 397
China -5,074 1,313 6,387
Japan -6,131 5,270 11,401
Newly Industrialized
Countries -792 6,510 7,302
Hong Kong 549 1,170 621
South Korea -784 2,038 2,822
Singapore 242 1,545 1,303
Taiwan -800 1,756 2,557
Other Pacific Rim -1,938 1,836 3,774

South/Central America -771 4,755 5,526
Argentina 143 342 200
Brazil 105 1,192 1,087
Colombia -137 346 482
Other S/C America -883 2,874 3,757

OPEC -3,336 1,524 4,860
Indonesia -547 216 763
Nigeria -554 103 657
Saudi Arabia -940 384 1,324
Venezuela -907 435 1,343
Other OPEC -386 386 773

Other countries -2,111 2,823 4,934
Egypt 198 269 71
South Africa 10 271 261
Other -2,319 2,283 4,602

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Website: http://usinfo.state.gov)

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