by Calculated Risk on 4/02/2020 09:11:00 AM

Note: This data was for February and the outbreak of COVID-19 likely impacted trade with China.

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $39.9 billion in February, down $5.5 billion from $45.5 billion in January, revised.

February exports were $207.5 billion, $0.8 billion less than January exports. February imports were $247.5 billion, $6.3 billion less than January imports
emphasis added

Click on graph for larger image.

Both exports and imports decreased in January.

Exports are 26% above the pre-recession peak and down slightly compared to February 2019; imports are 7% above the pre-recession peak, and down 5% compared to February 2019.

In general, trade both imports and exports have moved more sideways or down recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $57.24 per barrel in February, down from $61.93 in January, and down from $57.70 in February 2019.

The trade deficit with China decreased to $16.0 billion in February, from $24.8 billion in February 2019.