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THURSDAY February 6, 2014 2013 TRADE GAP IS $471.5 BILLION U.S. international trade in goods and services The U.S. international trade deficit decreased in 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $534.7 billion in 2012 to $471.5 billion in 2013, mainly reflecting an increase in exports. A decrease in imports also contributed. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.8 percent in 2013, down from 3.3 percent in 2012. The goods deficit decreased from $741.5 billion in 2012 to $703.2 billion in 2013, and the services surplus increased from $206.8 billion in 2012 to $231.6 billion in 2013. Exports Exports of goods and services increased $61.7 billion, or 2.8 percent, in 2013 to $2,272.3 billion. Exports of goods increased $29.1 billion and exports of services increased $32.6 billion. The largest increases in exports of goods were in industrial supplies and materials ($7.1 billion), in consumer goods ($6.8 billion), and in capital goods ($6.7 billion). The largest increases in exports of services were in travel ($13.3 billion), in other private services ($9.4 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and in royalties and license fees ($5.5 billion). Imports Imports of goods and services decreased $1.4 billion, or 0.1 percent, in 2013 to $2,743.9 billion. Imports of goods decreased $9.2 billion and imports of services increased $7.8 billion. The decrease in imports of goods reflected a decrease in industrial supplies and materials ($49.0 billion) that was largely offset by increases in all other major categories. The largest increases in imports of services were in other transportation ($3.4 billion), which includes freight and port services, in travel ($2.8 billion), and in passenger fares ($2.8 billion). Goods by geographic area The goods deficit with the European Union increased from $115.8 billion in 2012 to $125.1 billion in 2013. Exports decreased $3.1 billion to $262.3 billion, while imports increased $6.1 billion to $387.3 billion. The goods deficit with China increased from $315.1 billion in 2012 to $318.4 billion in 2013. Exports increased $11.5 billion to $122.0 billion, while imports increased $14.9 billion to $440.4 billion. The goods deficit with Japan decreased from $76.4 billion in 2012 to $73.4 billion in 2013. Exports decreased $4.8 billion to $65.1 billion, while imports decreased $7.9 billion to $138.5 billion. BEA statistics—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic statistics for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: This and more information is provided in the February 6 press release, U.S. International Trade in Goods and Services: December 2013, issued by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The next release is March 7, 2014. Contacts: Services: Jeanine Aversa 202-606-2649 Goods: Maria Iseman 301-763-2311 U.S. Bureau of Economic Analysis, U.S. Department of Commerce U.S. Census Bureau, U.S. Department of Commerce
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