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Tuesday, February 6, 2018 Services: Jeannine Aversa, (301) 278-9003 Goods: Mala Kline, (301) 763-2311 2017 Trade Gap is $566.0 Billion U.S. international trade in goods and services The U.S. international trade deficit increased in 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $504.8 billion in 2016 to $566.0 billion in 2017, as imports increased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2017, up from 2.7 percent in 2016. The goods deficit increased from $752.5 billion in 2016 to $810.0 billion in 2017, and the services surplus decreased from $247.7 billion in 2016 to $244.0 billion in 2017. Exports Exports of goods and services increased $121.2 billion, or 5.5 percent, in 2017 to $2,329.3 billion. Exports of goods increased $95.7 billion and exports of services increased $25.5 billion. • The largest increases in exports of goods were in industrial supplies and materials ($66.4 billion) and in capital goods ($13.2 billion). • The largest increases in exports of services were in other business services ($13.3 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, in financial services ($6.0 billion), and in telecommunications, computer, and information services ($2.2 billion). Imports Imports of goods and services increased $182.5 billion, or 6.7 percent, in 2017 to $2,895.3 billion. Imports of goods increased $153.2 billion and imports of services increased $29.2 billion. • The largest increases in imports of goods were in industrial supplies and materials ($64.3 billion), in capital goods ($50.7 billion), and in consumer goods ($18.6 billion). • The largest increases in imports of services were in travel (for all purposes including education) ($11.7 billion), in charges for the use of intellectual property ($4.9 billion), and in transport ($4.0 billion). For more detailed information on trade by type of good or service and with major trading partners, see U.S. International Trade in Goods and Services: December 2017. 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 at www.bea.gov. E-mail alerts are also available. NOTE: This and more information is provided in the February 6 news release, U.S. International Trade in Goods and Services: December 2017, issued by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The next release is March 7, 2018.
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