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Friday, February 5, 2021 Services: Jeannine Aversa, (301) 278-9003 Goods: Mala Kline, (301) 763-2311 2020 Trade Gap is $678.7 Billion U.S. international trade in goods and services The U.S. international trade deficit increased in 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $576.9 billion in 2019 to $678.7 billion in 2020, as exports decreased more than imports. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.2 percent in 2020, up from 2.7 percent in 2019. The goods deficit increased from $864.3 billion in 2019 to $915.8 billion in 2020, and the services surplus decreased from $287.5 billion in 2019 to $237.1 billion in 2020. Billion $ Annual Goods and Services Trade Deficit 2000–2020 900 800 700 600 500 400 300 200 100 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 U.S. Bureau of Economic Analysis U.S. Census Bureau Exports Exports of goods and services decreased $396.4 billion, or 15.7 percent, in 2020 to $2,131.9 billion. Exports of goods decreased $217.7 billion and exports of services decreased $178.7 billion. • The decrease in exports of goods reflected decreases in capital goods ($87.5 billion), in industrial supplies and materials ($59.2 billion), in automotive vehicles, parts, and engines ($35.3 billion), and in consumer goods ($30.8 billion). • The decrease in exports of services reflected decreases in travel ($117.2 billion) and in transport ($34.7 billion). Imports Imports of goods and services decreased $294.5 billion, or 9.5 percent, in 2020 to $2,810.6 billion. Imports of goods decreased $166.2 billion and imports of services decreased $128.3 billion. • The decrease in imports of goods reflected decreases in automotive vehicles, parts, and engines ($65.2 billion), in industrial supplies and materials ($42.3 billion), and in capital goods ($31.2 billion). • The decrease in imports of services reflected decreases in travel ($95.3 billion) and in transport ($35.9 billion). The trade statistics reflect the impact of the COVID-19 pandemic and the continued economic recovery. The effects of the pandemic cannot be separately identified in the statistics. 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 2020. 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 5 news release, U.S. International Trade in Goods and Services, December 2020, issued by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The next release is March 5, 2021.
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