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Friday, March 6, 2020 Services: Jeannine Aversa, (301) 278-9003 Goods: Mala Kline, (301) 763-2311 2019 Trade Gap is $616.4 Billion U.S. international trade in goods and services The U.S. international trade deficit decreased in 2019 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $627.7 billion in 2018 to $616.4 billion in 2019, as imports decreased more than exports. As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2019, down from 3.0 percent in 2018. The goods deficit decreased from $887.3 billion in 2018 to $866.2 billion in 2019, and the services surplus decreased from $259.7 billion in 2018 to $249.8 billion in 2019. Exports Exports of goods and services decreased $3.3 billion, or 0.1 percent, in 2019 to $2,498.0 billion. Exports of goods decreased $21.5 billion and exports of services increased $18.2 billion. • The decrease in exports of goods reflected decreases in capital goods ($15.8 billion) and in industrial supplies and materials ($11.0 billion). An increase in other goods ($5.1 billion) partly offset the decreases. • The increase in exports of services reflected increases in other business services ($14.2 billion) and in telecommunications, computer, and information services ($4.6 billion). Imports Imports of goods and services decreased $14.5 billion, or 0.5 percent, in 2019 to $3,114.5 billion. Imports of goods decreased $42.6 billion and imports of services increased $28.1 billion. • The decrease in imports of goods reflected decreases in industrial supplies and materials ($53.7 billion) and in capital goods ($14.4 billion). Increases in other goods ($11.6 billion) and in consumer goods ($7.1 billion) partly offset the decreases. • The increase in imports of services reflected increases in travel ($7.9 billion), in insurance services ($6.1 billion), and in other business services ($5.7 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, January 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 March 6 news release, U.S. International Trade in Goods and Services, January 2020, issued by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The next release is April 2, 2020.
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