U.S. Trade Deficit Increased to $566 billion in 2017
The US Census Bureau, announced today that the U.S. international trade deficit in goods and services increased to $566.0 billion in 2017 from $504.8 billion in 2016, as imports increased more than exports, the highest level in nine years. In 2017, the U.S imported more foreign-made cars, computers, cell phones and other consumer goods, much of which was produced in China. The goods deficit with China to a record $375.2 billion. Oil imports also surged, reflecting in part higher global petroleum prices.
Annual Trade Highlights
Exports increased to $2,329.3 billion in 2017 from $2,208.1 billion in 2016.
– The U.S. had record exports to 29 countries in 2017 led by Mexico ($243.0 billion), China ($130.4 billion), and the United Kingdom ($56.3 billion).
– Goods were $1,551.4 billion in 2017, up from $1,455.7 billion in 2016.
– Services were $777.9 billion in 2017, up from $752.4 billion in 2016.
– 2017 exports of goods and services ($2.3 trillion) were the second highest on record. The highest was 2014 ($2.4 trillion).
– 2017 exports of services ($777.9 billion) were the highest on record.
Imports increased to $2,895.3 billion in 2017 from $2,712.9 billion in 2016.
– The U.S. had record imports from 47 countries in 2017 led by China ($505.6 billion), Mexico ($314.0 billion),and Italy ($50.0 billion).
– Goods were $2,361.5 billion in 2017, up from $2,208.2 billion in 2016.
– Services were $533.9 billion in 2017, up from $504.7 billion in 2016.
– 2017 imports of goods and services ($2.9 trillion) and services ($533.9 billion) were the highest on record.
* 2017 imports of food, feeds, and beverages ($137.8 billion); capital goods ($640.6 billion); automotive vehicles, parts, and engines ($359.0 billion); and consumer goods ($602.2 billion) were the highest on record.
* For goods, the deficit was $810.0 billion in 2017, up from $752.5 billion in 2016.
* For services, the surplus was $244.0 billion in 2017, down from $247.7 billion in 2016.
* The 2017 deficit with China ($375.2 billion) was the highest on record.
Goods By Category
Exports of goods increased $95.8 billion in 2017 to $1,546.8 billion.
– Industrial supplies and materials increased $66.4 billion, reflecting increases in crude oil ($12.4 billion) and in other petroleum products ($8.7 billion).
Imports of goods increased $155.1 billion in 2017 to $2,342.9 billion.
– Industrial supplies and materials increased $64.3 billion, reflecting increases in crude oil ($31.0 billion) and in bauxite and aluminum ($3.9 billion).
Services By Category
Exports of services increased $25.5 billion to $777.9 billion in 2017.
– The increase mainly reflected increases 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 of services increased $29.2 billion to $533.9 billion in 2017.
– The increase reflected increases in all categories, led by travel (for all purposes including education) ($11.7 billion), charges for the use of intellectual property ($4.9 billion), and transport ($4.0 billion).
Goods By Geographic Area
– The goods deficit with the European Union increased from $146.8 billion in 2016 to $151.4 billion in 2017. Exports increased $13.9 billion (primarily crude oil and metallurgical grade coal) to $283.5 billion, while imports increased $18.6 billion (primarily other industrial machines and industrial engines) to $434.9 billion.
– The goods deficit with China increased from $347.0 billion in 2016 to $375.2 billion in 2017. Exports increased $14.8 billion (primarily crude oil and civilian aircraft engines and parts) to $130.4 billion, while imports increased $43.0 billion (primarily cell phones and other household goods and computers) to $505.6 billion.
– The goods deficit with Mexico increased from $64.4 billion in 2016 to $71.1 billion in 2017. Exports increased $13.3 billion (primarily other petroleum products and fuel oil) to $243.0 billion, while imports increased $20.0 billion (primarily passenger cars and automobiles) to $314.0 billion.
For further information visit U.S. Census Bureau website www.census.gov