The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.3 billion to $77.0 billion and a decrease in the services surplus of $0.6 billion to $19.4 billion. The goods deficit was the highest since July 2008 and the services surplus was the lowest since December 2012.
Total exports rose 1.7 percent to an-all time high of $204.5 billion. Exports of goods increased $3.0 billion to $137.2 billion, mainly boosted by industrial supplies and materials ($2.0 billion); nonmonetary gold ($0.6 billion); crude oil ($0.3 billion); natural gas ($0.3 billion); automotive vehicles, parts, and engines ($0.9 billion); passenger cars ($0.7 billion); capital goods ($0.7 billion); civilian aircraft ($0.2 billion); and drilling and oilfield equipment ($0.2 billion). On the other hand, consumer goods decreased $0.8 billion and pharmaceutical preparations went down $0.6 billion. Exports of services rose $0.5 billion to $67.3 billion in February: transport increased $0.2 billion; travel (for all purposes including education) increased $0.1 billion; charges for the use of intellectual property increased $0.1 billion.
Total imports went up 1.7 percent to an all-time high of $262 billion. Imports of goods increased $3.3 billion to $214.2 billion, boosted by capital goods ($1.8 billion); civilian aircraft ($0.5 billion); materials-handling equipment ($0.3 billion); computers ($0.3 billion); industrial supplies and materials ($0.8 billion); crude oil ($0.7 billion); foods, feeds, and beverages ($0.8 billion). Imports of services rose $1.1 billion to $47.8 billion. The largest increase was in charges for the use of intellectual property ($1.0 billion). The increase reflects payments for the rights to broadcast the 2018 Winter Olympic Games. The largest decrease was in travel (for all purposes including education) ($0.2 billion).
On a non-seasonally adjusted basis, exports went up to Canada (4.3 percent), the EU (7.4 percent) and OPEC (14.7 percent) but fell to Mexico (-7.2 percent), China (-0.3 percent), Japan (-6 percent) and Brazil (-1.2 percent). Imports rose from Mexico (1.3 percent) and the EU (0.4 percent) but fell from Canada (-9 percent), China (-14.7 percent), Japan (-4.3 percent), Brazil (-28.4 percent) and OPEC (-14.9 percent).
The trade deficit worsened with Mexico ($-6.1 billion from $-4.2 billion) but improved with China ($-29.3 billion from $-35.9 billion); the EU ($-12 billion from $-13.6 billion); Japan ($-5.5 billion from $-5.6 billion); OPEC ($-1.4 billion from $-2.8 billion) and Canada ($-0.4 billion from $-3.7 billion).