Thursday, April 03, 2014 9:11:45 AM
International Trade
Released On 4/3/2014 8:30:00 AM For Feb, 2014
Prior Prior Revised Consensus Consensus Range Actual
Trade Balance Level $-39.1 B $-39.3 B $-38.8 B $-41.0 B to $-35.0 B $-42.3 B
Highlights
The trade deficit in widened to $42.3 billion in February from $39.3 billion in January. Market expectations were for a $38.8 billion deficit. Curiously, the winter Olympics play a notable role. Exports declined 1.1 percent in February, following a gain of 0.6 percent the month before. Imports rose 0.4 percent after gaining 0.5 percent.
The expansion of the trade gap was led by a slowing in the services balance to plus $19.4 billion from plus $20.2 billion in January. Exports of services were virtually unchanged from January to February. Imports of services increased $0.8 billion from January to February. The increase was mainly accounted for by an increase in royalties and license fees ($0.8 billion), which included payments for the rights to broadcast the 2014 Winter Olympic Games. The petroleum deficit expanded to $19.9 billion in February from $19.3 billion the month before. The goods excluding petroleum gap grew to $40.0 billion from $39.2 billion.
The February figures show surpluses, in billions of dollars, with Hong Kong $2.9 ($3.9 for January), Australia $1.4 ($1.4), Singapore $1.3 ($1.6), and Brazil $1.2 ($1.2) among others. Deficits were recorded, in billions of dollars, with China $20.9 ($27.8), European Union $9.1 ($8.8), OPEC $5.7 ($7.0), Japan $5.3 ($5.3), Germany $4.5 ($5.2), Mexico $4.0 ($2.8), Saudi Arabia $3.2 ($3.9), Canada $1.9 ($4.0), Ireland $1.9 ($1.7), Venezuela $1.8 ($2.3), India $1.7 ($2.1), and South Korea $1.0 ($1.9) among others.
Overall, the February trade gap was larger than expected and likely will result in many economists shaving their first quarter GDP forecast.
Released On 4/3/2014 8:30:00 AM For Feb, 2014
Prior Prior Revised Consensus Consensus Range Actual
Trade Balance Level $-39.1 B $-39.3 B $-38.8 B $-41.0 B to $-35.0 B $-42.3 B
Highlights
The trade deficit in widened to $42.3 billion in February from $39.3 billion in January. Market expectations were for a $38.8 billion deficit. Curiously, the winter Olympics play a notable role. Exports declined 1.1 percent in February, following a gain of 0.6 percent the month before. Imports rose 0.4 percent after gaining 0.5 percent.
The expansion of the trade gap was led by a slowing in the services balance to plus $19.4 billion from plus $20.2 billion in January. Exports of services were virtually unchanged from January to February. Imports of services increased $0.8 billion from January to February. The increase was mainly accounted for by an increase in royalties and license fees ($0.8 billion), which included payments for the rights to broadcast the 2014 Winter Olympic Games. The petroleum deficit expanded to $19.9 billion in February from $19.3 billion the month before. The goods excluding petroleum gap grew to $40.0 billion from $39.2 billion.
The February figures show surpluses, in billions of dollars, with Hong Kong $2.9 ($3.9 for January), Australia $1.4 ($1.4), Singapore $1.3 ($1.6), and Brazil $1.2 ($1.2) among others. Deficits were recorded, in billions of dollars, with China $20.9 ($27.8), European Union $9.1 ($8.8), OPEC $5.7 ($7.0), Japan $5.3 ($5.3), Germany $4.5 ($5.2), Mexico $4.0 ($2.8), Saudi Arabia $3.2 ($3.9), Canada $1.9 ($4.0), Ireland $1.9 ($1.7), Venezuela $1.8 ($2.3), India $1.7 ($2.1), and South Korea $1.0 ($1.9) among others.
Overall, the February trade gap was larger than expected and likely will result in many economists shaving their first quarter GDP forecast.
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