🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

U.S. Trade Gap Stays Close to Record as Services Surplus Narrows

Published 2022-04-05, 09:26 a/m
© Bloomberg. The Cap Capricorn container ship is unloaded at Pier 400 in the Port of Los Angeles in Los Angeles, California, U.S., on Sunday, Nov. 21, 2021. Shipments to the Port of Los Angeles fell 8% year over year in October.
GPSI34
-

(Bloomberg) -- The U.S. trade deficit held close to a record in February as the merchandise shortfall shrank and the surplus in services declined, partly reflecting the impact of broadcast rights for the Olympics.

The February gap in goods and services trade was little changed at $89.2 billion after a record shortfall in January, Commerce Department data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a $88.5 billion February shortfall. The figures aren’t adjusted for prices. 

The value of imports rose 1.3% in February to a record $317.8 billion and exports climbed 1.8% to $228.6 billion.

Services imports increased by $2.4 billion to a record $51.6 billion, with about half of the rise coming from the biggest monthly increase in charges for use of intellectual property since 2016. That probably reflects a temporary boost from rights fees to broadcast the winter Olympics, consistent with such spikes in previous years.

Meantime, goods imports also rose, reflecting an increase in industrial supplies such as crude oil and chemicals that more than offset a drop in automobiles.

©2022 Bloomberg L.P.

© Bloomberg. The Cap Capricorn container ship is unloaded at Pier 400 in the Port of Los Angeles in Los Angeles, California, U.S., on Sunday, Nov. 21, 2021. Shipments to the Port of Los Angeles fell 8% year over year in October.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.