U.S. Trade Deficit Shrinks in February

WASHINGTON, April 12, 2011 /PRNewswire/ --The U.S. international trade deficit decreased to $45.8 billion in February 2011 from $47.0 billion in January (revised), according to data released by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.  Although exports fell slightly in February, imports fell even more, accounting for the decrease in the trade deficit.  

February's exports of U.S. goods and services totaled $165.1 billion, while imports totaled $210.9 billion, BEA reported. The February surplus in U.S. services exports was the highest on record at $13.6 billion.  In January, U.S. exports totaled $167.1 billion (revised), the largest monthly total ever recorded, surpassing the previous record of $165.7 billion in July 2008, according to BEA.

The Export-Import Bank of the United States (Ex-Im Bank) also reported it authorized $10.8 billion for the first five months of fiscal year 2011 (Oct. 2010 through Feb. 2011), supporting $13 billion in U.S. exports and approximately 93,000 American jobs.  The Bank's support of U.S. small business exports also grew to $1.7 billion, compared with $1.5 billion for the same five-month period a year ago.

Exports of U.S. goods and services over the twelve-month period ending Feb. 28, 2011, totaled $1.88 trillion, which was 19.5 percent above the level of exports in 2009.  Also over the period ending Feb. 28, 2011, exports have been growing at an annualized rate of 16.5 percent when compared to 2009.  The pace exceeds the 15 percent monthly growth required to double exports by the end of 2014.

"The steady growth in exports keeps the United States on track to meet President Obama's goal of doubling exports and supporting two million American jobs by 2015," said Ex-Im Bank Chairman and President Fred P. Hochberg.

Among the major export markets (defined as markets with at least $6 billion in annual imports of U.S. goods), the largest annualized increase in U.S. goods purchases occurred in Turkey (53.8 percent), South Africa (37.6 percent), Panama (36.7 percent), Taiwan (36.2 percent), Peru (35.4 percent), Brazil (34.5 percent), Argentina (32.7 percent), Malaysia (32.6 percent), Korea (31.7 percent), and Egypt (31.5 percent).

Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness.

For more information on Ex-Im Bank, visit www.exim.gov.

SOURCE Export-Import Bank of the United States

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