The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $53.1 billion in December, up $2.7 billion from $50.4 billion in November, revised.
December exports were $203.4 billion, $3.5 billion more than November exports. December imports were $256.5 billion, $6.2 billion more than November imports.
The December increase in the goods and services deficit reflected an increase in the goods deficit of $2.6 billion to $73.3 billion and a decrease in the services surplus of $0.1 billion to $20.2 billion.
The December figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.5), Brazil ($1.1), Singapore ($0.9), and United Kingdom ($0.3).
Deficits were recorded, in billions of dollars, with China ($34.0), European Union ($17.2), Mexico ($6.1), Germany ($5.7), Japan ($5.5), Italy ($3.7), South Korea ($2.1), India ($2.1), France ($2.1), Taiwan ($1.6), Canada ($1.4), Saudi Arabia ($0.6), and OPEC ($0.5).
For the full-year 2017, the goods and services deficit increased $61.2 billion, or 12.1 percent, from $504.8 billion in 2016. Exports increased by $121.2 billion or 5.5 percent, to $2,329.3 billion. Imports increased by $182.5 billion or 6.7 percent, to $2,895.3 billion.
The 2017 increase in the goods and services deficit reflected an increase in the goods deficit of $57.5 billion or 7.6 percent to $810.0 billion and a decrease in the services surplus of $3.7 billion or 1.5 percent to $244.0 billion.
As a percentage of US gross domestic product, the goods and services deficit was 2.9 percent in 2017, up from 2.7 percent in 2016.
The 2017 figures show surpluses, in billions of dollars, with South and Central America ($34.3), Hong Kong ($32.5), Netherlands ($24.5), Belgium ($14.8), and Australia ($14.6).
Deficits were recorded, in billions of dollars, with China ($375.2), European Union ($151.4), Mexico ($71.1), Japan ($68.8), Germany ($64.3), Ireland ($38.1), Italy ($31.6), Malaysia ($24.6), India ($22.9), South Korea ($22.9), Thailand ($20.4), Canada ($17.6), Taiwan ($16.7), France ($15.3), Switzerland ($14.3), Indonesia ($13.3), and OPEC ($13.0).