US imports of all goods and services rose 9.6% in February compared to the same month last year, to $174 billion, but dropped from the prior month total of $186 billion. Between January and February there was a decrease in demand for imported consumer and industrial goods, cars, food and beverages. Total exports rose by 12.4% to $125 billion, a record level for a February, driven by increases in exports services – primarily travel, business services, royalties and fees, and of manufactured goods.
Apparel imports rose negligibly in February compared to last year, to $6.5 billion.
Though a much smaller number, apparel exports rose an impressive 16%, to $464 million. Apparel exports to Canada and Mexico comprised over half the total, followed at a distance by those to Japan and the United Kingdom. Exports to Honduras and the DR declined considerably, while those to Australia, Guatemala, Hong Kong, India and China increased significantly.
Textile exports remain at near record high levels, thanks to healthy shipments to Canada and Mexico (which together comprise about 43% of the total) and Honduras. Exports to El Salvador have grown considerably in the past year.
Total trade in apparel and textiles on a 12-month smoothed basis has slowed in the past several months. Export growth outpaces that of imports, however, due primarily to strong the demand in Canada and Mexico for U.S. apparel products.
|(US IMPORTS AND EXPORTS)|
|In $ Millions|
|International Trade Statistics||% Chg||Feb||Jan||Feb|
|Total US Imports||9.6||173,981||185,759||158,712|
|Total US Exports||12.4||124,778||119,585||111,048|
|Total US Deficit||3.2||49,203||66,174||47,664|
|App & Text as % of Tot Def||13.8||12.5||14.2|