WASHINGTON, D.C. —Joint Economic Committee Chairman David Schweikert [AZ-01] released the latest economic analysis regarding monthly trade for February.

“This report reflects ongoing patterns in the United States’ international trade, presenting evolving dynamics with major trading partners and sectors,” said Chairman Schweikert. “With that being said, my team of economists and I have worked long and hard on this extensive analysis—effectively the most comprehensive set of data on our current state of trade to date.”

For background, in December Chairman David Schweikert emphasized the importance of trade policy that “maximize[s] production and tax receipts, with minimal economic distortions,” highlighting a moral interest in making such policies “economically rational” and to enhancing the “resilience and robustness of economic capital stock and productivity.” During the hearing, he engaged witnesses on policy aimed at ensuring “American workers and manufacturers would have a level playing field to compete across the global landscape.” 

Key Background on the February Trade Update:

• In February, the United States imported $401.1 billion and exported $278.5 billion, resulting in a trade deficit of $122.7 billion.
• Over the past year, the United States imported $4.25 trillion and exported $3.21 trillion, resulting in a trade deficit of $1.03 trillion.
• In trade of goods, the U.S. ran a trade deficit of $1.33 trillion.
• In trade of services, the U.S. ran a trade surplus of $295.8 billion.
• Over the past year, the U.S. had the largest goods trade deficits with China (-$305 billion), Mexico (-$175 billion) and Vietnam (-$129 billion)
• The U.S. imported the most goods from Mexico ($511 billion), China ($445 billion), and Canada ($419 billion) accounting for 41% of value imported over the past year.
• The U.S. exported the most goods to Canada ($348 billion), Mexico ($335 billion), and China ($140 billion) accounting for 40% of value exported over the past year.
  
  

Click here to view the Joint Economic Committee Republicans’ latest Monthly Trade Update.
Click here to view the U.S. International Trade in Goods and Services release from the Bureau of Economic Analysis and U.S. Census Bureau.

 

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