U.S. INTERNATIONAL TRADE DEFICIT UP TO $54.9 BLN

U.S. BEA - October 4, 2019 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.9 billion in August, up $0.9 billion from $54.0 billion in July, revised.

Exports, Imports, and Balance (exhibit 1)

August exports were $207.9 billion, $0.5 billion more than July exports. August imports were $262.8 billion, $1.3 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $74.4 billion and a decrease in the services surplus of less than $0.1 billion to $19.5 billion.

Year-to-date, the goods and services deficit increased $28.3 billion, or 7.1 percent, from the same period in 2018. Exports decreased $3.2 billion or 0.2 percent. Imports increased $25.1 billion or 1.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.3 billion to $54.8 billion for the three months ending in August.

• Average exports decreased $0.8 billion to $207.2 billion in August.
• Average imports decreased $1.1 billion to $262.0 billion in August.

Year-over-year, the average goods and services deficit increased $3.2 billion from the three months ending in August 2018.

• Average exports decreased $2.0 billion from August 2018.
• Average imports increased $1.2 billion from August 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $0.4 billion to $138.6 billion in August.

   Exports of goods on a Census basis increased $0.4 billion.

• Industrial supplies and materials increased $1.5 billion.
  • Fuel oil increased $0.8 billion.
  • Nonmonetary gold increased $0.4 billion.
• Foods, feeds, and beverages increased $0.5 billion.
  • Soybeans increased $0.3 billion.
• Capital goods decreased $1.4 billion.
  • Civilian aircraft decreased $1.3 billion.

   Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.1 billion to $69.3 billion in August.

• Financial services increased $0.1 billion.
• Other business services increased $0.1 billion.
• Transport decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $1.2 billion to $213.0 billion in August.

   Imports of goods on a Census basis increased $1.1 billion.

• Consumer goods increased $1.9 billion.
  • Cell phones and other household goods increased $1.1 billion.
• Capital goods increased $1.9 billion.
  • Semiconductors increased $0.8 billion.
  • Other industrial machines increased $0.4 billion.
• Industrial supplies and materials decreased $1.5 billion.
  • Other petroleum products decreased $0.7 billion.
  • Crude oil decreased $0.5 billion.

   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $49.8 billion in August.

• Insurance services increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.3 billion to $85.7 billion in August.

• Real exports of goods increased $1.6 billion to $150.4 billion.
• Real imports of goods increased $1.9 billion to $236.1 billion.

Revisions

Revisions to July exports

• Exports of goods were revised up $0.1 billion.
• Exports of services were revised down $0.1 billion.

Revisions to July imports

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised up $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The August figures show surpluses, in billions of dollars, with South and Central America ($5.0), Hong Kong ($2.2), Brazil ($1.4), OPEC ($0.8), Singapore ($0.7), United Kingdom ($0.6), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($28.9), European Union ($15.6), Mexico ($8.4), Germany ($6.9), Japan ($6.1), Italy ($2.6), India ($2.4), Taiwan ($2.3), South Korea ($2.1), Canada ($1.6), and France ($1.5).

• The deficit with Germany increased $0.7 billion to $6.9 billion in August. Exports increased $0.2 billion to $4.9 billion and imports increased $0.8 billion to $11.8 billion.
• The deficit with South Korea increased $0.5 billion to $2.1 billion in August. Exports increased $0.1 billion to $4.8 billion and imports increased $0.7 billion to $6.9 billion.
• The deficit with Canada decreased $1.4 billion to $1.6 billion in August. Exports increased $0.6 billion to $24.8 billion and imports decreased $0.8 billion to $26.4 billion.

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