U.S. TRADE DEFICIT UPDOWN

U.S. BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.0 billion in July, down $1.5 billion from $55.5 billion in June, revised.

Exports, Imports, and Balance

July exports were $207.4 billion, $1.2 billion more than June exports. July imports were $261.4 billion, $0.4 billion less than June imports.

The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $1.6 billion to $73.7 billion and a decrease in the services surplus of $0.1 billion to $19.7 billion.

Year-to-date, the goods and services deficit increased $28.2 billion, or 8.2 percent, from the same period in 2018. Exports decreased $3.4 billion or 0.2 percent. Imports increased $24.9 billion or 1.4 percent.

Three-Month Moving Averages

The average goods and services deficit increased $0.7 billion to $55.1 billion for the three months ending in July.

• Average exports increased $0.5 billion to $208.0 billion in July.
• Average imports increased $1.2 billion to $263.1 billion in July.

Year-over-year, the average goods and services deficit increased $7.0 billion from the three months ending in July 2018.

• Average exports decreased $3.0 billion from July 2018.
• Average imports increased $4.0 billion from July 2018.

Exports

Exports of goods increased $1.2 billion to $138.2 billion in July.

Exports of goods on a Census basis increased $1.2 billion.

• Consumer goods increased $1.5 billion.
  • Pharmaceutical preparations increased $1.2 billion.
• Capital goods increased $0.8 billion.Automotive vehicles, parts, and engines increased $0.6 billion.
• Industrial supplies and materials decreased $1.7 billion.
  • Crude oil decreased $0.5 billion.
  • Metallurgical grade coal decreased $0.2 billion.
  • Fuel oil decreased $0.2 billion.
  • Other petroleum products decreased $0.2 billion.

   Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.1 billion to $69.2 billion in July.

• Transport decreased $0.1 billion.
• Charges for the use of intellectual property decreased $0.1 billion.
• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports 

Imports of goods decreased $0.4 billion to $211.8 billion in July.

Imports of goods on a Census basis decreased $0.6 billion.

• Capital goods decreased $1.5 billion.
  • Computers decreased $1.4 billion.
• Industrial supplies and materials increased $0.9 billion.
  • Other petroleum products increased $1.0 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $49.6 billion in July.

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

Real Goods in 2012 Dollars – Census Basis

The real goods deficit decreased $0.7 billion to $85.5 billion in July.

• Real exports of goods increased $0.6 billion to $148.7 billion.
• Real imports of goods decreased $0.1 billion to $234.2 billion.

Revisions

Exports and imports of goods and services were revised for January through June 2019 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to June exports

• Exports of goods were revised down $0.2 billion.
• Exports of services were revised up $0.1 billion.

Revisions to June imports

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised up $0.3 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis 

The July figures show surpluses, in billions of dollars, with South and Central America ($3.7), Hong Kong ($2.4), Brazil ($0.7), United Kingdom ($0.3), OPEC ($0.3), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($29.6), European Union ($15.9), Mexico ($8.9), Germany ($6.2), Japan ($5.9), Italy ($3.1), Canada ($3.1), India ($2.1), Taiwan ($2.0), France ($1.9), South Korea ($1.5), and Saudi Arabia (less than $0.1).

• The balance with members of OPEC shifted from a deficit of $0.3 billion to a surplus of $0.3 billion in July. Exports decreased $0.3 billion to $3.6 billion and imports decreased $0.8 billion to $3.3 billion.
• The deficit with China decreased $0.5 billion to $29.6 billion in July. Exports decreased $0.3 billion to $9.3 billion and imports decreased $0.8 billion to $39.0 billion.
• The surplus with South and Central America decreased $1.1 billion to $3.7 billion in July. Exports decreased $0.9 billion to $13.0 billion and imports increased $0.2 billion to $9.3 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis 

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, second-quarter figures are now available.

The second-quarter figures show surpluses, in billions of dollars, with South and Central America ($20.4), Hong Kong ($8.1), Brazil ($7.5), Singapore ($4.6), OPEC ($3.9), United Kingdom ($3.2), and Saudi Arabia ($1.4). Deficits were recorded, in billions of dollars, with China ($80.6), European Union ($35.1), Mexico ($26.1), Germany ($16.8), Japan ($16.3), Italy ($9.3), India ($5.8), France ($5.2), Taiwan ($4.7), Canada ($3.3), and South Korea ($2.0).

• The deficit with the European Union increased $7.6 billion to $35.1 billion in the second quarter. Exports decreased $5.6 billion to $146.5 billion and imports increased $2.0 billion to $181.6 billion.
• The balance with Canada shifted from a surplus of $3.9 billion to a deficit of $3.3 billion in the second quarter. Exports decreased $1.4 billion to $89.3 billion and imports increased $5.7 billion to $92.6 billion.
• The deficit with South Korea decreased $2.5 billion to $2.0 billion in the second quarter. Exports increased $0.5 billion to $19.9 billion and imports decreased $2.0 billion to $21.9 billion.

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