U.S. INTERNATIONAL TRADE DEFICIT $67.1 BLN

U.S. BEA - October 6, 2020 - U.S. International Trade in Goods and Services, August 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised. 

Exports, Imports, and Balance (exhibit 1)

August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7 percent, from the same period in 2019. Exports decreased $296.1 billion or 17.6 percent. Imports decreased $273.5 billion or 13.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.

• Average exports increased $10.0 billion to $165.2 billion in August.
• Average imports increased $13.1 billion to $226.6 billion in August.

Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in August 2019.

• Average exports decreased $44.8 billion from August 2019.
• Average imports decreased $34.7 billion from August 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.5 billion to $119.1 billion in August.

  Exports of goods on a Census basis increased $3.4 billion.

• Industrial supplies and materials increased $3.9 billion.
  • Nonmonetary gold increased $1.8 billion.
• Foods, feeds, and beverages increased $1.1 billion.
  • Soybeans increased $1.0 billion.
• Capital goods decreased $1.4 billion.
  • Semiconductors decreased $1.2 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.1 billion to $52.8 billion in August.

• Other business services increased $0.2 billion.
• Transport increased $0.1 billion.
• Charges for the use of intellectual property increased $0.1 billion.
• Travel decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $6.5 billion to $203.0 billion in August.

  Imports of goods on a Census basis increased $6.5 billion.

• Consumer goods increased $3.8 billion.
  • Pharmaceutical preparations increased $2.7 billion.
• Automotive vehicles, parts, and engines increased $1.7 billion.Other goods increased $1.1 billion.
  • Passenger cars increased $1.0 billion.
• Industrial supplies and materials decreased $1.5 billion.
  • Nonmonetary gold decreased $2.1 billion.
  • Finished metal shapes decreased $1.6 billion.
  • Crude oil increased $1.0 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.8 billion to $36.1 billion in August.

• Travel increased $0.3 billion.
• Transport increased $0.3 billion.

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

The real goods deficit increased $1.2 billion to $92.3 billion in August.

• Real exports of goods increased $3.5 billion to $136.7 billion.
• Real imports of goods increased $4.7 billion to $229.0 billion.

Revisions

Revisions to July exports

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

Revisions to July imports

• Imports of goods were revised up $0.1 billion.
• Imports of services were revised down less than $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 ($2.4), Hong Kong ($1.7), OPEC ($1.3), Brazil ($1.0), United Kingdom ($1.0), Saudi Arabia ($0.2), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($26.4), European Union ($15.7), Mexico ($12.5), Germany ($4.6), Japan ($4.3), Italy ($2.6), Taiwan ($2.6), India ($2.3), France ($2.2), South Korea ($2.2), and Canada ($1.2).

• The deficit with Germany increased $1.6 billion to $4.6 billion in August. Exports decreased $0.3 billion to $4.9 billion and imports increased $1.2 billion to $9.6 billion.
• The deficit with Japan increased $1.0 billion to $4.3 billion in August. Exports increased $0.6 billion to $5.3 billion and imports increased $1.5 billion to $9.6 billion.
• The deficit with China decreased $1.9 billion to $26.4 billion in August. Exports increased $1.7 billion to $11.2 billion and imports decreased $0.2 billion to $37.7 billion.

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