U.S. INTERNATIONAL TRADE DEFICIT $63.6 BLN

U.S. BEA - September 3, 2020 - U.S. International Trade in Goods and Services, July 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.6 billion in July, up $10.1 billion from $53.5 billion in June, revised. 

Exports, Imports, and Balance (exhibit 1)

July exports were $168.1 billion, $12.6 billion more than June exports. July imports were $231.7 billion, $22.7 billion more than June imports.

The July increase in the goods and services deficit reflected an increase in the goods deficit of $9.3 billion to $80.9 billion and a decrease in the services surplus of $0.8 billion to $17.4 billion.

Year-to-date, the goods and services deficit increased $6.4 billion, or 1.8 percent, from the same period in 2019. Exports decreased $257.8 billion or 17.5 percent. Imports decreased $251.3 billion or 13.8 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $3.3 billion to $58.3 billion for the three months ending in July.

• Average exports increased $6.9 billion to $155.1 billion in July.
• Average imports increased $10.2 billion to $213.4 billion in July.

Year-over-year, the average goods and services deficit increased $6.9 billion from the three months ending in July 2019.

• Average exports decreased $55.7 billion from July 2019.
• Average imports decreased $48.8 billion from July 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $12.3 billion to $115.5 billion in July.

  Exports of goods on a Census basis increased $12.3 billion.

• Automotive vehicles, parts, and engines increased $3.8 billion.
  • Passenger cars increased $2.1 billion.
• Consumer goods increased $2.6 billion.
  • Gem diamonds increased $0.7 billion.
  • Artwork, antiques, and other collectibles increased $0.6 billion.
• Industrial supplies and materials increased $2.5 billion.
  • Crude oil increased $1.1 billion.
  • Other petroleum products increased $0.4 billion.
• Capital goods increased $2.5 billion.
  • Semiconductors increased $0.8 billion.
  • Civilian aircraft engines increased $0.5 billion.

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

Exports of services increased $0.4 billion to $52.6 billion in July.

• Other business services increased $0.3 billion.
• Transport increased $0.3 billion.
• Charges for the use of intellectual property increased $0.1 billion.
• Travel decreased $0.4 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $21.5 billion to $196.4 billion in July.

  Imports of goods on a Census basis increased $21.5 billion.

• Automotive vehicles, parts, and engines increased $7.7 billion.
  • Passenger cars increased $3.7 billion.
  • Automotive parts and accessories increased $2.5 billion.
• Industrial supplies and materials increased $4.4 billion.
  • Finished metal shapes increased $1.3 billion.
  • Nonmonetary gold increased $0.9 billion.
  • Crude oil increased $0.7 billion.
• Capital goods increased $4.1 billion.
  • Civilian aircraft increased $1.7 billion.
  • Electric apparatus increased $0.4 billion.
  • Generators and accessories increased $0.4 billion.
• Consumer goods increased $3.5 billion.
  • Cell phones and other household goods increased $1.7 billion.
  • Cotton apparel and household goods increased $0.7 billion.
  • Furniture and household items increased $0.7 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.2 billion to $35.3 billion in July.

• Transport increased $0.5 billion.
• Travel increased $0.3 billion.
• Charges for the use of intellectual property increased $0.1 billion.
• Insurance services increased $0.1 billion.

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

The real goods deficit increased $10.1 billion to $90.5 billion in July.

• Real exports of goods increased $13.1 billion to $133.7 billion.
• Real imports of goods increased $23.2 billion to $224.2 billion.

Revisions

Exports and imports of goods and services were revised for January through June 2020 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to June exports

• Exports of goods were revised up $0.3 billion.
• Exports of services were revised down $3.1 billion.

Revisions to June imports

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

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

The July figures show surpluses, in billions of dollars, with South and Central America ($2.9), OPEC ($1.5), Hong Kong ($1.4), Brazil ($0.8), United Kingdom ($0.6), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($13.1), Mexico ($11.5), Japan ($3.4), Germany ($3.0), Taiwan ($2.8), France ($2.5), India ($2.0), Italy ($1.8), South Korea ($1.5), Singapore ($1.0), and Canada ($0.5).

• The deficit with Mexico increased $2.5 billion to $11.5 billion in July. Exports increased $2.4 billion to $17.8 billion and imports increased $4.9 billion to $29.3 billion.
• The deficit with China increased $1.6 billion to $28.3 billion in July. Exports increased $0.1 billion to $9.5 billion and imports increased $1.7 billion to $37.8 billion.
• The surplus with South and Central America increased $1.2 billion to $2.9 billion in July. Exports increased $1.3 billion to $9.7 billion and imports increased $0.1 billion to $6.8 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)

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 ($13.0), OPEC ($6.4), United Kingdom ($4.0), Brazil ($3.4), Saudi Arabia ($1.9), Hong Kong ($1.6), Canada ($0.6), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($75.8), European Union ($24.8), Mexico ($15.0), Germany ($12.4), Japan ($6.9), Taiwan ($6.7), India ($6.4), Italy ($4.9), South Korea ($4.5), and France ($2.7).

• The deficit with China increased $21.4 billion to $75.8 billion in the second quarter. Exports increased $2.5 billion to $36.8 billion and imports increased $23.9 billion to $112.6 billion.
• The surplus with South and Central America decreased $8.1 billion to $13.0 billion in the second quarter. Exports decreased $21.9 billion to $46.4 billion and imports decreased $13.8 billion to $33.4 billion.
• The deficit with Mexico decreased $13.2 billion to $15.0 billion in the second quarter. Exports decreased $25.7 billion to $43.2 billion and imports decreased $38.9 billion to $58.2 billion.

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