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.
U.S. International Trade in Goods and Services Deficit
Deficit: $67.1 Billion / +5.9%°
Exports: $171.9 Billion / +2.2%°
Imports: $239.0 Billion / +3.2%°
Next release: November 4, 2020
(exhibit 1.)
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.
- Passenger cars increased $1.0 billion.
- Other goods increased $1.1 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.
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, October 6, 2020
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