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U.S. International Trade in Goods and Services, July 2019

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .0 billion in July, down .5 billion from .5 billion in June, revised. U.S. International Trade in Goods and Services Deficit Deficit: .0 Billion -2.7%° Exports: 7.4 Billion +0.6%° Imports: 1.4 Billion -0.1%° Next release: October 4, 2019 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 4, 2019 Exports, Imports, and Balance (exhibit 1) July exports were 7.4 billion, .2 billion more than June exports. July

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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.

U.S. International Trade in Goods and Services Deficit
Deficit: $54.0 Billion -2.7%°
Exports: $207.4 Billion +0.6%°
Imports: $261.4 Billion -0.1%°

Next release: October 4, 2019

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 4, 2019

U.S. International Trade in Goods and Services, July 2019

Exports, Imports, and Balance (exhibit 1)

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 (exhibit 2)

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 (exhibits 3, 6, and 7)

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 (exhibits 4, 6, and 8)

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 (exhibit 11)

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 (exhibit 19)

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 (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 ($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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All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

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Next release: October 4, 2019, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, August 2019

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Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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