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U.S. International Trade in Goods and Services, June 2021

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .7 billion in June, up .8 billion from .0 billion in May, revised. U.S. International Trade in Goods and Services Deficit Deficit: .7 Billion +6.7%° Exports: 7.7 Billion +0.6%° Imports: 3.4 Billion +2.1%° Next release: Thursday, September 2, 2021 (°) 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, August 5, 2021 Exports, Imports, and Balance (exhibit 1) June exports were 7.7

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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 $75.7 billion in June, up $4.8 billion from $71.0 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$75.7 Billion

+6.7%°

Exports:

$207.7 Billion

+0.6%°

Imports:

$283.4 Billion

+2.1%°

Next release: Thursday, September 2, 2021

(°) 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, August 5, 2021

U.S. International Trade in Goods and Services, June 2021

Exports, Imports, and Balance (exhibit 1)

June exports were $207.7 billion, $1.2 billion more than May exports. June imports were $283.4 billion, $6.0 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $4.0 billion to $93.2 billion and a decrease in the services surplus of $0.7 billion to $17.4 billion.

Year-to-date, the goods and services deficit increased $135.8 billion, or 46.4 percent, from the same period in 2020. Exports increased $150.9 billion or 14.3 percent. Imports increased $286.7 billion or 21.3 percent.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in June 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.2 billion to $71.9 billion for the three months ending in June.

  • Average exports increased $1.7 billion to $206.3 billion in June.
  • Average imports increased $1.9 billion to $278.2 billion in June.

Year-over-year, the average goods and services deficit increased $19.1 billion from the three months ending in June 2020.

  • Average exports increased $54.6 billion from June 2020.
  • Average imports increased $73.7 billion from June 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $0.3 billion to $145.9 billion in June.

   Exports of goods on a Census basis increased $0.2 billion.

  • Industrial supplies and materials increased $1.2 billion.
    • Crude oil increased $1.6 billion.
  • Foods, feeds, and beverages decreased $1.2 billion.
    • Soybeans decreased $0.5 billion.

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

Exports of services increased $0.9 billion to $61.8 billion in June.

  • Travel increased $0.4 billion.
  • Transport increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $4.3 billion to $239.1 billion in June.

   Imports of goods on a Census basis increased $4.2 billion.

  • Industrial supplies and materials increased $4.6 billion.
    • Nonmonetary gold increased $1.2 billion.
    • Finished metal shapes increased $0.5 billion.
    • Iron and steel mill products increased $0.4 billion.
    • Organic chemicals increased $0.4 billion.
  • Capital goods increased $0.8 billion.
  • Consumer goods decreased $1.6 billion.
    • Pharmaceutical preparations decreased $0.8 billion.
    • Cotton apparel and household goods decreased $0.7 billion.
  • Automotive vehicles, parts, and engines decreased $0.7 billion.

   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $1.6 billion to $44.3 billion in June.

  • Transport increased $1.0 billion.
  • Travel increased $0.6 billion.

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

The real goods deficit increased $3.6 billion to $105.2 billion in June.

  • Real exports of goods decreased $1.1 billion to $144.0 billion.
  • Real imports of goods increased $2.5 billion to $249.2 billion.

Revisions

Revisions to May exports

  • Exports of goods were revised up $0.1 billion.
  • Exports of services were revised up $0.3 billion.

Revisions to May imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised up $0.1 billion.

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

The June figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($1.7), Brazil ($1.5), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($27.0), European Union ($19.6), Mexico ($7.2), Germany ($6.3), Canada ($5.5), Japan ($4.9), Italy ($3.7), India ($3.5), Taiwan ($3.3), South Korea ($2.8), France ($1.9), Saudi Arabia ($0.3), and United Kingdom (less than $0.1).

  • The deficit with the European Union increased $1.1 billion to $19.6 billion in June. Exports increased $0.6 billion to $22.6 billion and imports increased $1.7 billion to $42.2 billion.
  • The deficit with India increased $1.0 billion to $3.5 billion in June. Exports decreased $0.3 billion to $2.9 billion and imports increased $0.7 billion to $6.5 billion.
  • The deficit with Japan decreased $0.9 billion to $4.9 billion in June. Exports increased less than $0.1 billion to $6.4 billion and imports decreased $0.9 billion to $11.4 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: September 2, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, July 2021

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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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