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

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .1 billion in July, down .2 billion from .2 billion in June, revised. U.S. International Trade in Goods and Services Deficit Deficit: .1 Billion -4.3%° Exports: 2.8 Billion +1.3%° Imports: 2.9 Billion -0.2%° Next release: Tuesday, October 5, 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, September 2, 2021 Exports, Imports, and Balance (exhibit 1) July exports were 2.8

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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 $70.1 billion in July, down $3.2 billion from $73.2 billion in June, revised.

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

$70.1 Billion

-4.3%°

Exports:

$212.8 Billion

+1.3%°

Imports:

$282.9 Billion

-0.2%°

Next release: Tuesday, October 5, 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, September 2, 2021

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

Exports, Imports, and Balance (exhibit 1)

July exports were $212.8 billion, $2.8 billion more than June exports. July imports were $282.9 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 $5.5 billion to $87.7 billion and a decrease in the services surplus of $2.4 billion to $17.7 billion.

Year-to-date, the goods and services deficit increased $131.0 billion, or 37.1 percent, from the same period in 2020. Exports increased $205.0 billion or 16.8 percent. Imports increased $336.0 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 July 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 $1.1 billion to $70.6 billion for the three months ending in July.

  • Average exports increased $2.0 billion to $210.5 billion in July.
  • Average imports increased $3.1 billion to $281.2 billion in July.

Year-over-year, the average goods and services deficit increased $15.2 billion from the three months ending in July 2020.

  • Average exports increased $51.9 billion from July 2020.
  • Average imports increased $67.1 billion from July 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.7 billion to $148.6 billion in July.

   Exports of goods on a Census basis increased $2.7 billion.

  • Capital goods increased $1.0 billion.
    • Other industrial machinery increased $0.8 billion.
  • Consumer goods increased $0.8 billion
    • Gem diamonds increased $0.6 billion.
  • Automotive vehicles, parts, and engines increased $0.6 billion.
    • Trucks, buses, and special purpose vehicles increased $0.4 billion.
    • Automotive parts and accessories increased $0.3 billion.

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

Exports of services increased $0.1 billion to $64.2 billion in July.

  • Other business services increased $0.2 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 decreased $2.9 billion to $236.3 billion in July.

   Imports of goods on a Census basis decreased $2.5 billion.

  • Consumer goods decreased $2.1 billion.
    • Toys, games, and sporting goods decreased $1.1 billion.
    • Cell phones and other household goods decreased $0.5 billion.
  • Industrial supplies and materials decreased $1.7 billion.
    • Nonmonetary gold decreased $0.8 billion.
    • Lumber decreased $0.7 billion.
  • Automotive vehicles, parts, and engines increased $1.1 billion.
    • Passenger cars increased $1.0 billion.

   Net balance of payments adjustments decreased $0.3 billion.

Imports of services increased $2.4 billion to $46.6 billion in July.

  • Travel increased $1.0 billion.
  • Charges for the use of intellectual property increased $0.9 billion. July imports included rights to broadcast the 2020 Summer Olympic Games.
  • Transport increased $0.4 billion.

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

The real goods deficit decreased $4.8 billion to $100.1 billion in July.

  • Real exports of goods increased $1.5 billion to $145.5 billion.
  • Real imports of goods decreased $3.4 billion to $245.6 billion.

Revisions

Exports and imports of goods and services were revised for January through June 2021 to incorporate more comprehensive and updated quarterly and monthly data.

Revisions to June exports

  • Exports of goods were revised up less than $0.1 billion.
  • Exports of services were revised up $2.4 billion.

Revisions to June imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised down $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 ($5.2), Hong Kong ($2.3), Brazil ($1.4), Singapore ($1.3), and United Kingdom ($0.3). Deficits were recorded, in billions of dollars, with China ($25.0), European Union ($18.1), Mexico ($8.5), Japan ($6.0), Germany ($5.6), Canada ($3.6), Italy ($3.5), Taiwan ($3.4), India ($2.8), South Korea ($2.1), France ($2.1), and Saudi Arabia ($0.3).

  • The deficit with China decreased $2.0 billion to $25.0 billion in July. Exports increased $0.1 billion to $13.0 billion and imports decreased $2.0 billion to $38.0 billion.
  • The deficit with Canada decreased $1.9 billion to $3.6 billion in July. Exports increased $2.0 billion to $26.9 billion and imports increased $0.1 billion to $30.5 billion.
  • The deficit with Mexico increased $1.3 billion to $8.5 billion in July. Exports decreased $0.5 billion to $23.2 billion and imports increased $0.8 billion to $31.7 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 ($21.2), Hong Kong ($8.4), Brazil ($6.1), Singapore ($5.1), United Kingdom ($4.9), and Saudi Arabia ($2.0). Deficits were recorded, in billions of dollars, with China ($82.9), European Union ($37.7), Mexico ($26.0), Germany ($18.2), Japan ($14.8), India ($11.8), Taiwan ($9.5), Canada ($9.3), Italy ($9.3), France ($5.3), and South Korea ($4.3).

  • The deficit with India increased $3.3 billion to $11.8 billion in the second quarter. Exports decreased $0.9 billion to $13.0 billion and imports increased $2.4 billion to $24.8 billion.
  • The deficit with Canada increased $2.7 billion to $9.3 billion in the second quarter. Exports increased $1.0 billion to $87.1 billion and imports increased $3.6 billion to $96.4 billion.
  • The deficit with China decreased $8.4 billion to $82.9 billion in the second quarter. Exports increased $1.3 billion to $47.8 billion and imports decreased $7.0 billion to $130.7 billion.

*             *             *

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 5, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, August 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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