The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised.
U.S. International Trade in Goods and Services Deficit
| Deficit: | $67.4 Billion | –4.3%° |
| Exports: | $258.9 Billion | –0.3%° |
| Imports: | $326.3 Billion | –1.1%° |
| Next release: Thursday, November 3, 2022
(°) 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, October 5, 2022 | ||
Exports, Imports, and Balance (exhibit 1)
August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports.
The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $87.6 billion and a decrease in the services surplus of $0.4 billion to $20.2 billion.
Year-to-date, the goods and services deficit increased $132.3 billion, or 24.4 percent, from the same period in 2021. Exports increased $329.8 billion or 19.9 percent. Imports increased $462.1 billion or 21.0 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $6.2 billion to $72.9 billion for the three months ending in August.
- Average exports increased $1.5 billion to $259.1 billion in August.
- Average imports decreased $4.7 billion to $332.0 billion in August.
- Average exports increased $45.0 billion from August 2021.
- Average imports increased $47.2 billion from August 2021.
Exports of goods decreased $0.7 billion to $182.5 billion in August.
Exports of goods on a Census basis decreased $1.3 billion.
- Industrial supplies and materials decreased $2.2 billion.
- Nonmonetary gold decreased $2.0 billion.
- Crude oil decreased $1.0 billion.
- Natural gas increased $1.4 billion.
- Automotive vehicles, parts, and engines decreased $1.1 billion.
- Passenger cars decreased $1.1 billion.
- Consumer goods increased $1.3 billion.
- Pharmaceutical preparations increased $0.8 billion.
Exports of services decreased less than $0.1 billion to $76.4 billion in August.
- Travel decreased $0.3 billion.
- Other business services increased $0.2 billion.
- Financial services increased $0.1 billion.
Imports of goods decreased $4.1 billion to $270.1 billion in August.
Imports of goods on a Census basis decreased $4.1 billion.
- Industrial supplies and materials decreased $4.7 billion.
- Crude oil decreased $2.7 billion.
- Fuel oil decreased $0.7 billion.
- Capital goods decreased $1.1 billion.
- Semiconductors decreased $0.5 billion.
- Civilian aircraft decreased $0.3 billion.
- Computer accessories decreased $0.3 billion.
- Automotive vehicles, parts, and engines increased $1.1 billion.
- Passenger cars increased $1.6 billion.
Imports of services increased $0.4 billion to $56.2 billion in August.
- Travel increased $0.3 billion.
- Charges for the use of intellectual property increased $0.1 billion.
The real goods deficit decreased $4.2 billion to $99.0 billion in August.
- Real exports of goods increased $2.8 billion to $162.8 billion.
- Real imports of goods decreased $1.4 billion to $261.7 billion.
Revisions to July exports
- Exports of goods were revised up $0.2 billion.
- Exports of services were revised up $0.1 billion.
- Imports of goods were revised up $0.2 billion.
- Imports of services were revised down $0.1 billion.
The August figures show surpluses, in billions of dollars, with South and Central America ($7.1), Netherlands ($4.2), Hong Kong ($2.3), Singapore ($1.7), United Kingdom ($1.2), Australia ($1.1), Brazil ($1.0), and Belgium ($0.5). Deficits were recorded, in billions of dollars, with China ($33.5), European Union ($13.5), Mexico ($9.8), Vietnam ($9.6), Canada ($7.4), Ireland ($5.2), Germany ($5.0), Taiwan ($4.0), Italy ($4.0), Japan ($3.6), South Korea ($3.1), India ($3.1), Malaysia ($2.5), France ($0.9), Israel ($0.6), Saudi Arabia ($0.6), and Switzerland ($0.5).
- The deficit with Japan decreased $1.9 billion to $3.6 billion in August. Exports increased $1.3 billion to $7.8 billion and imports decreased $0.6 billion to $11.4 billion.
- The deficit with Mexico decreased $1.9 billion to $9.8 billion in August. Exports increased $1.3 billion to $29.0 billion and imports decreased $0.5 billion to $38.8 billion.
- The balance with Switzerland shifted from a surplus of $2.1 billion in July to a deficit of $0.5 billion in August. Exports decreased $2.2 billion to $3.5 billion and imports increased $0.3 billion to $4.0 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.
Original source can be found here.
