International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Tuesday, August 8, 2017

U.S. Trade in Goods & Services June 2017

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES June 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.6 billion in Bureau Econ Analysis June, down $2.7 billion from $46.4 billion in May, revised. June exports were $194.4 billion, $2.4 billion more than May exports. June imports were $238.0 billion, $0.4 billion less than May imports.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.1 billion to $65.2 billion and an increase in the services surplus of $0.6 billion to $21.6 billion.

Year-to-date, the goods and services deficit increased $26.7 billion, or 10.7 percent, from the same period in 2016. Exports increased $64.9 billion or 6.0 percent. Imports increased $91.7 billion or 6.9 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)

The average goods and services deficit decreased $0.5 billion to $45.9 billion for the three months ending in June.
* Average exports of goods and services increased $1.0 billion to $192.5 billion in June.
* Average imports of goods and services increased $0.4 billion to $238.4 billion in June.

Year-over-year, the average goods and services deficit increased $4.6 billion from the three months ending in June 2016.
* Average exports of goods and services increased $9.9 billion from June 2016.
* Average imports of goods and services increased $14.5 billion from June 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $1.7 billion to $129.0 billion in June. Exports of goods on a Census basis increased $1.9 billion.
* Capital goods increased $0.8 billion.
* Foods, feeds, and beverages increased $0.7 billion.
o Soybeans increased $0.6 billion.
* Automotive vehicles, parts, and engines increased $0.4 billion.
* Consumer goods decreased $0.3 billion.
o Pharmaceutical preparations decreased $0.4 billion.
Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.6 billion to $65.4 billion in June.
* Travel (for all purposes including education) increased $0.3 billion.
* Transport, which includes freight and port services and passenger fares, increased
$0.1 billion.
* Financial services increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.4 billion to $194.3 billion in June. Imports of goods on a Census basis decreased $0.3 billion.
* Industrial supplies and materials decreased $1.1 billion.
o Crude oil decreased $1.4 billion.
* Consumer goods decreased $0.7 billion.
o Cell phones and other household goods decreased $0.9 billion.
* Automotive vehicles, parts, and engines increased $1.0 billion.
o Passenger cars increased $1.3 billion.
Net balance of payments adjustments decreased $0.1 billion.

Imports of services were nearly unchanged at $43.8 billion in June, reflecting small and offsetting changes across categories.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased $1.8 billion to $61.0 billion in June.
* Real exports of goods increased $2.0 billion to $126.9 billion.
* Real imports of goods increased $0.3 billion to $187.9 billion.

Revisions

Revisions to May exports
* Exports of goods were revised up $0.1 billion.
* Exports of services were revised down $0.1 billion.
Revisions to May imports
* Imports of goods were revised down less than $0.1 billion.
* Imports of services were revised down $0.1 billion.

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

The June figures show surpluses, in billions of dollars, with Hong Kong ($2.9), South and Central America ($2.6), Singapore ($0.9), Brazil ($0.5), and United Kingdom ($0.2). Deficits were recorded, in billions of dollars, with China ($31.3), European Union ($12.5), Germany ($5.6), Japan ($5.5), Mexico ($5.5), Italy ($2.7), India ($1.9), South Korea ($1.8), Taiwan ($1.7), France ($1.1), Canada ($1.0), OPEC ($0.7), and Saudi Arabia (less than $0.1).

  • The deficit with Mexico decreased $1.2 billion to $5.5 billion in June. Exports increased $1.7 billion to $20.8 billion and imports increased $0.5 billion to $26.3 billion.
    * The deficit with Canada decreased $1.2 billion to $1.0 billion in June. Exports decreased less than $0.1 billion to $23.6 billion and imports decreased $1.2 billion to $24.5 billion.

Download June Trade Report Tables

http://lawprofessors.typepad.com/intfinlaw/2017/08/us-trade-in-goods-services-june-2017.html

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