International Financial Law Prof Blog

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

Wednesday, October 18, 2017

U.S. goods and services deficit was $42.4 billion in August

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $42.4 billion in August, down $1.2 billion from $43.6 billion in July, revised. August exports were $195.3 billion, $0.8 billion more than July exports. August imports were $237.7 billion, $0.4 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.9 billion to $64.4 billion and an increase in the services surplus of $0.3 billion to $22.0 billion.

Year-to-date, the goods and services deficit increased $29.1 billion, or 8.8 percent, from the same period in 2016. Exports increased $84.9 billion or 5.8 percent. Imports increased $114.0 billion or 6.4 percent.

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

The average goods and services deficit decreased $1.3 billion to $43.2 billion for the three months ending in August.
* Average exports of goods and services increased $1.0 billion to $194.9 billion in August.
* Average imports of goods and services decreased $0.3 billion to $238.1 billion in August.

Year-over-year, the average goods and services deficit increased $1.1 billion from the three months ending in August 2016.
* Average exports of goods and services increased $9.4 billion from August 2016.
* Average imports of goods and services increased $10.5 billion from August 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $0.6 billion to $129.2 billion in August.
Exports of goods on a Census basis increased $0.1 billion.
* Consumer goods increased $1.0 billion.
o Pharmaceutical preparations increased $0.6 billion.
* Capital goods increased $0.4 billion.
o Telecommunications equipment increased $0.4 billion.
* Industrial supplies and materials decreased $1.0 billion.
o Fuel oil decreased $0.7 billion.
* Foods, feeds, and beverages decreased $0.4 billion.
Net balance of payments adjustments increased $0.5 billion.

Exports of services increased $0.2 billion to $66.1 billion in August.
* Travel (for all purposes including education), other business services (which includes research and development services; professional and management services; and technical, trade-related, and other services), and financial services each increased $0.1 billion.
* Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.3 billion to $193.6 billion in August.
Imports of goods on a Census basis decreased $0.4 billion.
* Industrial supplies and materials decreased $0.5 billion.
o Finished metal shapes decreased $0.2 billion.
o Copper decreased $0.2 billion.
* Capital goods decreased $0.5 billion.
o Computer accessories decreased $0.3 billion.
o Civilian aircraft decreased $0.2 billion.
* Automotive vehicles, parts, and engines increased $0.7 billion.
o Passenger cars increased $0.5 billion.
Net balance of payments adjustments increased $0.1 billion.

Imports of services decreased $0.1 billion to $44.1 billion in August.
* Transport decreased $0.2 billion.
* Travel (for all purposes including education) increased $0.1 billion.

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

The real goods deficit decreased less than $0.1 billion to $61.8 billion in August.
* Real exports of goods decreased $1.1 billion to $125.2 billion.
* Real imports of goods decreased $1.1 billion to $187.0 billion.

Revisions

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

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

The August figures show surpluses, in billions of dollars, with South and Central America ($2.7), Hong Kong ($2.5), Singapore ($0.8), United Kingdom ($0.6), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($29.7), European Union ($10.9), Japan ($6.3), Mexico ($5.8), Germany ($4.8), Italy ($2.5), South Korea ($2.1), India ($1.6), Taiwan ($1.5), France ($0.8), OPEC ($0.8), Canada ($0.4), and Saudi Arabia ($0.1).

* The deficit with China decreased $2.1 billion to $29.7 billion in August. Exports increased $0.8 billion to $11.6 billion and imports decreased $1.2 billion to $41.3 billion.
* The deficit with the European Union decreased $1.2 billion to $10.9 billion in August. Exports increased $1.4 billion to $24.2 billion and imports increased $0.2 billion to $35.1 billion.

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