International Financial Law Prof Blog

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

Thursday, August 9, 2018

U.S. International Trade in Goods and Services June 2018

he U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods 
and services deficit was $46.3 billion in June, up $3.2 billion from $43.2 billion in May, revised.

Goods and Services Trade Deficit

Exports, Imports, and Balance (exhibit 1)

June exports were $213.8 billion, $1.5 billion less than May exports. June imports were $260.2 
billion, $1.6 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit 
of $3.1 billion to $68.8 billion and a decrease in the services surplus of less than $0.1 billion 
to $22.5 billion.

Year-to-date, the goods and services deficit increased $19.6 billion, or 7.2 percent, from the 
same period in 2017. Exports increased $103.6 billion or 9.0 percent. Imports increased $123.2 
billion or 8.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.3 billion to $45.2 billion for the three 
months ending in June.
     * Average exports increased $1.0 billion to $213.5 billion in June.
     * Average imports increased $0.8 billion to $258.7 billion in June.

Year-over-year, the average goods and services deficit decreased $0.4 billion from the three 
months ending in June 2017.
     * Average exports increased $20.2 billion from June 2017.
     * Average imports increased $19.9 billion from June 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $1.7 billion to $143.2 billion in June.
  Exports of goods on a Census basis decreased $1.7 billion.
     * Consumer goods decreased $1.4 billion.
          o Pharmaceutical preparations decreased $0.6 billion.
          o Jewelry decreased $0.4 billion.
     * Capital goods decreased $0.9 billion.
          o Civilian aircraft engines decreased $0.4 billion.
          o Civilian aircraft decreased $0.2 billion.
     * Automotive vehicles, parts, and engines decreased $0.7 billion.
          o Passenger cars decreased $0.9 billion.
     * Industrial supplies and materials increased $2.0 billion.
          o Other petroleum products increased $0.5 billion.
          o Nonmonetary gold increased $0.5 billion.
          o Fuel oil increased $0.5 billion.

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

Exports of services increased $0.2 billion to $70.6 billion in June.
     * Financial services increased $0.1 billion. 

Imports (exhibits 4, 6, and 8)

Imports of goods increased $1.4 billion to $212.0 billion in June.
  Imports of goods on a Census basis increased $1.5 billion.
     * Consumer goods increased $2.0 billion.
          o Pharmaceutical preparations increased $1.5 billion.
     * Industrial supplies and materials increased $0.9 billion.
          o Crude oil increased $1.2 billion.
     * Capital goods decreased $1.5 billion.
          o Computers decreased $0.8 billion.
          o Telecommunications equipment decreased $0.5 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.2 billion to $48.1 billion in June.
     * Charges for the use of intellectual property increased $0.3 billion. The increase reflects 
       payments for the rights to broadcast the portion of the 2018 soccer World Cup that occurred 
       in June.

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

The real goods deficit increased $3.8 billion to $79.3 billion in June.
     * Real exports of goods decreased $2.1 billion to $151.1 billion.
     * Real imports of goods increased $1.7 billion to $230.4 billion.

Revisions

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

Revisions to May imports
     * Imports of goods were revised down less than $0.1 billion.
     * Imports of services were revised up $0.2 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 ($3.3), 
Hong Kong ($2.5), Brazil ($0.8), United Kingdom ($0.4), and Singapore (less than $0.1). Deficits 
were recorded, in billions of dollars, with China ($32.5), European Union ($12.8), Mexico ($6.7), 
Germany ($5.7), Japan ($5.6), Canada ($2.6), Italy ($2.2), OPEC ($1.8), India ($1.7), Taiwan ($1.4), 
South Korea ($1.3), Saudi Arabia ($0.8), and France ($0.7).

     * The deficit with members of OPEC increased $1.6 billion to $1.8 billion in June. Exports 
       decreased $0.8 billion to $5.0 billion and imports increased $0.7 billion to $6.7 billion.
     * The deficit with the European Union increased $0.9 billion to $12.8 billion in June. Exports 
       decreased $0.3 billion to $27.2 billion and imports increased $0.6 billion to $40.0 billion.
     * The deficit with Japan decreased $0.4 billion to $5.6 billion in June. Exports decreased 
       $0.2 billion to $6.1 billion and imports decreased $0.7 billion to $11.7 billion.

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