International Financial Law Prof Blog

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

Sunday, September 15, 2019

U.S. International Trade in Goods and Services, July 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.0 billion in July, down $1.5 billion from $55.5 billion in June, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $54.0 Billion -2.7%°
Exports: $207.4 Billion +0.6%°
Imports: $261.4 Billion -0.1%°

Next release: October 4, 2019

(°) 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 4, 2019

Goods and Services Trade Deficit, Seasonally Adjusted

Exports, Imports, and Balance (exhibit 1)

July exports were $207.4 billion, $1.2 billion more than June exports. July imports were $261.4 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 $1.6 billion to $73.7 billion and a decrease in the services surplus of $0.1 billion to $19.7 billion.

Year-to-date, the goods and services deficit increased $28.2 billion, or 8.2 percent, from the same period in 2018. Exports decreased $3.4 billion or 0.2 percent. Imports increased $24.9 billion or 1.4 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.7 billion to $55.1 billion for the three months ending in July.

  • Average exports increased $0.5 billion to $208.0 billion in July.
  • Average imports increased $1.2 billion to $263.1 billion in July.

Year-over-year, the average goods and services deficit increased $7.0 billion from the three months ending in July 2018.

  • Average exports decreased $3.0 billion from July 2018.
  • Average imports increased $4.0 billion from July 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $1.2 billion to $138.2 billion in July.

   Exports of goods on a Census basis increased $1.2 billion.

  • Consumer goods increased $1.5 billion.
    • Pharmaceutical preparations increased $1.2 billion.
  • Capital goods increased $0.8 billion.
  • Automotive vehicles, parts, and engines increased $0.6 billion.
  • Industrial supplies and materials decreased $1.7 billion.
    • Crude oil decreased $0.5 billion.
    • Metallurgical grade coal decreased $0.2 billion.
    • Fuel oil decreased $0.2 billion.
    • Other petroleum products decreased $0.2 billion.

   Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.1 billion to $69.2 billion in July.

  • Transport decreased $0.1 billion.
  • Charges for the use of intellectual property decreased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $0.4 billion to $211.8 billion in July.

   Imports of goods on a Census basis decreased $0.6 billion.

  • Capital goods decreased $1.5 billion.
    • Computers decreased $1.4 billion.
  • Industrial supplies and materials increased $0.9 billion.
    • Other petroleum products increased $1.0 billion.

   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $49.6 billion in July.

  • Insurance services increased $0.1 billion.
  • Other business services increased $0.1 billion.
  • Transport decreased $0.1 billion.

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

The real goods deficit decreased $0.7 billion to $85.5 billion in July.

  • Real exports of goods increased $0.6 billion to $148.7 billion.
  • Real imports of goods decreased $0.1 billion to $234.2 billion

https://lawprofessors.typepad.com/intfinlaw/2019/09/us-international-trade-in-goods-and-services-july-2019.html

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