International Financial Law Prof Blog

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

Saturday, October 5, 2019

BEA logo and link to website BEA News: U.S. International Trade in Goods and Services, August 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.9 billion in August, up $0.9 billion from $54.0 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $54.9 Billion +1.6%°
Exports: $207.9 Billion +0.2%°
Imports: $262.8 Billion +0.5%°

Next release: November 5, 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, October 4, 2019

Goods and Services Trade Deficit, Seasonally Adjusted

Exports, Imports, and Balance 

August exports were $207.9 billion, $0.5 billion more than July exports. August imports were $262.8 billion, $1.3 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $74.4 billion and a decrease in the services surplus of less than $0.1 billion to $19.5 billion.

Year-to-date, the goods and services deficit increased $28.3 billion, or 7.1 percent, from the same period in 2018. Exports decreased $3.2 billion or 0.2 percent. Imports increased $25.1 billion or 1.2 percent.

Three-Month Moving Averages 

The average goods and services deficit decreased $0.3 billion to $54.8 billion for the three months ending in August.

  • Average exports decreased $0.8 billion to $207.2 billion in August.
  • Average imports decreased $1.1 billion to $262.0 billion in August.

Year-over-year, the average goods and services deficit increased $3.2 billion from the three months ending in August 2018.

  • Average exports decreased $2.0 billion from August 2018.
  • Average imports increased $1.2 billion from August 2018.

Exports of goods increased $0.4 billion to $138.6 billion in August.

   Exports of goods on a Census basis increased $0.4 billion.

  • Industrial supplies and materials increased $1.5 billion.
    • Fuel oil increased $0.8 billion.
    • Nonmonetary gold increased $0.4 billion.
  • Foods, feeds, and beverages increased $0.5 billion.
    • Soybeans increased $0.3 billion.
  • Capital goods decreased $1.4 billion.
    • Civilian aircraft decreased $1.3 billion.

   Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.1 billion to $69.3 billion in August.

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

Imports of goods increased $1.2 billion to $213.0 billion in August.

   Imports of goods on a Census basis increased $1.1 billion.

  • Consumer goods increased $1.9 billion.
    • Cell phones and other household goods increased $1.1 billion.
  • Capital goods increased $1.9 billion.
    • Semiconductors increased $0.8 billion.
    • Other industrial machines increased $0.4 billion.
  • Industrial supplies and materials decreased $1.5 billion.
    • Other petroleum products decreased $0.7 billion.
    • Crude oil decreased $0.5 billion.

   Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $49.8 billion in August.

  • Insurance services increased $0.1 billion.

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

The real goods deficit increased $0.3 billion to $85.7 billion in August.

  • Real exports of goods increased $1.6 billion to $150.4 billion.
  • Real imports of goods increased $1.9 billion to $236.1 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 ($5.0), Hong Kong ($2.2), Brazil ($1.4), OPEC ($0.8), Singapore ($0.7), United Kingdom ($0.6), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($28.9), European Union ($15.6), Mexico ($8.4), Germany ($6.9), Japan ($6.1), Italy ($2.6), India ($2.4), Taiwan ($2.3), South Korea ($2.1), Canada ($1.6), and France ($1.5).

  • The deficit with Germany increased $0.7 billion to $6.9 billion in August. Exports increased $0.2 billion to $4.9 billion and imports increased $0.8 billion to $11.8 billion.
  • The deficit with South Korea increased $0.5 billion to $2.1 billion in August. Exports increased $0.1 billion to $4.8 billion and imports increased $0.7 billion to $6.9 billion.
  • The deficit with Canada decreased $1.4 billion to $1.6 billion in August. Exports increased $0.6 billion to $24.8 billion and imports decreased $0.8 billion to $26.4 billion.

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Next release: November 5, 2019, at 8:30 A.M. EST

https://lawprofessors.typepad.com/intfinlaw/2019/10/bea-logo-and-link-to-website-bea-news-us-international-trade-in-goods-and-services-august-2019.html

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