International Financial Law Prof Blog

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

Friday, October 16, 2020

U.S. International Trade in Goods and Services, August 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $67.1 Billion +5.9%°
Exports: $171.9 Billion +2.2%°
Imports: $239.0 Billion +3.2%°

Next release: November 4, 2020

(°) 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 6, 2020

Goods and Services Trade Deficit: Seasonally adjusted
Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in August reflect both the ongoing impact of the COVID-19 pandemic and the continued recovery from the sharp declines earlier this year. The full economic effects of the pandemic cannot be quantified in the trade statistics because the impacts are generally embedded in source data and cannot be separately identified. The Census Bureau and the Bureau of Economic Analysis continue to monitor data quality and have determined estimates in this release meet publication standards. For more information, see the frequently asked questions on goods from the Census Bureau and on services from BEA.

Exports, Imports, and Balance (exhibit 1)

August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7 percent, from the same period in 2019. Exports decreased $296.1 billion or 17.6 percent. Imports decreased $273.5 billion or 13.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.

  • Average exports increased $10.0 billion to $165.2 billion in August.
  • Average imports increased $13.1 billion to $226.6 billion in August.

Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in August 2019.

  • Average exports decreased $44.8 billion from August 2019.
  • Average imports decreased $34.7 billion from August 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.5 billion to $119.1 billion in August.

  Exports of goods on a Census basis increased $3.4 billion.

  • Industrial supplies and materials increased $3.9 billion.
    • Nonmonetary gold increased $1.8 billion.
  • Foods, feeds, and beverages increased $1.1 billion.
    • Soybeans increased $1.0 billion.
  • Capital goods decreased $1.4 billion.
    • Semiconductors decreased $1.2 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.1 billion to $52.8 billion in August.

  • Other business services increased $0.2 billion.
  • Transport increased $0.1 billion.
  • Charges for the use of intellectual property increased $0.1 billion.
  • Travel decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $6.5 billion to $203.0 billion in August.

  Imports of goods on a Census basis increased $6.5 billion.

  • Consumer goods increased $3.8 billion.
    • Pharmaceutical preparations increased $2.7 billion.
  • Automotive vehicles, parts, and engines increased $1.7 billion.
    • Passenger cars increased $1.0 billion.
  • Other goods increased $1.1 billion.
  • Industrial supplies and materials decreased $1.5 billion.
    • Nonmonetary gold decreased $2.1 billion.
    • Finished metal shapes decreased $1.6 billion.
    • Crude oil increased $1.0 billion.

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

Imports of services increased $0.8 billion to $36.1 billion in August.

  • Travel increased $0.3 billion.
  • Transport increased $0.3 billion.

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

The real goods deficit increased $1.2 billion to $92.3 billion in August.

  • Real exports of goods increased $3.5 billion to $136.7 billion.
  • Real imports of goods increased $4.7 billion to $229.0 billion.

Revisions

Revisions to July exports

  • Exports of goods were revised up $0.2 billion.
  • Exports of services were revised up less than $0.1 billion.

Revisions to July imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised down 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 ($2.4), Hong Kong ($1.7), OPEC ($1.3), Brazil ($1.0), United Kingdom ($1.0), Saudi Arabia ($0.2), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($26.4), European Union ($15.7), Mexico ($12.5), Germany ($4.6), Japan ($4.3), Italy ($2.6), Taiwan ($2.6), India ($2.3), France ($2.2), South Korea ($2.2), and Canada ($1.2).

  • The deficit with Germany increased $1.6 billion to $4.6 billion in August. Exports decreased $0.3 billion to $4.9 billion and imports increased $1.2 billion to $9.6 billion.
  • The deficit with Japan increased $1.0 billion to $4.3 billion in August. Exports increased $0.6 billion to $5.3 billion and imports increased $1.5 billion to $9.6 billion.
  • The deficit with China decreased $1.9 billion to $26.4 billion in August. Exports increased $1.7 billion to $11.2 billion and imports decreased $0.2 billion to $37.7 billion.

https://lawprofessors.typepad.com/intfinlaw/2020/10/us-international-trade-in-goods-and-services-august-2020.html

Economics | Permalink

Comments

Post a comment