The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.6 billion in July, up $10.1 billion from $53.5 billion in June, revised.
U.S. International Trade in Goods and Services Deficit
| Deficit: | $63.6 Billion | +18.9%° |
| Exports: | $168.1 Billion | +8.1%° |
| Imports: | $231.7 Billion | +10.9%° |
Next release: October 6, 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, September 3, 2020
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Coronavirus (COVID-19) Impact on July 2020 International Trade in Goods and Services
Exports and imports increased in July but remained below pre-pandemic levels, reflecting the ongoing impact of COVID-19, as many businesses continued to operate at limited capacity or ceased operations completely, and the movement of travelers across borders remained restricted. The full economic effects of the COVID-19 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)
July exports were $168.1 billion, $12.6 billion more than June exports. July imports were $231.7 billion, $22.7 billion more than June imports.
The July increase in the goods and services deficit reflected an increase in the goods deficit of $9.3 billion to $80.9 billion and a decrease in the services surplus of $0.8 billion to $17.4 billion.
Year-to-date, the goods and services deficit increased $6.4 billion, or 1.8 percent, from the same period in 2019. Exports decreased $257.8 billion or 17.5 percent. Imports decreased $251.3 billion or 13.8 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $3.3 billion to $58.3 billion for the three months ending in July.
- Average exports increased $6.9 billion to $155.1 billion in July.
- Average imports increased $10.2 billion to $213.4 billion in July.
Year-over-year, the average goods and services deficit increased $6.9 billion from the three months ending in July 2019.
- Average exports decreased $55.7 billion from July 2019.
- Average imports decreased $48.8 billion from July 2019.
