U.S. International Trade in Goods and Services Deficit| Deficit: | $78.8 Billion | +7.9%° |
| Exports: | $266.6 Billion | +0.5%° |
| Imports: | $345.4 Billion | +2.1%° |
Next release: Tuesday, October 8, 2024 (°) 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, 2024 |
Exports, Imports, and Balance (exhibit 1)July exports were $266.6 billion, $1.3 billion more than June exports.
July imports were $345.4 billion, $7.1 billion more than June imports.
The July increase in the goods and services deficit reflected an increase in the goods deficit of $5.6 billion to $103.1 billion and a decrease in the services surplus of $0.2 billion to $24.3 billion.
- Year-to-date, the goods and services deficit increased $36.2 billion, or 7.7 percent, from the same period in 2023.
Exports increased $65.9 billion or 3.7 percent.
Imports increased $102.1 billion or 4.5 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.3 billion to $75.7 billion for the three months ending in July.
Average exports increased $1.4 billion to $$264.2 billion in July.
Average imports increased $2.7 billion to $339.9 billion in July.
- Year-over-year, the average goods and services deficit increased $10.5 billion from the three months ending in July 2023.
- Average exports increased $12.3 billion from July 2023.
Average imports increased $22.8 billion from July 2023.
Exports (exhibits 3, 6, and 7)Exports of goods increased $0.7 billion to $175.1 billion in July.
Exports of goods on a Census basis decreased $0.1 billion.
Automotive vehicles, parts, and engines decreased $1.7 billion.
Passenger cars decreased $1.3 billion.
Consumer goods decreased $0.8 billion.
Gem diamonds decreased $0.7 billion.
Capital goods increased $1.8 billion.
Semiconductors increased $1.7 billion.
Net balance of payments adjustments increased $0.8 billion.
Exports of services increased $0.6 billion to $91.5 billion in July.
Government goods and services increased $0.3 billion.
Financial services increased $0.2 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $6.4 billion to $278.2 billion in July.
Imports of goods on a Census basis increased $6.3 billion.
Capital goods increased $3.3 billion.
Computer accessories increased $2.4 billion.
Industrial supplies and materials increased $2.8 billion.
Nonmonetary gold increased $1.1 billion.
Finished metal shapes increased $0.9 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $0.8 billion to $67.2 billion in Jul
Charges for the use of intellectual property increased $0.5 billion.
Transport increased $0.3 billion.
Travel decreased $0.3 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $6.3 billion, or 6.9 percent, to $97.6 billion in July, compared to a 6.6 percent increase in the nominal deficit.
Real exports of goods decreased $1.7 billion, or 1.2 percent, to $144.4 billion, compared to a less than 0.1 percent decrease in nominal exports.
Real imports of goods increased $4.6 billion, or 1.9 percent, to $242.0 billion, compared to a 2.3 percent increase in nominal imports.
Revisions
Exports and imports of goods and services were revised for January through June 2024 to incorporate more comprehensive and updated quarterly and monthly data.
Revisions to June exports
Exports of goods were revised up $0.1 billion.
Exports of services were revised down $0.8 billion.
Revisions to June imports
Imports of goods were revised up $0.3 billion.
Imports of services were revised down $1.0 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The July figures show surpluses, in billions of dollars, with
- Netherlands ($4.7),
- South and Central America ($4.2),
- Hong Kong ($1.8),
- Australia ($1.5),
- Belgium ($1.0),
- Brazil ($0.8), and
- United Kingdom ($0.8).
Deficits were recorded, in billions of dollars, with - China ($27.2),
- European Union ($18.4),
- Mexico ($13.6),
- Vietnam ($9.5),
- Taiwan ($8.3),
- Germany ($7.7),
- Canada ($7.6),
- Ireland ($6.6),
- South Korea ($5.7),
- Japan ($5.4),
- Italy ($3.6),
- India ($3.3),
- Switzerland ($3.2),
- Singapore ($1.6),
- Malaysia ($1.5),
- France ($1.2),
- Israel ($0.4), and
- Saudi Arabia (less than $0.1).
The deficit with China increased $4.9 billion to $27.2 billion in July.
Exports decreased $1.0 billion to $11.5 billion and imports increased $3.9 billion to $38.7 billion.
The deficit with Canada increased $3.0 billion to $7.6 billion in July. Exports decreased $1.4 billion to $27.3 billion and imports increased $1.7 billion to $35.0 billion.
The deficit with Vietnam decreased $1.4 billion to $9.5 billion in July. Exports increased $1.0 billion to $2.1 billion and imports decreased $0.3 billion to $11.6 billion.
Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)
Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, second-quarter figures are now available.
The second-quarter figures show surpluses, in billions of dollars, with Netherlands ($19.9), South and Central America ($17.4), Australia ($8.8), Singapore ($8.2), Brazil ($7.3), Hong Kong ($5.0), United Kingdom ($3.8), Saudi Arabia ($2.2), and Belgium ($1.4). Deficits were recorded, in billions of dollars, with China ($60.5), Mexico ($42.9), European Union ($38.1), Vietnam ($30.8), Germany ($23.8), Taiwan ($17.1), Japan ($16.1), South Korea ($15.9), Italy ($13.3), India ($11.3), Canada ($7.1), Malaysia ($5.6), France ($5.2), Ireland ($4.1), Switzerland ($2.1), and Israel ($1.8).
The balance with Switzerland shifted from a surplus of $3.5 billion in the first quarter to a deficit of $2.1 billion in the second quarter. Exports decreased $3.8 billion to $18.7 billion and imports increased $1.8 billion to $20.8 billion.
The deficit with Vietnam increased $3.6 billion to $30.8 billion in the second quarter. Exports decreased less than $0.1 billion to $3.4 billion and imports increased $3.6 billion to $34.2 billion.
The deficit with China decreased $1.3 billion to $60.5 billion in the second quarter. Exports decreased $1.8 billion to $50.0 billion and imports decreased $3.1 billion to $110.5 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.
Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release.
For information on data sources, definitions, and revision procedures, see the explanatory notes in this release.
The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services.
The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Next release: October 8, 2024, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, August 2024
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