U.S. International Trade in Goods and Services, August 2018
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in August, up $3.2 billion from $50.0 billion in July, revised.
Exports, Imports, and Balance (exhibit 1)
August exports were $209.4 billion, $1.7 billion less than July exports. August imports were $262.7 billion, $1.5 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $76.7 billion and an increase in the services surplus of $0.4 billion to $23.5 billion.
Year-to-date, the goods and services deficit increased $31.0 billion, or 8.6 percent, from the same period in 2017. Exports increased $129.6 billion or 8.4 percent. Imports increased $160.6 billion or 8.4 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $3.6 billion to $49.7 billion for the three months ending in August.
- Average exports decreased $1.7 billion to $211.2 billion in August.
- Average imports increased $1.8 billion to $260.9 billion in August.
Year-over-year, the average goods and services deficit increased $5.3 billion from the three months ending in August 2017.
- Average exports increased $16.1 billion from August 2017.
- Average imports increased $21.3 billion from August 2017.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $1.9 billion to $138.9 billion in August.
Exports of goods on a Census basis decreased $1.8 billion.
- Industrial supplies and materials decreased $2.4 billion.
- Crude oil decreased $0.9 billion.
- Other petroleum products decreased $0.7 billion.
- Foods, feeds, and beverages decreased $1.2 billion.
- Soybeans decreased $1.0 billion.
- Consumer goods increased $1.6 billion.
- Artwork, antiques, stamps, and other collectibles increased $0.6 billion.
- Pharmaceutical preparations increased $0.4 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.2 billion to $70.5 billion in August.
- Financial services increased $0.1 billion.
- Maintenance and repair services increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $1.7 billion to $215.6 billion in August.
Imports of goods on a Census basis increased $1.6 billion.
- Automotive vehicles, parts, and engines increased $1.0 billion.
- Passenger cars increased $0.6 billion.
- Trucks, buses, and special purpose vehicles increased $0.4 billion.
- Consumer goods increased $0.9 billion.
- Cell phones and other household goods increased $0.9 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services decreased $0.1 billion to $47.0 billion in August.
- Charges for the use of intellectual property decreased $0.2 billion. Charges for July included payments for the rights to broadcast the 2018 soccer World Cup.
- Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $3.8 billion to $86.3 billion in August.
- Real exports of goods decreased $1.8 billion to $147.8 billion.
- Real imports of goods increased $2.1 billion to $234.1 billion.
Revisions to July exports
- Exports of goods were revised up less than $0.1 billion.
- Exports of services were revised up less than $0.1 billion.
Revisions to July imports
- Imports of goods were revised up less than $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 ($3.4), Hong Kong ($2.3), Singapore ($0.6), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($34.4), European Union ($14.9), Mexico ($8.7), Japan ($5.8), Germany ($5.3), Canada ($3.0), Italy ($2.7), India ($1.9), South Korea ($1.8), France ($1.3), Saudi Arabia ($1.1), OPEC ($1.0), Taiwan ($0.7), and United Kingdom ($0.1).
- The deficit with Mexico increased $2.3 billion to $8.7 billion in August. Exports decreased $1.3 billion to $21.5 billion and imports increased $1.0 billion to $30.2 billion.
- The deficit with Japan increased $0.9 billion to $5.8 billion in August. Exports decreased $0.5 billion to $6.1 billion and imports increased $0.4 billion to $11.9 billion.
- The deficit with members of OPEC decreased $2.0 billion to $1.0 billion in August. Exports increased $0.9 billion to $5.2 billion and imports decreased $1.1 billion to $6.2 billion.
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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 Web site at www.bea.gov/news/schedule.
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Next release: November 2, 2018, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services: September 2018
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Country Name Change
With this release of the "U.S. International Trade in Goods and Services" report, references to Swaziland are replaced with Eswatini to reflect the country's recent name change. This change also aligns with the name recognized by the U.S. Department of State and the International Organization for Standardization.
If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected].