U.S. International Trade in Goods and Services, June 2023
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $65.5 billion in June, down $2.8 billion from $68.3 billion in May, revised.
Next release: Wednesday, September 6, 2023
(°) 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, August 8, 2023
Exports, Imports, and Balance (exhibit 1)
June exports were $247.5 billion, $0.3 billion less than May exports. June imports were $313.0 billion, $3.1 billion less than May imports.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.8 billion to $88.2 billion and a decrease in the services surplus of less than $0.1 billion to $22.7 billion.
Year-to-date, the goods and services deficit decreased $117.7 billion, or 22.3 percent, from the same period in 2022. Exports increased $37.6 billion or 2.5 percent. Imports decreased $80.1 billion or 4.0 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.6 billion to $69.4 billion for the three months ending in June.
- Average exports decreased $3.6 billion to $248.2 billion in June.
- Average imports decreased $1.9 billion to $317.6 billion in June.
Year-over-year, the average goods and services deficit decreased $14.2 billion from the three months ending in June 2022.
- Average exports decreased $7.3 billion from June 2022.
- Average imports decreased $21.6 billion from June 2022.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $0.2 billion to $165.1 billion in June.
Exports of goods on a Census basis decreased $0.1 billion.
- Industrial supplies and materials decreased $0.7 billion.
- Crude oil decreased $0.5 billion.
- Fuel oil decreased $0.3 billion.
- Natural gas liquids decreased $0.3 billion.
- Nonmonetary gold increased $0.5 billion.
- Other chemicals increased $0.4 billion.
- Consumer goods decreased $0.4 billion.
- Pharmaceutical preparations decreased $0.6 billion.
- Gem diamonds increased $0.4 billion.
- Capital goods increased $0.8 billion.
- Other industrial machinery increased $0.5 billion.
- Telecommunications equipment increased $0.3 billion.
- Civilian aircraft decreased $0.8 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Exports of services decreased $0.2 billion to $82.3 billion in June.
- Transport decreased $0.2 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $2.9 billion to $253.3 billion in June.
Imports of goods on a Census basis decreased $2.9 billion.
- Capital goods decreased $2.3 billion.
- Computers decreased $1.6 billion.
- Industrial supplies and materials decreased $2.2 billion.
- Finished metal shapes decreased $2.1 billion.
- Crude oil decreased $1.0 billion.
- Nonmonetary gold increased $0.7 billion.
- Automotive vehicles, parts, and engines increased $1.3 billion.
- Passenger cars increased $1.7 billion.
- Consumer goods increased $0.4 billion.
- Pharmaceutical preparations increased $2.4 billion.
- Artwork and other collectibles decreased $1.0 billion.
- Gem diamonds decreased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services decreased $0.2 billion to $59.7 billion in June.
- Travel decreased $0.3 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $2.7 billion, or 3.0 percent, to $86.2 billion in June. The nominal deficit also decreased 3.0 percent.
- Real exports of goods increased $0.7 billion, or 0.5 percent, to $139.2 billion, compared to a 0.1 percent decrease in nominal exports.
- Real imports of goods decreased $2.0 billion, or 0.9 percent, to $225.5 billion, compared to a 1.1 percent decrease in nominal imports.
Revisions to May exports
- Exports of goods were revised up $0.5 billion.
- Exports of services were revised up $0.2 billion.
Revisions to May imports
- Imports of goods were revised up $0.2 billion.
- Imports of services were revised down $0.2 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The June figures show surpluses, in billions of dollars, with Netherlands ($4.6), South and Central America ($4.3), Hong Kong ($2.6), Belgium ($1.6), Australia ($1.4), Brazil ($0.5), Singapore ($0.2), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($22.8), European Union ($18.2), Mexico ($12.9), Vietnam ($8.6), Germany ($6.7), Ireland ($6.7), Japan ($6.1), South Korea ($5.4), Italy ($4.0), India ($3.8), Canada ($3.3), Taiwan ($3.3), Malaysia ($2.3), Switzerland ($1.5), France ($1.3), United Kingdom ($0.8), and Israel ($0.4).
- The deficit with China decreased $2.1 billion to $22.8 billion in June. Exports decreased $0.2 billion to $10.7 billion and imports decreased $2.3 billion to $33.5 billion.
- The deficit with Canada decreased $1.7 billion to $3.3 billion in June. Exports decreased $0.6 billion to $28.7 billion and imports decreased $2.2 billion to $32.0 billion.
- The balance with the United Kingdom shifted from a surplus of $1.2 billion in May to a deficit of $0.8 billion in June. Exports decreased $1.4 billion to $4.8 billion and imports increased $0.5 billion to $5.6 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: September 6, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, July 2023