BEA: August goods and services deficit up from July's numbers

The U.S. Bureau of Economic Analysis has issued the following press release:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Oct. 5 that the goods and services deficit was $73.3 billion in August, up $2.9 billion from $70.3 billion in July, revised.

Exports, Imports, and Balance (exhibit 1)

August exports were $213.7 billion, $1.0 billion more than July exports. August imports were $287.0 billion, $4.0 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $1.6 billion to $89.4 billion and a decrease in the services surplus of $1.4 billion to $16.2 billion.

Year-to-date, the goods and services deficit increased $140.8 billion, or 33.7 percent, from the same period in 2020. Exports increased $244.3 billion or 17.5 percent. Imports increased $385.1 billion or 21.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.6 billion to $72.3 billion for the three months ending in August.

• Average exports increased $1.7 billion to $212.2 billion in August.
• Average imports increased $3.2 billion to $284.4 billion in August.

Year-over-year, the average goods and services deficit increased $13.9 billion from the three months ending in August 2020.

• Average exports increased $44.2 billion from August 2020.
• Average imports increased $58.1 billion from August 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $1.1 billion to $149.7 billion in August.

   Exports of goods on a Census basis increased $1.2 billion.

• Industrial supplies and materials increased $3.5 billion.
  • Nonmonetary gold increased $1.6 billion.
  • Natural gas increased $0.7 billion
• Automotive vehicles, parts, and engines decreased $1.0 billion.
  • Trucks, buses, and special purpose vehicles decreased $0.5 billion.
  • Passenger cars decreased $0.3 billion.
• Capital goods decreased $0.8 billion.
  • Civilian aircraft decreased $0.7 billion.
  • Other industrial machinery decreased $0.6 billion.
• Foods, feeds, and beverages decreased $0.6 billion.
  • Corn decreased $0.6 billion.

   Net balance of payments adjustments decreased $0.1 billion.

Exports of services decreased $0.1 billion to $64.0 billion in August.

• Travel decreased $0.3 billion.
• Other business services increased $0.1 billion.
• Charges for the use of intellectual property increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $239.1 billion in August.

   Imports of goods on a Census basis increased $2.4 billion.

• Consumer goods increased $3.0 billion.
  • Pharmaceutical preparations increased $2.2 billion.
  • Toys, games, and sporting goods increased $0.6 billion.
• Industrial supplies and materials increased $1.8 billion.
  • Organic chemicals increased $0.8 billion.
• Automotive vehicles, parts, and engines decreased $1.5 billion.
  • Passenger cars decreased $1.3 billion.

   Net balance of payments adjustments increased $0.3 billion.

Imports of services increased $1.3 billion to $47.9 billion in August.

• Transport increased $0.7 billion.
• Travel increased $0.5 billion.

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

The real goods deficit increased $1.9 billion to $101.8 billion in August.

• Real exports of goods increased $0.7 billion to $146.3 billion.
• Real imports of goods increased $2.6 billion to $248.1 billion.

Revisions

Revisions to July exports

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

Revisions to July imports

• Imports of goods were revised up $0.1 billion.
• Imports of services were revised up 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 ($5.7), Hong Kong ($2.2), Brazil ($2.1), Singapore ($1.0), and United Kingdom ($0.8). Deficits were recorded, in billions of dollars, with China ($28.1), European Union ($19.3), Mexico ($6.6), Germany ($5.8), Japan ($5.6), Canada ($5.1), Taiwan ($3.6), South Korea ($3.1), Italy ($3.1), India ($3.0), France ($1.4), and Saudi Arabia ($0.6).

• The deficit with China increased $3.1 billion to $28.1 billion in August. Exports decreased $1.8 billion to $11.2 billion and imports increased $1.3 billion to $39.3 billion.
• The deficit with Canada increased $1.4 billion to $5.1 billion in August. Exports decreased $1.6 billion to $25.2 billion and imports decreased $0.2 billion to $30.3 billion.
• The deficit with Mexico decreased $1.9 billion to $6.6 billion in August. Exports increased $0.9 billion to $24.1 billion and imports decreased $1.0 billion to $30.7 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 website at www.bea.gov/news/schedule.