The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.1 billion in June, down $1.9 billion from $75.0 billion in May, revised.
June exports were $265.9 billion, $3.9 billion more than May exports. June imports were $339.0 billion, $2.0 billion more than May imports.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.5 billion to $97.4 billion and a decrease in the services surplus of $0.6 billion to $24.2 billion.
Year-to-date, the goods and services deficit increased by $22.7 billion, or 5.6 percent, from the same period in 2023. Exports increased by $58.0 billion or 3.8 percent while imports increased by $80.7 billion or 4.2 percent.
The average goods and services deficit for the three months ending in June increased by $1.5 billion to $74.2 billion.
Average exports increased by $1.4 billion to $263.8 billion in June.
Average imports increased by $3.0 billion to $338.0 billion in June.
Year-over-year, the average goods and services deficit increased by $6.3 billion from the three months ending in June 2023.
Average exports increased by $12.8 billion from June 2023.
Average imports increased by $19.1 billion from June 2023.
Exports of goods increased by $4.4 billion to reach a total of $174.2 million in June:
- Capital goods rose by an additional amount of up to nearly two-billion dollars ($1.) nine-billion).
- Civilian aircraft rose approximately one-point-three-billion dollars ($1.) three-billion).
Conversely, automotive vehicles parts engines decreased five-hundred million dollars (500m). Natural gas other petroleum products fuel oil each rose about half-a-billion-dollars respectively (600m) (500m) (500m).
Net balance payments adjustments fell around two-hundred-million dollars (200m).
Services export value dropped slightly four-hundred-million dollars reaching ninety-one-point-seven-billions(91.) seven-billion) due travel related expenditures reducing equivalent sum(same).
Goods imported valued one-ninety-nine point-six reaching totals:
- Consumer pharmaceutical prep capital semiconductors telecoms electric apparatus showed upticks:
- Pharma leading growth sector rising around-three-point-two-billions(32000mn)
Decreases seen primarily industrial crude nuclear iron steel mill products all lower amounts cumulatively summing roughly negative(-one-point-nine (-19000mn)) (-twelve hundred(-12000mn)) (-seven hundred(-700mn)) six hundred(-600mn))
Balance payments adjust declined modestly minus-two-hundred-millions
Service imports moved upward marginally (+two hundred million(200mn)). Travel maintenance repair incremented likewise(+one hundred(+100mn)). Transport service registered decline(two hundred minus(-200million))
Real Goods expressed constant dollar basis observed fall percentage points relative nominal values indicated nominal versus real export import dynamics aligning closely:
Real Exports surged higher four-six-billions while real Imports marginally climbed(+four-six(+460000000000) (+two-one)(+210000000000))
Revisions made previous month’s figures showed minor upward downward modifications both categories detailed below :
Exports
Goods revised upwards net gain (three hundred mn)
Services minimal increase less than(hundred mn)
Imports
Goods slight downward revision(minus one-tenth(billion))
Services saw upward adjustment (+three-hundred mn)
Trade Balance Country Region-wise showing various surpluses deficits notable trends include significant shifts major partners particularly Italy China Singapore:
Italy Deficit fell substantially minus one-seventh reaching current level:
Exports went up eight hundreds(mn)
Imports down nine hundreds(mn)
China's Trade gap shrank sixteen hundreds reaching twenty-two billions current standing:
Exports advanced similar magnitude(eight hundreds mn)
Imports retreated equivalently(eight hundreds mn)
Singapore previously positive balance reversed current period shift:
Surplus turned into Deficit as Export reduction combined Import rise altered net position(seven hundreds lower & thousands higher respectively)