The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.8 billion in July, up $5.8 billion from $73.0 billion in June, revised.
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.
Vipin Arora Director of U.S. Bureau of Economic Analysis
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Year-to-date, the goods and services deficit increased by $36.2 billion, or 7.7 percent, from the same period in 2023. Exports increased by $65.9 billion or 3.7 percent, while imports increased by $102.1 billion or 4.5 percent.
The average goods and services deficit for the three months ending in July increased by $1.3 billion to reach $75.7 billion.
Average exports rose by $1.4 billion to reach $$264.2 billion in July.
Average imports climbed by $2.7 billion to hit $339.9 billion in July.
Year-over-year, the average goods and services deficit grew by $10..5billion from the three months ending in July 2023.
Average exports saw an increase of$12..3billion from July 2023.
Average imports surged by$22..8billion from July 2023
Exports of goods increasedby$0..7billionto$175..1billioninJuly
Exports of goodson a Census basis decreasedby$0..1billion
Automotive vehicles partsand engines decreasedby$1..7billionPassenger cars decreasedby$1..3billion
Consumer gooddecreasedby$0..8billioGem diamonds decreasedby$.07.billiom
Capitalgoodincreasedby$$18.billiomSemiconductorsincreasedy$.17.billiom
Net balanceof paymentsadjustmentsincreasedby$.08.billiom
Exportsofservicesincreasedby$$06.billioto$$91.billinJuly
Governmentgoodsandservicesincreasey$.03.billioFinancialservicesincreasey$.02.billio
Importsofgoodsincreasey$$64.billioto$$278.biionJuly
ImportsofgoodonaCensusbasisincreaseyb$$63.billio
Capitalgoodsincreaseyb$$33.biionComputeaccessoriesincreaseyb.$24.biion
Industrialsuppliesandmaterialsincreaseyb.$$28biionNomontarygoldincreaseyb.$$11.biionFinishedmetalshapesincreaseyb.$$09.biion
Netbalanceofpaymentsadjustmentsincreaseyb.$$01biion
Importsofservicesincreaseyb.$$08bioto.$67biinoJuly Chargesfortheuseofintellectualpropertyincreasety.$$05billioTransporincreaseyt.$03.billioTraveldecreaseyt.$03billio
Therealgoodsdeficitincreasy$b66%to$b76bilijulycomparetoa66percentininthenominaideficit Realexportsofgoodsdecreaseyyetob14billcomparetoalesshantopercentinnominaiorts Realimportsofgoodsncreayperceotob42bljuycomparedoapercentnnomiorts Revisions ExportndimprtofgooserviceswererevisedforJanuarythrougJune204tocorporatemorecomprehensveandupdatedquaterlymonthlydata RevisonstoJuneexports Exportsgoodwererevisedup$bili Exportssericeswerereviseddowntobil RevisionsJuneimports Importogoodwerevisedupto Importsersiceswerereviseddownto GoodselectedCountrieAreas:Month-CensusBasis (exhibit19) Theulyfiguressurpluses,billionsdollars Netherlands ($47), SouthCentralAmerica ($42), HongKong($18), Australia($15), Belgium($10), Brazil ($08) UnitedKingdom($08). Deficitsrecorded,billionsdollarswith China ($27), EuropeanUnion($184) Mexico($136 Vietnam ($95 Taiwan ($83 Germany ($77 Canada($76 Ireland($66 SouthKorea($57 Japan(54 Italy(36 India(33 Switzerland(32 Singapore (16 Malaysia (15 France (12 Israel (04 SaudiArabia lessthan(01 ThedeficitChina ncreasdil o27ulxportedecrasedtol55mportreasedol87 ThedeficitCanadaincreaedol78ul Exportsecrease tol273mporreasetol35 ThdefictVietnamecreaseto95l xportncresed ol21mprtdecrase dol16 GoodsServicesSelecteCountriesAreas Quarterly-BalancePaymentsBasis(exhibi20 Statistics tradegoodsservicountryareaareonlyavailablequarterly withone-monthlag Withthisrelease second-quarterfiguresarenowavailable Thesecond-quarterfiguressurpluses billionsdollarswith Netherlands ($199 SouthCentralAmerica($174 Australia88 Singapore82 Brazil73 HongKong50 UnitedKingdom38 SaudiArabia22 Belgium14 Deficitsrecorded billions dollars with China605 Mexico429 EuropeanUnion381 Vietnam308 Germany238 Taiwan171 Japan161 South Korea159 Italy133 India113 Canada71 Malaysia56 France52 Ireland41 Switzerland21 Israel18 ThebalanceSwitzerlandshiftedsurplus35firstquarteradeficit21secondquarter Exportsdecreased38bilito187mportncreasetol208 ThdeficitVietnam increaeto308secondquarter xportsdeceasedlessthan01bilito34 mprtneased36olt42 ThdefictChnadecreased13 ol605seondquterExporsecreases118 ol50mporteacreased31 l105