The Goods and Services Deficit Increased to $43.8 billion in June 2015

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.8 billion in June, up $2.9 billion from $40.9 billion in May, revised. June exports were $188.6 billion, $0.1 billion less than May exports. June imports were $232.4 billion, $2.8 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $2.9 billion to $63.5 billion and a decrease in the services surplus of less than $0.1 billion to $19.7 billion.

Year-to-date, the goods and services deficit increased $1.6 billion, or 0.6 percent, from the same period in 2014. Exports decreased $33.4 billion or 2.9 percent. Imports decreased $31.8 billion or 2.2 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $0.2 billion to $127.6 billion in June.

Exports of goods on a Census basis decreased $0.5 billion.

• Capital goods decreased $0.8 billion.
  • Telecommunications equipment decreased $0.3 billion.
• Industrial supplies and materials decreased $0.6 billion.
  • Finished metal shapes decreased $0.3 billion.
• Consumer goods increased $0.8 billion.

Net balance of payments adjustments increased $0.2 billion.

Exports of services increased $0.1 billion to $61.0 billion in June.

• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
• Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $191.1 billion in June.

Imports of goods on a Census basis increased $2.6 billion.

• Consumer goods increased $1.7 billion.
  • Pharmaceutical preparations increased $1.3 billion.
• Industrial supplies and materials increased $1.2 billion.
  • Crude oil increased $0.9 billion.
• Capital goods decreased $1.3 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.1 billion to $41.4 billion in June.

• Travel (for all purposes including education) increased $0.2 billion.
• Transport decreased $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The June figures show surpluses, in billions of dollars, with South and Central America ($3.5), OPEC ($0.7), and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($29.0), European Union ($13.9), Germany ($6.8), Mexico ($5.4), Japan ($5.2), Canada ($3.1), South Korea ($2.3), Italy ($2.2), France ($1.7), India ($1.6), Saudi Arabia ($0.5), and United Kingdom ($0.2).

• The deficit with Canada shifted from a surplus of $0.2 billion in May to a deficit of $3.1 billion in June. Exports decreased $1.1 billion to $23.0 billion and imports increased $2.2 billion to $26.2 billion.
• The deficit with Mexico increased $1.3 billion to $5.4 billion in June. Exports increased $0.1 billion to $20.0 billion and imports increased $1.4 billion to $25.5 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.