The Goods and Services Deficit Increased to $50.1 in July 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.1 billion in July, up $4.3 billion from $45.7 billion in June, revised.

Exports, Imports, and Balance (Exhibit 1)

July exports were $211.1 billion, $2.1 billion less than June exports. July imports were $261.2 billion, $2.2 billion more than June imports.

The July increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $73.1 billion and a decrease in the services surplus of $0.1 billion to $23.1 billion.

Year-to-date, the goods and services deficit increased $22.0 billion, or 7.0 percent, from the same period in 2017. Exports increased $115.7 billion or 8.6 percent. Imports increased $137.7 billion or 8.3 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $2.3 billion to $140.8 billion in July.

Exports of goods on a Census basis decreased $2.3 billion.

• Capital goods decreased $0.9 billion.
  • Civilian aircraft decreased $1.6 billion.
• Foods, feeds, and beverages decreased $0.9 billion.
  • Soybeans decreased $0.7 billion.
• Other goods decreased $0.5 billion.

Exports of services increased $0.2 billion to $70.3 billion in July.

• Charges for the use of intellectual property increased $0.1 billion.
• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $1.9 billion to $213.9 billion in July.

Imports of goods on a Census basis increased $1.8 billion.

• Capital goods increased $0.7 billion.
  • Computers increased $0.5 billion.
  • Computer accessories increased $0.3 billion.
• Other goods increased $0.7 billion.
• Industrial supplies and materials increased $0.5 billion.
  • Fuel oil increased $0.3 billion.
  • Crude oil increased $0.3 billion.
• Automotive vehicles, parts, and engines increased $0.5 billion.
• Consumer goods decreased $0.8 billion.
  • Pharmaceutical preparations decreased $1.3 billion.

Imports of services increased $0.3 billion to $47.2 billion in July.

• Travel (for all purposes including education) increased $0.2 billion.
• Other business services increased $0.1 billion.

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

The July figures show surpluses, in billions of dollars, with South and Central America ($3.4), Hong Kong ($2.5), Brazil ($0.6), United Kingdom ($0.4), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($34.1), European Union ($14.5), Mexico ($6.4), Germany ($6.2), Japan ($4.9), Canada ($3.2), OPEC ($3.0), Italy ($2.7), India ($1.6), France ($1.4), South Korea ($1.3), Taiwan ($1.0), and Saudi Arabia ($1.0).

• The deficit with the European Union increased $1.7 billion to $14.5 billion in July. Exports decreased $1.2 billion to $26.0 billion and imports increased $0.5 billion to $40.5 billion.
• The deficit with China increased $1.7 billion to $34.1 billion in July. Exports decreased $1.0 billion to $11.0 billion and imports increased $0.7 billion to $45.2 billion.
• The deficit with Japan decreased $0.7 billion to $4.9 billion in July. Exports increased $0.5 billion to $6.6 billion and imports decreased $0.2 billion to $11.5 billion.