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The Goods and Services Deficit Increased to $53.2 billion in August 2018

Fri Oct 05 2018

Rachel Butler

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in August, up $3.2 billion from $50.0 billion in July, revised.

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Exports, Imports, and Balance (Exhibit 1)

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August exports were $209.4 billion, $1.7 billion less than July exports. August imports were $262.7 billion, $1.5 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $76.7 billion and an increase in the services surplus of $0.4 billion to $23.5 billion.

Year-to-date, the goods and services deficit increased $31.0 billion, or 8.6 percent, from the same period in 2017. Exports increased $129.6 billion or 8.4 percent. Imports increased $160.6 billion or 8.4 percent.

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Exports (Exhibits 3, 6, and 7)

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Exports of goods decreased $1.9 billion to $138.9 billion in August.

Exports of goods on a Census basis decreased $1.8 billion.

  • Industrial supplies and materials decreased $2.4 billion.
    • Crude oil decreased $0.9 billion.
    • Other petroleum products decreased $0.7 billion.
  • Foods, feeds, and beverages decreased $1.2 billion.
    • Soybeans decreased $1.0 billion.
  • Consumer goods increased $1.6 billion.
    • Artwork, antiques, stamps, and other collectibles increased $0.6 billion.
    •  Pharmaceutical preparations increased $0.4 billion.

Exports of services increased $0.2 billion to $70.5 billion in August.

  • Financial services increased $0.1 billion.
  • Maintenance and repair services increased $0.1 billion.

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Imports (Exhibits 4, 6, and 8)

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Imports of goods increased $1.7 billion to $215.6 billion in August.

Imports of goods on a Census basis increased $1.6 billion.

  • Automotive vehicles, parts, and engines increased $1.0 billion.
    • Passenger cars increased $0.6 billion.
    • Trucks, buses, and special purpose vehicles increased $0.4 billion.
  • Consumer goods increased $0.9 billion.
    • Cell phones and other household goods increased $0.9 billion.

Imports of services decreased $0.1 billion to $47.0 billion in August.

  • Charges for the use of intellectual property decreased $0.2 billion. Charges for July included payments for the rights to broadcast the 2018 soccer World Cup.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

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

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The August figures show surpluses, in billions of dollars, with South and Central America ($3.4), Hong Kong ($2.3), Singapore ($0.6), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($34.4), European Union ($14.9), Mexico ($8.7), Japan ($5.8), Germany ($5.3), Canada ($3.0), Italy ($2.7), India ($1.9), South Korea ($1.8), France ($1.3), Saudi Arabia ($1.1), OPEC ($1.0), Taiwan ($0.7), and United Kingdom ($0.1).

  • The deficit with Mexico increased $2.3 billion to $8.7 billion in August. Exports decreased $1.3 billion to $21.5 billion and imports increased $1.0 billion to $30.2 billion.
  • The deficit with Japan increased $0.9 billion to $5.8 billion in August. Exports decreased $0.5 billion to $6.1 billion and imports increased $0.4 billion to $11.9 billion.
  • The deficit with members of OPEC decreased $2.0 billion to $1.0 billion in August. Exports increased $0.9 billion to $5.2 billion and imports decreased $1.1 billion to $6.2 billion.

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