U.S. International Trade in Goods and Services Highlights

September 11, 2008

Goods and Services Deficit Increases in July 2008

The Nation's international deficit in goods and services increased to $62.2 billion in July from $58.8 billion (revised) in June, as imports increased more than exports.

Goods and Services

• Exports increased to $168.1 billion in July from $162.8 billion in June. Goods were $120.8 billion in July, up from $116.3 billion in June, and services were $47.4 billion in July, up from $46.5 billion in June.
  
  
• Imports increased to $230.3 billion in July from $221.6 billion in June. Goods were $195.7 billion in July, up from $187.5 billion in June, and services were $34.7 billion in July, up from $34.1 billion in June.
  
  
• For goods, the deficit was $74.9 billion in July, up from $71.3 billion in June. For services, the surplus was $12.7 billion in July, up from $12.4 billion in June.
  

Goods by Category

• The June to July change in exports of goods reflected increases in industrial supplies and materials ($1.6 billion); automotive vehicles, parts, and engines ($1.4 billion); capital goods ($0.9 billion); and consumer goods ($0.8 billion).  A decrease occurred in foods, feeds, and beverages ($0.1 billion).  Other goods were virtually unchanged.
  
  
• The June to July change in imports of goods reflected increases in industrial supplies and materials ($7.0 billion); capital goods ($0.6 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion).  Decreases occurred in automotive vehicles, parts, and engines ($0.1 billion) and consumer goods ($0.1 billion).

Services by Category

• The June to July change in exports of services reflected increases in other private services ($0.3 billion), which includes items such as business, professional, and technical services, insurance services, and financial services; travel ($0.2 billion); and other transportation ($0.2 billion), which includes freight and port services.  Changes in other categories of services exports were small.
  
  
• The June to July change in imports of services reflected increases in other transportation ($0.2 billion), other private services ($0.2 billion), and travel ($0.1 billion).  Changes in other categories of services imports were small.

Goods by Geographic Area (Not Seasonally Adjusted)

• The goods deficit with Canada increased from $7.2 billion in June to $8.3 billion in July.  Exports decreased $1.3 billion (primarily automobiles, parts, and accessories) to $22.3 billion, while imports decreased $0.2 billion (primarily automobiles, parts, and accessories and natural gas) to $30.7 billion.
  
  
• The goods deficit with China increased from $21.4 billion in June to $24.9 billion in July.  Exports were virtually unchanged at $6.4 billion, while imports increased $3.5 billion (primarily household goods; toys, games, and sporting goods; and apparel) to $31.3 billion.
  
  
• The goods deficit with the European Union increased from $8.2 billion in June to $11.0 billion in July.  Exports decreased $1.3 billion (primarily military aircraft and precious metals) to $23.8 billion, while imports increased $1.5 billion (primarily passenger cars) to $34.9 billion.

  This and more information is provided in the Bureau of the Census and Bureau of Economic Analysis press release:

  U.S.International Trade in Goods and Services: July 2008 .

  This and more information is provided in the U.S. Census Bureau and U.S. Bureau of Economic Analysis press release, U.S. International Trade in Goods and Services: July 2008. For further information on goods, contact Maria Iseman, Foreign Trade Division, U.S. Census Bureau, on (301) 763-2311; on services, contact Christopher Bach, U.S. Bureau of Economic Analysis, on (202) 606-9545.
  
  NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page A-1 of the FT-900 release, or at www.census.gov/ft900 or http://www.bea.gov/bea/di/home/trade.htm.

  The next release is October 10, 2008

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  Note: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the Information Section (PDF, 53k) (TXT, 23k)

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  Related sites:

  • U.S. Department of Commerce
    • U.S. Census Bureau, Foreign Trade Division
    • Bureau of Economic Analysis