U.S. International Trade in Goods and Services Highlights

October 11, 2012

Goods and Services Deficit Increases in August 2012

The Nation’s international trade deficit in goods and services increased to $44.2 billion in August from $42.5 billion in July (revised), as exports decreased more than imports.

Goods and Services

• Exports decreased to $181.3 billion in August from $183.2 billion in July (revised). Goods were $128.5 billion in August, down from $130.7 billion in July.  Services were $52.8 billion in August, up from $52.5 billion in July.

• Imports decreased to $225.5 billion in August from $225.7 billion in July (revised).  Goods were $187.8 billion in August, down from $188.5 billion in July. Services were $37.7 billion in August, up from $37.2 billion in July.

• For goods, the deficit was $59.3 billion in August, up from $57.8 billion in July (revised). For services, the surplus was $15.1 billion in August, down from $15.4 billion in July (revised).
  

Goods by Category (Census basis)

• The July to August decrease in exports of goods reflected decreases in industrial supplies and materials ($1.2 billion); foods, feeds, and beverages ($1.1 billion); consumer goods ($0.4 billion); and automotive vehicles, parts, and engines ($0.1 billion).  Increases occurred in capital goods ($0.4 billion) and other goods ($0.2 billion).

• The July to August decrease in imports of goods reflected decreases in consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($0.8 billion); and capital goods ($0.5 billion). Increases occurred in industrial supplies and materials ($1.5 billion); other goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion).
  

Services by Category

• Exports of services increased $0.2 billion from July to August. The increase was mostly accounted for by increases in other private services ($0.1 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and in other transportation ($0.1 billion), which includes freight and port services. Changes in the other categories of services exports were small.

• Imports of services increased $0.5 billion from July to August.  The increase was more than accounted for by an increase in royalties and license fees ($0.5 billion), which included an increased amount for the rights to broadcast the portion of the 2012 Summer Olympic Games that occurred in August. July imports include a smaller amount for the portion of the Games that occurred in July. Changes in the other categories of services imports were small.
  

Goods by Geographic Area (Not Seasonally Adjusted)

• The goods deficit with Canada increased from $2.1 billion in July to $2.4 billion in August.  Exports increased $1.9 billion (primarily automobiles, parts, and accessories) to $24.7 billion, while imports increased $2.2 billion (primarily automobiles, parts, and accessories and nonmonetary gold) to $27.0 billion.
  

• The goods deficit with China decreased from $29.4 billion in July to $28.7 billion in August.  Exports increased $0.1 billion (primarily soybeans and passenger cars) to $8.6 billion, while imports decreased $0.6 billion (primarily computers and household goods) to $37.3 billion.


• The goods deficit with the European Union decreased from $12.0 billion in July to $11.7 billion in August.  Exports increased $0.8 billion (primarily nonferrous metals and passenger cars) to $21.3 billion, while imports increased $0.5 billion (primarily passenger cars and other petroleum products) to $33.1 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: August 2012 .

For further information on goods, contact Maria Iseman, Foreign Trade Division, U.S. Census Bureau, on (301) 763-2311; on services, contact Edward Dozier, U.S. Bureau of Economic Analysis, on (202) 606-9559.

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 November 8, 2012

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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