The U.S. monthly international trade deficit increased in July 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $41.9 billion (revised) in June to $42.0 billion in July, as exports decreased more than imports. The previously published June deficit was $42.9 billion. The goods deficit decreased $0.2 billion from June to $57.3 billion in July, and the services surplus decreased $0.3 billion to $15.3 billion.
Exports
Exports of goods and services decreased $1.9 billion in July to $183.3 billion, reflecting a decrease in exports of goods. Exports of services were virtually unchanged.
• The decrease in exports of goods was more than accounted for by decreases in industrial supplies and materials; automotive vehicles, parts, and engines; and other goods. An increase in foods, feeds, and beverages was partly offsetting.
• Exports of services were virtually unchanged. Increases in royalties and license fees, travel, and other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, were mostly offset by decreases in several categories. The largest decrease was in other transportation, which includes freight and port services.
Imports
Imports of goods and services decreased $1.8 billion in July to $225.3 billion, reflecting a decrease in imports of goods. Imports of services increased.
• The decrease in imports of goods was more than accounted for by decreases in industrial supplies and materials and capital goods. Increases in automotive vehicles, parts, and engines and consumer goods were partly offsetting.
• The increase in imports of services was mostly accounted for by an increase in royalties and license fees, which included payments for the rights to broadcast the 2012 Summer Olympic Games. Decreases in passenger fares and travel were partly offsetting.
Goods by geographic area (not seasonally adjusted)
• The goods deficit with Canada increased from $1.5 billion in June to $2.1 billion in July. Exports decreased $3.1 billion to $22.7 billion, while imports decreased $2.5 billion to $24.9 billion.
• The goods deficit with China increased from $27.4 billion in June to $29.4 billion in July. Exports were virtually unchanged at $8.6 billion, while imports increased $2.0 billion to $37.9 billion.
• The goods deficit with the European Union increased from $8.4 billion in June to $12.0 billion in July. Exports decreased $2.7 billion to $20.6 billion, while imports increased $0.8 billion to $32.5 billion.
To learn more about U.S. international trade in goods and services, read the full report.
