The U.S. Census Bureau and the U.S. Bureau of Economic Analysis say that the US goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised. August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports. The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion. Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7% from the same period in 2019. Exports decreased $296.1 billion or 17.6 percent. Imports decreased $273.5 billion or 13.1%.
Particularly worrisome for the Covid -Sick US economy were goods deficits with countries that effectively addressed the Covid-19 crisis with strong central government responses: In billions of dollars, with China ($26.4), European Union ($15.7), Mexico ($12.5), Germany ($4.6), Japan ($4.3), Italy ($2.6), France ($2.2), South Korea ($2.2), and Canada ($1.2).
Three-Month Moving Averages
The average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.
- Average exports increased $10.0 billion to $165.2 billion in August.
- Average imports increased $13.1 billion to $226.6 billion in August.
Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in August 2019.
- Average exports decreased $44.8 billion from August 2019.
- Average imports decreased $34.7 billion from August 2019.
Exports of goods increased $3.5 billion to $119.1 billion in August. Exports of goods on a Census basis increased $3.4 billion.
- Industrial supplies and materials increased $3.9 billion.
- Non-monetary gold increased $1.8 billion.
- Foods, feeds, and beverages increased $1.1 billion.
- Soybeans increased $1.0 billion.
- Capital goods decreased $1.4 billion.
- Semiconductors decreased $1.2 billion.
- Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $0.1 billion to $52.8 billion in August.
- Other business services increased $0.2 billion.
- Transport increased $0.1 billion.
- Charges for the use of intellectual property increased $0.1 billion.
- Travel decreased $0.2 billion.
Imports of goods increased $6.5 billion to $203.0 billion in August. Imports of goods on a Census basis increased $6.5 billion.
- Consumer goods increased $3.8 billion.
- Pharmaceutical preparations increased $2.7 billion.
- Automotive vehicles, parts, and engines increased $1.7 billion.
- Passenger cars increased $1.0 billion.
- Other goods increased $1.1 billion.
- Industrial supplies and materials decreased $1.5 billion.
- Nonmonetary gold decreased $2.1 billion.
- Finished metal shapes decreased $1.6 billion.
- Crude oil increased 1.0 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Imports of services increased $0.8 billion to $36.1 billion in August.
- Travel increased $0.3 billion.
- Transport increased $0.3 billion.
Real Goods in 2012 Dollars – Census Basis
The real goods deficit increased $1.2 billion to $92.3 billion in August.
- Real exports of goods increased $3.5 billion to $136.7 billion.
- Real imports of goods increased $4.7 billion to $229.0 billion.
Revisions to July exports
- Exports of goods were revised up $0.2 billion.
- Exports of services were revised up less than $0.1 billion.
Revisions to July imports
- Imports of goods were revised up $0.1 billion.
- Imports of services were revised down less than $0.1 billion.