U.S. International Trade in Goods and Services Highlights

August 12, 2008

Goods and Services Deficit Decreases in June 2008

The Nation's international deficit in goods and services decreased to $56.8 billion in June from $59.2 billion (revised) in May, as exports increased more than imports.

Goods and Services

• Exports increased to $164.4 billion in June from $158.0 billion in May. Goods were $116.7 billion in June, up from $111.0 billion in May, and services were $47.7 billion in June, up from $47.0 billion in May.
  
  
• Imports increased to $221.2 billion in June from $217.2 billion in May. Goods were $186.7 billion in June, up from $183.1 billion in May, and services were $34.5 billion in June, up from $34.1 billion in May.
  
  
• For goods, the deficit was $70.0 billion in June, down from $72.1 billion in May. For services, the surplus was $13.3 billion in June, up from $12.9 billion in May.
  

Goods by Category

• The May to June change in exports of goods reflected increases in industrial supplies and materials ($2.8 billion); capital goods ($1.2 billion); foods, feeds, and beverages ($0.9 billion); consumer goods ($0.7 billion); and automotive vehicles, parts, and engines ($0.6 billion).  A decrease occurred in other goods ($0.2 billion).
  
  
• The May to June change in imports of goods reflected increases in industrial supplies and materials ($5.6 billion); other goods ($0.1 billion); and automotive vehicles, parts, and engines ($0.1 billion). Decreases occurred in capital goods ($1.4 billion); consumer goods ($0.6 billion); and foods, feeds, and beverages ($0.1 billion). 

Services by Category

• The May to June 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; royalties and license fees ($0.1 billion); passenger fares ($0.1 billion); and other transportation ($0.1 billion), which includes freight and port services.
  
  
• The May to June change in imports of services reflected increases in other private services ($0.1 billion) and passenger fares ($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 $5.4 billion in May to $7.2 billion in June.  Exports decreased $0.8 billion (primarily military aircraft) to $23.8 billion, while imports increased $1.0 billion (primarily crude oil and passenger cars) to $30.9 billion.
  
  
• The goods deficit with China increased from $21.0 billion in May to $21.4 billion in June.  Exports decreased $0.2 billion (primarily civilian aircraft) to $6.4 billion, while imports increased $0.2 billion (primarily computers and apparel) to $27.8 billion.
  
  
• The goods deficit with Japan increased from $5.0 billion in May to $6.1 billion in June.  Exports decreased $0.2 billion (primarily nuclear fuel materials) to $6.0 billion, while imports increased $0.9 billion (primarily passenger cars) to $12.1 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: June 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: May 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 September 11, 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