The US average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.
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
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
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
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.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Covid Causalities: US Trade Deficit Continues to Increase
The US average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.
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.
Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in August 2019.
Exports
Exports of goods increased $3.5 billion to $119.1 billion in August. Exports of goods on a Census basis increased $3.4 billion.
Exports of services increased $0.1 billion to $52.8 billion in August.
Imports
Imports of goods increased $6.5 billion to $203.0 billion in August. Imports of goods on a Census basis increased $6.5 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.
Real Goods in 2012 Dollars – Census Basis
The real goods deficit increased $1.2 billion to $92.3 billion in August.
Revisions
Revisions to July exports
Revisions to July imports
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.