Research >> Economics
Goods and Services Deficit Increased in August 2018
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The nation's international trade deficit in goods and services increased to $53.2 billion in August from $50.0 billion in July (revised), as exports decreased and imports increased. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in August, up $3.2 billion from $50.0 billion in July, revised.
Exports, Imports, and Balance (Exhibit 1)
August exports were $209.4 billion, $1.7 billion less than July exports. August imports were $262.7 billion, $1.5 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $76.7 billion and an increase in the services surplus of $0.4 billion to $23.5 billion.
Year-to-date, the goods and services deficit increased $31.0 billion, or 8.6 percent, from the same period in 2017. Exports increased $129.6 billion or 8.4 percent. Imports increased $160.6 billion or 8.4 percent.
Three-Month Moving Averages (Exhibit 2)
The average goods and services deficit increased $3.6 billion to $49.7 billion for the three months ending in August.
• Average exports decreased $1.7 billion to $211.2 billion in August.
• Average imports increased $1.8 billion to $260.9 billion in August.
Year-over-year, the average goods and services deficit increased $5.3 billion from the three months ending in August 2017.
• Average exports increased $16.1 billion from August 2017.
• Average imports increased $21.3 billion from August 2017.
Exports (Exhibits 3, 6, and 7)
Exports of goods decreased $1.9 billion to $138.9 billion in August.
Exports of goods on a Census basis decreased $1.8 billion.
• Industrial supplies and materials decreased $2.4 billion.
o Crude oil decreased $0.9 billion.
o Other petroleum products decreased $0.7 billion.
• Foods, feeds, and beverages decreased $1.2 billion.
o Soybeans decreased $1.0 billion.
• Consumer goods increased $1.6 billion.
o Artwork, antiques, stamps, and other collectibles increased $0.6 billion.
o Pharmaceutical preparations increased $0.4 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.2 billion to $70.5 billion in August.
• Financial services increased $0.1 billion.
• Maintenance and repair services increased $0.1 billion.
Imports (Exhibits 4, 6, and 8)
Imports of goods increased $1.7 billion to $215.6 billion in August.
Imports of goods on a Census basis increased $1.6 billion.
• Automotive vehicles, parts, and engines increased $1.0 billion.
o Passenger cars increased $0.6 billion.
o Trucks, buses, and special purpose vehicles increased $0.4 billion.
• Consumer goods increased $0.9 billion.
o Cell phones and other household goods increased $0.9 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Posted: October 5, 2018 Friday 08:30 AM