Research >> Economics
Goods and Services Deficit decreased in August 2023
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $58.3 billion in August, down $6.4 billion from $64.7 billion in July, revised.
Exports, Imports, and Balance
August exports were $256.0 billion, $4.1 billion more than July exports. August imports were $314.3 billion, $2.3 billion less than July imports.
The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $5.5 billion to $84.5 billion and an increase in the services surplus of $1.0 billion to $26.2 billion.
Year-to-date, the goods and services deficit decreased $137.6 billion, or 20.7 percent, from the same period in 2022. Exports increased $22.0 billion or 1.1 percent. Imports decreased $115.6 billion or 4.3 percent.
Three-Month Moving Averages
The average goods and services deficit decreased $2.8 billion to $62.2 billion for the three months ending in August.
• Average exports increased $2.7 billion to $251.9 billion in August.
• Average imports decreased $0.1 billion to $314.1 billion in August.
Year-over-year, the average goods and services deficit decreased $11.0 billion from the three months ending in August 2022.
• Average exports decreased $8.4 billion from August 2022.
• Average imports decreased $19.4 billion from August 2022.
Posted: October 5, 2023 Thursday 08:30 AM