September 12, 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $70.6 billion in July, down $10.2 billion from $80.9 billion in June, revised.

Exports, Imports, and Balance 

July exports were $259.3 billion, $0.5 billion more than June exports. July imports were $329.9 billion, $9.7 billion less than June imports.

The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $8.2 billion to $91.1 billion and an increase in the services surplus of $2.1 billion to $20.4 billion.

Year-to-date, the goods and services deficit increased $136.6 billion, or 29.0 percent, from the same period in 2021. Exports increased $286.4 billion or 19.9 percent. Imports increased $423.0 billion or 22.1 percent.

Three-Month Moving Averages

The average goods and services deficit decreased $5.4 billion to $79.1 billion for the three months ending in July.

  • Average exports increased $2.5 billion to $257.5 billion in July.
  • Average imports decreased $2.9 billion to $336.7 billion in July.

Year-over-year, the average goods and services deficit increased $10.0 billion from the three months ending in July 2021.

  • Average exports increased $45.3 billion from July 2021.
  • Average imports increased $55.3 billion from July 2021.

Exports 

Exports of goods decreased $0.3 billion to $183.0 billion in July.

Exports of goods on a Census basis increased $0.6 billion.

  • Capital goods increased $2.1 billion.
    • Other industrial machinery increased $0.6 billion.
    • Computer accessories increased $0.4 billion.
    • Telecommunications equipment increased $0.3 billion.
  • Automotive vehicles, parts, and engines increased $0.9 billion.
    • Passenger cars increased $1.0 billion.
  • Foods, feeds, and beverages decreased $1.3 billion.
  • Industrial supplies and materials decreased $0.9 billion.
    • Natural gas decreased $1.3 billion.
    • Other petroleum products decreased $1.0 billion.
    • Nonmonetary gold increased $2.0 billion.

Net balance of payments adjustments decreased $0.9 billion.

Exports of services increased $0.8 billion to $76.3 billion in July.

  • Travel increased $0.6 billion.
  • Other business services increased $0.3 billion.

Imports 

Imports of goods decreased $8.5 billion to $274.1 billion in July.

Imports of goods on a Census basis decreased $8.3 billion.

  • Consumer goods decreased $7.4 billion.
    • Pharmaceutical preparations decreased $3.0 billion.
    • Toys, games, and sporting goods decreased $0.9 billion.
    • Gem diamonds decreased $0.9 billion.
  • Industrial supplies and materials decreased $1.8 billion.
    • Other petroleum products decreased $0.7 billion.
    • Bauxite and aluminum decreased $0.5 billion.
    • Crude oil increased $1.0 billion.
  • Automotive vehicles, parts, and engines increased $1.8 billion.
    • Other automotive parts and accessories increased $0.7 billion.
    • Passenger cars increased $0.6 billion.
    • Trucks, buses, and special purpose vehicles increased $0.5 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $1.2 billion to $55.9 billion in July.

  • Transport decreased $1.1 billion.
  • Travel decreased $0.3 billion.

Real Goods in 2012 Dollars – Census Basis 

The real goods deficit decreased $10.4 billion to $103.4 billion in July.

  • Real exports of goods increased $4.9 billion to $159.6 billion.
  • Real imports of goods decreased $5.5 billion to $263.0 billion.

Revisions

Exports and imports of goods and services were revised for January through June 2022 to incorporate more comprehensive and updated quarterly and monthly data. In addition, exports of goods beginning with February 2022 now include military goods that were transferred from U.S.-owned stockpiles to Ukraine. Previously, these goods were recorded in exports of services. See the “Notice” in this release for more information.

Revisions to June exports

  • Exports of goods were revised up $0.2 billion.
  • Exports of services were revised down $2.3 billion.

Revisions to June imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down $0.8 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis

The July figures show surpluses, in billions of dollars, with South and Central America ($7.4), Netherlands ($3.6), Singapore ($2.6), Hong Kong ($2.3), Switzerland ($2.1), United Kingdom ($1.7), Brazil ($1.4), Australia ($1.3), and Belgium ($1.2). Deficits were recorded, in billions of dollars, with China ($33.0), European Union ($11.9), Mexico ($11.7), Vietnam ($10.0), Canada ($8.7), Japan ($5.5), Germany ($5.1), Taiwan ($4.6), Ireland ($4.2), India ($3.7), South Korea ($3.6), Malaysia ($2.9), Italy ($2.3), Saudi Arabia ($1.3), France ($0.8), and Israel ($0.6).

  • The deficit with the European Union decreased $5.7 billion to $11.9 billion in July. Exports increased $1.7 billion to $31.4 billion and imports decreased $4.0 billion to $43.3 billion.
  • The deficit with China decreased $3.9 billion to $33.0 billion in July. Exports increased $0.9 billion to $12.8 billion and imports decreased $3.0 billion to $45.8 billion.
  • The deficit with Mexico increased $2.0 billion to $11.7 billion in July. Exports decreased $0.2 billion to $27.6 billion and imports increased $1.8 billion to $39.3 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis 

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, second-quarter figures are now available.

The second-quarter figures show surpluses, in billions of dollars, with South and Central America ($31.4), Netherlands ($11.5), Singapore ($9.6), Brazil ($9.4), Australia ($6.8), Hong Kong ($6.5), United Kingdom ($4.3), Belgium ($2.5), and Switzerland ($1.8). Deficits were recorded, in billions of dollars, with China ($100.8), European Union ($37.4), Mexico ($33.3), Vietnam ($32.7), Canada ($20.9), Germany ($18.2), Japan ($15.2), India ($14.8), Taiwan ($11.8), Italy ($11.0), South Korea ($9.9), Malaysia ($8.8), Ireland ($4.6), France ($3.9), Israel ($2.5), and Saudi Arabia ($2.0).

  • The deficit with China decreased $12.0 billion to $100.8 billion in the second quarter. Exports decreased $2.8 billion to $47.1 billion and imports decreased $14.8 billion to $147.9 billion.
  • The balance with Switzerland shifted from a deficit of $7.0 billion in the first quarter to a surplus of $1.8 billion in the second quarter. Exports increased $3.6 billion to $23.7 billion and imports decreased $5.2 billion to $21.9 billion.
  • The deficit with Vietnam increased $5.5 billion to $32.7 billion in the second quarter. Exports increased $0.8 billion to $4.0 billion and imports increased $6.3 billion to $36.7 billion.

 

Source: U.S. Bureau of Economic Analysis
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