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The Goods and Services Deficit Decreased to $55.2 billion in June 2019

Fri Aug 02 2019

Rachel Butler

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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 $55.2 billion in June, down $0.2 billion from $55.3 billion in May, revised.

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June exports were $206.3 billion, $4.4 billion less than May exports. June imports were $261.5 billion, $4.6 billion less than May imports.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.8 billion to $75.1 billion and a decrease in the services surplus of $0.6 billion to $20.0 billion.

Year-to-date, the goods and services deficit increased $23.2 billion, or 7.9 percent, from the same period in 2018. Exports increased $0.5 billion or less than 0.1 percent. Imports increased $23.8 billion or 1.5 percent.

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Exports (Exhibits 3, 6, and 7)

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Exports of goods decreased $3.9 billion to $137.1 billion in June.

Exports of goods on a Census basis decreased $3.8 billion.

  • Consumer goods decreased $1.9 billion.
    • Gem diamonds decreased $0.8 billion.
    • Pharmaceutical preparations decreased $0.5 billion.
    • Jewelry decreased $0.4 billion.
  • Capital goods decreased $1.2 billion.
    • Computer accessories decreased $0.4 billion.
    • Other industrial machinery decreased $0.2 billion.
    • Telecommunications equipment decreased $0.2 billion.
  • Automotive vehicles, parts, and engines decreased $0.5 billion.
    • Passenger cars decreased $0.4 billion.

Exports of services decreased $0.5 billion to $69.2 billion in June.

  • Travel (for all purposes including education) decreased $0.4 billion.
  • Transport decreased $0.1 billion.

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Imports (Exhibits 4, 6, and 8)

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Imports of goods decreased $4.7 billion to $212.3 billion in June.

Imports of goods on a Census basis decreased $4.4 billion.

  • Industrial supplies and materials decreased $3.2 billion.
    • Crude oil decreased $1.4 billion.
    • Other petroleum products decreased $1.0 billion.
    • Fuel oil decreased $0.3 billion.
  • Consumer goods decreased $0.9 billion.
    • Cell phones and other household goods decreased $1.4 billion.
    • Pharmaceutical preparations increased $0.6 billion.

Imports of services increased $0.1 billion to $49.2 billion in June, reflecting small (less than $50 million) changes in all major service categories.

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Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

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The June figures show surpluses, in billions of dollars, with South and Central America ($4.8), Hong Kong ($2.3), Brazil ($1.3), and United Kingdom ($0.1). Deficits were recorded, in billions of dollars, with China ($30.2), European Union ($15.9), Mexico ($9.2), Japan ($6.2), Germany ($5.2), Canada ($3.3), Italy ($2.6), France ($1.9), Taiwan ($1.7), India ($1.6), South Korea ($1.4), OPEC ($0.3), Saudi Arabia ($0.3), and Singapore ($0.1).

  • The deficit with the European Union decreased $1.0 billion to $15.9 billion in June. Exports decreased $0.5 billion to $26.7 billion and imports decreased $1.5 billion to $42.7 billion.
  • The surplus with Brazil increased $0.8 billion to $1.3 billion in June. Exports increased $0.3 billion to $3.9 billion and imports decreased $0.5 billion to $2.6 billion.
  • The balance with Singapore shifted from a surplus of $0.6 billion to a deficit of $0.1 billion in June. Exports decreased $0.2 billion to $2.5 billion and imports increased $0.4 billion to $2.6 billion.

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