News Release
U.S. International Trade in Goods and Services, July 2023
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $65.0 billion in July, up $1.3 billion from $63.7 billion in June, revised.
Deficit: |
$65.0 Billion |
+2.0%° |
Exports: |
$251.7 Billion |
+1.6%° |
Imports: |
$316.7 Billion |
+1.7%° |
Next release: Thursday, October 5, 2023 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 6, 2023 |
Exports, Imports, and Balance (exhibit 1)
July exports were $251.7 billion, $3.9 billion more than June exports. July imports were $316.7 billion, $5.2 billion more than June imports.
The July increase in the goods and services deficit reflected an increase in the goods deficit of $2.0 billion to $90.0 billion and an increase in the services surplus of $0.7 billion to $25.0 billion.
Year-to-date, the goods and services deficit decreased $128.3 billion, or 21.4 percent, from the same period in 2022. Exports increased $27.3 billion or 1.6 percent. Imports decreased $101.0 billion or 4.3 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $2.7 billion to $65.2 billion for the three months ending in July.
- Average exports increased $0.8 billion to $249.1 billion in July.
- Average imports decreased $1.9 billion to $314.3 billion in July.
Year-over-year, the average goods and services deficit decreased $13.7 billion from the three months ending in July 2022.
- Average exports decreased $9.0 billion from July 2022.
- Average imports decreased $22.7 billion from July 2022.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $3.2 billion to $168.4 billion in July.
Exports of goods on a Census basis increased $2.8 billion.
- Automotive vehicles, parts, and engines increased $1.7 billion.
- Passenger cars increased $0.9 billion.
- Trucks, buses, and special purpose vehicles increased $0.6 billion.
- Industrial supplies and materials increased $1.4 billion.
- Nonmonetary gold increased $0.7 billion.
- Crude oil increased $0.5 billion.
- Consumer goods increased less than $0.1 billion.
- Pharmaceutical preparations increased $1.2 billion.
- Gem diamonds decreased $0.9 billion.
Net balance of payments adjustments increased $0.4 billion.
Exports of services increased $0.7 billion to $83.3 billion in July.
- Travel increased $0.5 billion.
- Transport increased $0.2 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $5.2 billion to $258.3 billion in July.
Imports of goods on a Census basis increased $5.2 billion.
- Consumer goods increased $2.6 billion.
- Cell phones and other household goods increased $1.4 billion.
- Pharmaceutical preparations increased $1.0 billion.
- Capital goods increased $2.2 billion.
- Semiconductors increased $0.8 billion.
- Computers increased $0.3 billion.
- Industrial supplies and materials decreased $1.4 billion.
- Finished metal shapes decreased $0.4 billion.
- Iron and steel mill products decreased $0.3 billion.
- Nonmonetary gold decreased $0.3 billion.
- Crude oil increased $0.7 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services decreased less than $0.1 billion to $58.4 billion in July.
- Transport decreased $0.4 billion.
- Travel increased $0.3 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $2.6 billion, or 3.0 percent, to $88.4 billion in July, compared to a 2.7 percent increase in the nominal deficit.
- Real exports of goods increased $1.5 billion, or 1.1 percent, to $140.9 billion, compared to a 1.7 percent increase in nominal exports.
- Real imports of goods increased $4.1 billion, or 1.8 percent, to $229.3 billion, compared to a 2.1 percent increase in nominal imports.
Revisions
Exports and imports of goods and services were revised for January through June 2023 to incorporate more comprehensive and updated quarterly and monthly data.
Revisions to June exports
- Exports of goods were revised down less than $0.1 billion.
- Exports of services were revised up $0.3 billion.
Revisions to June imports
- Imports of goods were revised down $0.2 billion.
- Imports of services were revised down $1.3 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The July figures show surpluses, in billions of dollars, with Netherlands ($4.5), South and Central America ($4.1), Hong Kong ($1.5), Belgium ($1.5), Australia ($1.5), United Kingdom ($0.5), Brazil ($0.3), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($24.0), European Union ($17.3), Mexico ($12.8), Vietnam ($9.3), Germany ($7.2), Ireland ($6.5), Japan ($5.9), South Korea ($5.3), Italy ($4.1), Canada ($4.0), Taiwan ($3.9), India ($3.0), Malaysia ($2.4), Switzerland ($1.9), Israel ($0.8), France ($0.4), and Saudi Arabia ($0.2).
- The deficit with China increased $1.2 billion to $24.0 billion in July. Exports increased $0.4 billion to $11.1 billion and imports increased $1.6 billion to $35.1 billion.
- The surplus with Hong Kong decreased $1.0 billion to $1.5 billion in July. Exports decreased $0.9 billion to $1.9 billion and imports increased $0.1 billion to $0.4 billion.
- The balance with the United Kingdom shifted from a deficit of $0.8 billion in June to a surplus of $0.5 billion in July. Exports increased $1.0 billion to $5.8 billion and imports decreased $0.2 billion to $5.4 billion.
Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis (exhibit 20)
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 ($20.9), Netherlands ($15.5), Australia ($7.1), Brazil ($6.8), Hong Kong ($6.3), Singapore ($5.5), Belgium ($5.2), United Kingdom ($3.6), and Saudi Arabia ($2.1). Deficits were recorded, in billions of dollars, with China ($65.8), Mexico ($42.1), European Union ($30.1), Vietnam ($24.8), Germany ($22.3), Japan ($16.5), Italy ($12.2), India ($11.6), South Korea ($11.2), Taiwan ($10.6), Canada ($8.9), Malaysia ($6.6), France ($5.3), Israel ($2.4), Switzerland ($2.3), and Ireland ($1.6).
- The deficit with Mexico increased $3.1 billion to $42.1 billion in the second quarter. Exports decreased $5.7 billion to $87.4 billion and imports decreased $2.6 billion to $129.5 billion.
- The balance with Switzerland shifted from a surplus of $0.4 billion in the first quarter to a deficit of $2.3 billion in the second quarter. Exports decreased $0.6 billion to $20.7 billion and imports increased $2.1 billion to $23.0 billion.
- The deficit with the European Union decreased $6.2 billion to $30.1 billion in the second quarter. Exports decreased $3.2 billion to $153.9 billion and imports decreased $9.4 billion to $184.1 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Next release: October 5, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, August 2023