News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Tuesday, August 8, 2023
BEA 23—36
CB 23—124

U.S. International Trade in Goods and Services, June 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $65.5 billion in June, down $2.8 billion from $68.3 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$65.5 Billion

–4.1%°

Exports:

$247.5 Billion

–0.1%°

Imports:

$313.0 Billion

–1.0%°

Next release: Wednesday, September 6, 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, August 8, 2023

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

June exports were $247.5 billion, $0.3 billion less than May exports. June imports were $313.0 billion, $3.1 billion less than May imports.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.8 billion to $88.2 billion and a decrease in the services surplus of less than $0.1 billion to $22.7 billion.

Year-to-date, the goods and services deficit decreased $117.7 billion, or 22.3 percent, from the same period in 2022. Exports increased $37.6 billion or 2.5 percent. Imports decreased $80.1 billion or 4.0 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.6 billion to $69.4 billion for the three months ending in June.

  • Average exports decreased $3.6 billion to $248.2 billion in June.
  • Average imports decreased $1.9 billion to $317.6 billion in June.

Year-over-year, the average goods and services deficit decreased $14.2 billion from the three months ending in June 2022.

  • Average exports decreased $7.3 billion from June 2022.
  • Average imports decreased $21.6 billion from June 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $0.2 billion to $165.1 billion in June.

   Exports of goods on a Census basis decreased $0.1 billion.

  • Industrial supplies and materials decreased $0.7 billion.
    • Crude oil decreased $0.5 billion.
    • Fuel oil decreased $0.3 billion.
    • Natural gas liquids decreased $0.3 billion.
    • Nonmonetary gold increased $0.5 billion.
    • Other chemicals increased $0.4 billion.
  • Consumer goods decreased $0.4 billion.
    • Pharmaceutical preparations decreased $0.6 billion.
    • Gem diamonds increased $0.4 billion.
  • Capital goods increased $0.8 billion.
    • Other industrial machinery increased $0.5 billion.
    • Telecommunications equipment increased $0.3 billion.
    • Civilian aircraft decreased $0.8 billion.

   Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services decreased $0.2 billion to $82.3 billion in June.

  • Transport decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.9 billion to $253.3 billion in June.

   Imports of goods on a Census basis decreased $2.9 billion.

  • Capital goods decreased $2.3 billion.
    • Computers decreased $1.6 billion.
  • Industrial supplies and materials decreased $2.2 billion.
    • Finished metal shapes decreased $2.1 billion.
    • Crude oil decreased $1.0 billion.
    • Nonmonetary gold increased $0.7 billion.
  • Automotive vehicles, parts, and engines increased $1.3 billion.
    • Passenger cars increased $1.7 billion.
  • Consumer goods increased $0.4 billion.
    • Pharmaceutical preparations increased $2.4 billion.
    • Artwork and other collectibles decreased $1.0 billion.
    • Gem diamonds decreased $0.6 billion.

   Net balance of payments adjustments decreased $0.1 billion.

Imports of services decreased $0.2 billion to $59.7 billion in June.

  • Travel decreased $0.3 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $2.7 billion, or 3.0 percent, to $86.2 billion in June. The nominal deficit also decreased 3.0 percent.

  • Real exports of goods increased $0.7 billion, or 0.5 percent, to $139.2 billion, compared to a 0.1 percent decrease in nominal exports.
  • Real imports of goods decreased $2.0 billion, or 0.9 percent, to $225.5 billion, compared to a 1.1 percent decrease in nominal imports.

Revisions

Revisions to May exports

  • Exports of goods were revised up $0.5 billion.
  • Exports of services were revised up $0.2 billion.

Revisions to May imports

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

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The June figures show surpluses, in billions of dollars, with Netherlands ($4.6), South and Central America ($4.3), Hong Kong ($2.6), Belgium ($1.6), Australia ($1.4), Brazil ($0.5), Singapore ($0.2), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($22.8), European Union ($18.2), Mexico ($12.9), Vietnam ($8.6), Germany ($6.7), Ireland ($6.7), Japan ($6.1), South Korea ($5.4), Italy ($4.0), India ($3.8), Canada ($3.3), Taiwan ($3.3), Malaysia ($2.3), Switzerland ($1.5), France ($1.3), United Kingdom ($0.8), and Israel ($0.4).

  • The deficit with China decreased $2.1 billion to $22.8 billion in June. Exports decreased $0.2 billion to $10.7 billion and imports decreased $2.3 billion to $33.5 billion.
  • The deficit with Canada decreased $1.7 billion to $3.3 billion in June. Exports decreased $0.6 billion to $28.7 billion and imports decreased $2.2 billion to $32.0 billion.
  • The balance with the United Kingdom shifted from a surplus of $1.2 billion in May to a deficit of $0.8 billion in June. Exports decreased $1.4 billion to $4.8 billion and imports increased $0.5 billion to $5.6 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: September 6, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, July 2023