News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Tuesday, October 8, 2024
BEA 24–47
CB 24–160

U.S. International Trade in Goods and Services, August 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.4 billion in August, down $8.5 billion from $78.9 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $70.4 Billion  –10.8%°
Exports: $271.8 Billion  +2.0%°
Imports: $342.2 Billion  –0.9%°

Next release: Tuesday, November 5, 2024

(°) 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, October 8, 2024

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

August exports were $271.8 billion, $5.3 billion more than July exports. August imports were $342.2 billion, $3.2 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $8.4 billion to $94.9 billion and an increase in the services surplus of $0.1 billion to $24.4 billion.

Year-to-date, the goods and services deficit increased $47.1 billion, or 8.9 percent, from the same period in 2023. Exports increased $79.0 billion or 3.9 percent. Imports increased $126.1 billion or 4.9 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.6 billion to $74.1 billion for the three months ending in August.

  • Average exports increased $3.7 billion to $267.8 billion in August.
  • Average imports increased $2.0 billion to $342.0 billion in August.

Year-over-year, the average goods and services deficit increased $11.1 billion from the three months ending in August 2023.

  • Average exports increased $13.3 billion from August 2023.
  • Average imports increased $24.4 billion from August 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $4.4 billion to $179.4 billion in August.

  Exports of goods on a Census basis increased $4.9 billion.

  • Capital goods increased $1.7 billion.
    • Telecommunications equipment increased $0.5 billion.
    • Civilian aircraft increased $0.4 billion.
    • Computer accessories increased $0.4 billion.
    • Other industrial machinery increased $0.4 billion.
    • Semiconductors decreased $0.8 billion.
  • Consumer goods increased $1.0 billion.
    • Pharmaceutical preparations increased $1.0 billion.
  • Industrial supplies and materials increased $0.9 billion.
    • Nonmonetary gold increased $1.5 billion.
    • Crude oil decreased $1.1 billion.
  • Automotive vehicles, parts, and engines increased $0.8 billion.
    • Passenger cars increased $0.6 billion.

  Net balance of payments adjustments decreased $0.5 billion.

Exports of services increased $0.9 billion to $92.3 billion in August.

  • Travel increased $0.5 billion
  • Government goods and services increased $0.2 billion.
  • Transport decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $3.9 billion to $274.3 billion in August.

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

  • Industrial supplies and materials decreased $3.9 billion.
    • Nonmonetary gold decreased $1.2 billion.
    • Finished metal shapes decreased $1.0 billion.
    • Crude oil decreased $1.0 billion.
  • Automotive vehicles, parts, and engines decreased $1.3 billion.
    • Passenger cars decreased $1.1 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.7 billion to $67.9 billion in August.

  • Travel increased $0.4 billion.
  • Charges for the use of intellectual property increased $0.4 billion.
  • Transport decreased $0.3 billion.

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

The real goods deficit decreased $8.6 billion, or 8.9 percent, to $88.6 billion in August, compared to an 8.5 percent decrease in the nominal deficit.

  • Real exports of goods increased $5.5 billion, or 3.8 percent, to $150.1 billion, compared to a 2.9 percent increase in nominal exports.
  • Real imports of goods decreased $3.2 billion, or 1.3 percent, to $238.7 billion, compared to a 1.4 percent decrease in nominal imports.

Revisions

Revisions to July exports

  • Exports of goods were revised down less than $0.1 billion.
  • Exports of services were revised down $0.1 billion.

Revisions to July imports

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

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

The August figures show surpluses, in billions of dollars, with Netherlands ($5.5), South and Central America ($4.0), Australia ($1.9), Hong Kong ($1.6), Brazil ($0.8), Singapore ($0.5), and United Kingdom ($0.3). Deficits were recorded, in billions of dollars, with China ($24.7), European Union ($19.1), Mexico ($14.3), Vietnam ($9.8), Ireland ($8.0), Taiwan ($7.3), Germany ($6.6), Japan ($4.9), South Korea ($4.9), Canada ($3.9), Italy ($2.9), India ($2.7), Switzerland ($2.5), France ($1.7), Malaysia ($1.1), Israel ($1.0), Belgium ($0.6), and Saudi Arabia ($0.1).

  • The deficit with Canada decreased $3.8 billion to $3.9 billion in August. Exports increased $1.1 billion to $28.5 billion and imports decreased $2.7 billion to $32.3 billion.
  • The deficit with China decreased $2.6 billion to $24.7 billion in August. Exports increased $1.1 billion to $12.6 billion and imports decreased $1.5 billion to $37.3 billion.
  • The balance with Belgium shifted from a surplus of $1.0 billion in July to a deficit of $0.6 billion in August. Exports decreased $0.1 billion to $2.8 billion and imports increased $1.5 billion to $3.4 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: November 5, 2024, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, September 2024