The U.S. monthly international trade deficit decreased in August 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.3 billion in July (revised) to $40.1 billion in August as exports increased more than imports. The previously published July deficit was $40.5 billion. The goods deficit increased $0.1 billion from July to $59.9 billion in August; the services surplus increased $0.3 billion from July to $19.8 billion in August.
Exports
Exports of goods and services increased $0.4 billion in August to $198.5 billion, mostly reflecting an increase in exports of services. Exports of goods also increased.
- The increase in exports of services reflected increases in transport, which includes freight and port services and passenger fares, and in travel (for all purposes including education). Changes in the other categories of services exports were relatively small.
- The increase in exports of goods was more than accounted for by increases in capital goods, in consumer goods, and in industrial supplies and materials. Partly offsetting were decreases in automotive vehicles, parts, and engines and in foods, feeds, and beverages.
Imports
Imports of goods and services increased $0.2 billion in August to $238.6 billion, reflecting increases in imports of both goods and services.
- The increase in imports of goods was more than accounted for by increases in capital goods and in consumer goods. Partly offsetting were decreases in automotive vehicles, parts, and engines and in other goods.
- The increase in imports of services reflected increases in transport and in other business services that were partly offset by a decrease in charges for the use of intellectual property, which in July included payments for the rights to broadcast the 2014 soccer World Cup.
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with OPEC decreased from $4.9 billion in July to $2.4 billion in August. Exports increased $0.8 billion to $7.7 billion, and imports decreased $1.7 billion to $10.1 billion.
- The goods deficit with Japan decreased from $5.7 billion in July to $4.7 billion in August. Exports increased $0.5 billion to $6.1 billion, and imports decreased $0.5 billion to $10.8 billion.
- The goods deficit with the European Union increased from $9.5 billion in July to $12.5 billion in August. Exports decreased $0.7 billion to $24.0 billion, and imports increased $2.2 billion to $36.5 billion.