The 2020 Mid-Year Economic Update_long

August U.S. Exports, Imports Increase

Goods and services deficit increases $0.6 billion year over year.

Total August exports were $198.5 billion and imports were $238.6 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. This resulted in a goods and services deficit of $40.1 billion, down from $40.3 billion in July. August exports were $0.4 billion more than July exports of $198 billion. August imports were $0.2 billion more than July imports of $283.3 billion.

In August, the goods deficit increased $0.1 billion from July to $59.9 billion, and the services surplus increased $0.3 billion from July to $19.8 billion. Exports of goods increased $0.1 billion to $138.8 billion, and imports of goods decreased $0.1 billion to $198.7 billion. Exports of services increased $0.4 billion to $59.6 billion, and imports of services increased $0.1 billion to $39.9 billion.

The goods and services deficit increased $0.6 billion from August 2013 to August 2014. Exports were up $7.9 billion, or 4.1 percent, and imports were up $8.4 billion, or 3.7 percent.

The July to August increase in exports of goods reflected increases in capital goods ($1 billion); consumer goods ($0.8 billion); industrial supplies and materials ($0.7 billion); and other goods ($0.4 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.7 billion) and foods, feeds, and beverages ($0.6 billion).

The July to August increase in imports of goods reflected increases in capital goods ($1.8 billion) and consumer goods ($0.7 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.4 billion); other goods ($0.5 billion); foods, feeds, and beverages ($0.3 billion); and industrial supplies and materials ($0.2 billion).

Exports of services increased $0.4 billion from July to August. The increase mostly reflected increases in transport ($0.2 billion), which includes freight and port services and passenger fares, and in travel (for all purposes including education) ($0.1 billion). Changes in the other categories of services exports were relatively small.

Imports of services increased $0.1 billion from July to August. The increase reflected increases in transport ($0.1 billion) and in other business services ($0.1 billion) that were partly offset by a decrease in charges for the use of intellectual property ($0.1 billion), which in July included payments for the rights to broadcast the 2014 soccer World Cup. Changes in the other categories of services imports were relatively small.

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