The 2020 Mid-Year Economic Update_long

Goods and Services Deficit Up in August

Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7%, from the same period in 2019.
goods and services deficit August 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Tuesday that the goods and services deficit was $67.1 billion in August, up $3.71 billion from $63.4 billion in July, revised.

Exports and imports increased in August but remained below pre-pandemic levels, reflecting the ongoing impact of COVID-19, as many businesses continued to operate at limited capacity or ceased operations completely, and the movement of travelers across borders remained restricted.

August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports.

The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.

Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7%, from the same period in 2019. Exports decreased $296.1 billion or 17.6%. Imports decreased $273.5 billion or 13.1%.

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