The 2020 Mid-Year Economic Update_long

July U.S. Exports Increase, Imports Decrease

Goods and services deficit down $3.3 billion year-over-year.

July exports were $188.5 billion and imports were $230.4 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 $41.9 billion in July, down $3.3 billion from June. July exports were up $0.8 billion from June, and July imports were down $2.5 billion.

The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $61.4 billion and a decrease in the services surplus of less than $0.1 billion to $19.6 billion.

Year-to-date, the goods and services deficit increased $10.6 billion, or 3.6 percent, from the same period in 2014. Exports decreased $47.0 billion or 3.5 percent. Imports decreased $36.4 billion or 2.2 percent.

Exports of goods increased $0.6 billion to $128.2 billion in July, primarily due to a 0.6 billion increase in automotive vehicles, parts, and engines. Industrial supplies and materials increased $0.3 billion, nonmonetary gold increased $0.3 billion and consumer goods decreased $0.4 billion.

Exports of services increased $0.2 billion to $60.3 billion in July. Financial services increased $0.1 billion, other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Imports of goods decreased $2.7 billion to $189.6 billion in July. Imports of goods on a Census basis decreased $2.1 billion, and consumer goods decreased $2.6 billion.

Imports of services increased $0.2 billion to $40.8 billion in July. Travel (for all purposes including education) increased $0.1 billion, and transport, which includes freight and port services and passenger fares, increased $0.1 billion.

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