The 2020 Mid-Year Economic Update_long

June U.S. Exports Decrease, Imports Increase

Goods and services deficit down $1.1 billion year-over-year.

June exports were $188.6 billion and imports were $232.4 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 $43.8 billion in June, up $2.9 billion from May. June exports were down $0.1 billion from May, and June imports were up $2.8 billion.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $2.9 billion to $63.5 billion and a decrease in the services surplus of less than $0.1 billion to $19.7 billion.

Year-over-year, the goods and services deficit decreased $1.1 billion from June 2014. Exports decreased $6.8 billion and imports decreased $7.9 billion.

Exports of goods decreased $0.2 billion to $127.6 billion in June, primarily due to a decrease in capital goods of $0.8 billion and a decrease of industrial supplies and materials of $0.6 billion. Consumer goods increased $0.8 billion.

Exports of services increased $0.1 billion to $61 billion in June mainly due to a $0.1 billion increase in other business services, which includes research and development services; professional and management services; and technical, trade-related and other services. Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.

Imports of goods increased $2.7 billion to $191.1 billion in June, primarily due to increases in consumer goods ($1.7 billion) and industrial supplies and materials ($1.2 billion).

Imports of services increased $0.1 billion to $41.4 billion mainly due to an increase of $0.2 billion in travel. Transport decreased $0.2 billion.

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