Source: US Bureau of Economic Analysis
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.3 billion in August, up $2.9 billion from $70.3 billion in July, revised.
Next release: Thursday, November 4, 2021
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes
Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, October 5, 2021
Exports, Imports, and Balance (exhibit 1)
August exports were $213.7 billion, $1.0 billion more than July exports. August imports were $287.0 billion, $4.0 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $1.6 billion to $89.4 billion and a decrease in the services surplus of $1.4 billion to $16.2 billion.
Year-to-date, the goods and services deficit increased $140.8 billion, or 33.7 percent, from the same period in 2020. Exports increased $244.3 billion or 17.5 percent. Imports increased $385.1 billion or 21.2 percent.
COVID-19 Impact on International Trade in Goods and Services
The global pandemic and the economic recovery continued to impact international trade in August 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $1.6 billion to $72.3 billion for the three months ending in August.
- Average exports increased $1.7 billion to $212.2 billion in August.
- Average imports increased $3.2 billion to $284.4 billion in August.
Year-over-year, the average goods and services deficit increased $13.9 billion from the three months ending in August 2020.
- Average exports increased $44.2 billion from August 2020.
- Average imports increased $58.1 billion from August 2020.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $1.1 billion to $149.7 billion in August.
Exports of goods on a Census basis increased $1.2 billion.
- Industrial supplies and materials increased $3.5 billion.
- Nonmonetary gold increased $1.6 billion.
- Natural gas increased $0.7 billion
- Automotive vehicles, parts, and engines decreased $1.0 billion.
- Trucks, buses, and special purpose vehicles decreased $0.5 billion.
- Passenger cars decreased $0.3 billion.
- Capital goods decreased $0.8 billion.
- Civilian aircraft decreased $0.7 billion.
- Other industrial machinery decreased $0.6 billion.
- Foods, feeds, and beverages decreased $0.6 billion.
- Corn decreased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services decreased $0.1 billion to $64.0 billion in August.
- Travel decreased $0.3 billion.
- Other business services increased $0.1 billion.
- Charges for the use of intellectual property increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $2.7 billion to $239.1 billion in August.
Imports of goods on a Census basis increased $2.4 billion.
- Consumer goods increased $3.0 billion.
- Pharmaceutical preparations increased $2.2 billion.
- Toys, games, and sporting goods increased $0.6 billion.
- Industrial supplies and materials increased $1.8 billion.
- Organic chemicals increased $0.8 billion.
- Automotive vehicles, parts, and engines decreased $1.5 billion.
- Passenger cars decreased $1.3 billion.
Net balance of payments adjustments increased $0.3 billion.
Imports of services increased $1.3 billion to $47.9 billion in August.
- Transport increased $0.7 billion.
- Travel increased $0.5 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $1.9 billion to $101.8 billion in August.
- Real exports of goods increased $0.7 billion to $146.3 billion.
- Real imports of goods increased $2.6 billion to $248.1 billion.
Revisions to July exports
- Exports of goods were revised down less than $0.1 billion.
- Exports of services were revised down $0.1 billion.
Revisions to July imports
- Imports of goods were revised up $0.1 billion.
- Imports of services were revised up less than $0.1 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The August figures show surpluses, in billions of dollars, with South and Central America ($5.7), Hong Kong ($2.2), Brazil ($2.1), Singapore ($1.0), and United Kingdom ($0.8). Deficits were recorded, in billions of dollars, with China ($28.1), European Union ($19.3), Mexico ($6.6), Germany ($5.8), Japan ($5.6), Canada ($5.1), Taiwan ($3.6), South Korea ($3.1), Italy ($3.1), India ($3.0), France ($1.4), and Saudi Arabia ($0.6).
- The deficit with China increased $3.1 billion to $28.1 billion in August. Exports decreased $1.8 billion to $11.2 billion and imports increased $1.3 billion to $39.3 billion.
- The deficit with Canada increased $1.4 billion to $5.1 billion in August. Exports decreased $1.6 billion to $25.2 billion and imports decreased $0.2 billion to $30.3 billion.
- The deficit with Mexico decreased $1.9 billion to $6.6 billion in August. Exports increased $0.9 billion to $24.1 billion and imports decreased $1.0 billion to $30.7 billion.
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All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
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Next release: November 4, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, September 2021
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