Monthly Trade in Goods and Services

Posted Thursday, August 10, 2023 11:37 am

The U.S. Census Bureau and the U.S. Bureau of Economic analysis announced Tuesday that the goods and services deficit was $65.5 billion in June, down $2.8 billion from $68.3 billion in May, revised.

June exports were $247.5 billion, $0.3 billion less than May exports. June imports were $313.0 billion, $3.1 billion less than May imports.
June's decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.8 billion to $88.2 billion and a decrease in the services surplus of less than $0.1 billion to $22.7 billion.
Year-to-date, the goods and services deficit decreased $117.7 billion, or 22.3 percent, from the same period in 2022. Exports increased $37.6 billion or 2.5 percent. Imports decreased $80.1 billion or 4.0 percent.

Summary and Highlights

Goods (Census Basis, seasonally adjusted)

Exports

* June exports of industrial supplies and materials ($56.4 billion) were the lowest since September 2021 ($52.0 billion).

* June petroleum exports ($19.6 billion) were the lowest since October 2021 ($19.0 billion). Imports

* June imports of goods ($251.3 billion) were the lowest since October 2021 ($242.2 billion).

* June imports of industrial supplies and materials ($54.1 billion) were the lowest since May 2021 ($51.4 billion).

* June imports of automotive vehicles, parts, and engines ($38.7 billion) were the highest on record.

* June petroleum imports ($17.9 billion) were the lowest since July 2021 ($17.6 billion).

Real Dollar Basis (Chained 2017 Dollars, seasonally adjusted)

Imports

* June real dollar imports of automotive vehicles, parts, and engines ($36.1 billion) were the highest on record.

* June real dollar imports of capital goods ($66.0 billion) were the lowest since November 2021 ($64.9 billion).

Country and Other Highlights (Census Basis, not seasonally adjusted)

* The June deficit with South Korea ($5.4 billion) was the highest on record.

* The June deficit with Canada ($3.9 billion) was the lowest since July 2021 ($3.9 billion).

* June exports to the United Kingdom ($5.1 billion) were the lowest since September 2021 ($4.9 billion).

* June exports to South Korea ($4.9 billion) were the lowest since October 2021 ($4.9 billion).

* June exports to China ($10.2 billion) were the lowest since February 2021 ($9.3 billion).

* The June import average price per barrel of crude oil ($66.82) was the lowest since September 2021 ($64.41).

Press Highlights

June imports of goods ($251.3 billion) were the lowest since October 2021 ($242.2 billion).

June imports of automotive vehicles, parts, and engines ($38.7 billion) were the highest on record.

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Monthly Trade in Goods and Services

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