U.S. International Trade in Goods and Services, August 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.4 billion in August, down $8.5 billion from $78.9 billion in July, revised.

Exports, Imports, and Balance (exhibit 1)

August exports were $271.8 billion, $5.3 billion more than July exports. August imports were $342.2 billion, $3.2 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $8.4 billion to $94.9 billion and an increase in the services surplus of $0.1 billion to $24.4 billion.

Year-to-date, the goods and services deficit increased $47.1 billion, or 8.9 percent, from the same period in 2023. Exports increased $79.0 billion or 3.9 percent. Imports increased $126.1 billion or 4.9 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.6 billion to $74.1 billion for the three months ending in August.

• Average exports increased $3.7 billion to $267.8 billion in August.
• Average imports increased $2.0 billion to $342.0 billion in August.

Year-over-year, the average goods and services deficit increased $11.1 billion from the three months ending in August 2023.

• Average exports increased $13.3 billion from August 2023.
• Average imports increased $24.4 billion from August 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $4.4 billion to $179.4 billion in August.

Exports of goods on a Census basis increased $4.9 billion.

• Capital goods increased $1.7 billion.
  • Telecommunications equipment increased $0.5 billion.
  • Civilian aircraft increased $0.4 billion.
  • Computer accessories increased $0.4 billion.
  • Other industrial machinery increased $0.4 billion.
  • Semiconductors decreased $0.8 billion.
• Consumer goods increased $1.0 billion.
  • Pharmaceutical preparations increased $1.0 billion.
• Industrial supplies and materials increased $0.9 billion.
  • Nonmonetary gold increased $1.5 billion.
  • Crude oil decreased $1.1 billion.
• Automotive vehicles, parts, and engines increased $0.8 billion.
  • Passenger cars increased $0.6 billion.

Net balance of payments adjustments decreased $0.5 billion.

Exports of services increased $0.9 billion to $92.3 billion in August.

• Travel increased $0.5 billion
• Government goods and services increased $0.2 billion.
• Transport decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $3.9 billion to $274.3 billion in August.

Imports of goods on a Census basis decreased $3.8 billion.

• Industrial supplies and materials decreased $3.9 billion.
  • Nonmonetary gold decreased $1.2 billion.
  • Finished metal shapes decreased $1.0 billion.
  • Crude oil decreased $1.0 billion.
• Automotive vehicles, parts, and engines decreased $1.3 billion.
  • Passenger cars decreased $1.1 billion.

Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.7 billion to $67.9 billion in August.

• Travel increased $0.4 billion.
• Charges for the use of intellectual property increased $0.4 billion.
• Transport decreased $0.3 billion.

Real Goods in 2017 Dollars - Census Basis (exhibit 11)

The real goods deficit decreased $8.6 billion, or 8.9 percent, to $88.6 billion in August, compared to an 8.5 percent decrease in the nominal deficit.

• Real exports of goods increased $5.5 billion, or 3.8 percent, to $150.1 billion, compared to a 2.9 percent increase in nominal exports.
• Real imports of goods decreased $3.2 billion, or 1.3 percent, to $238.7 billion, compared to a 1.4 percent decrease in nominal imports.

Revisions

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 down $0.1 billion.

Goods by Selected Countries and Areas: Monthly - Census Basis (exhibit 19)

The August figures show surpluses, in billions of dollars, with Netherlands ($5.5), South and Central America ($4.0), Australia ($1.9), Hong Kong ($1.6), Brazil ($0.8), Singapore ($0.5), and United Kingdom ($0.3). Deficits were recorded, in billions of dollars, with China ($24.7), European Union ($19.1), Mexico ($14.3), Vietnam ($9.8), Ireland ($8.0), Taiwan ($7.3), Germany ($6.6), Japan ($4.9), South Korea ($4.9), Canada ($3.9), Italy ($2.9), India ($2.7), Switzerland ($2.5), France ($1.7), Malaysia ($1.1), Israel ($1.0), Belgium ($0.6), and Saudi Arabia ($0.1).

• The deficit with Canada decreased $3.8 billion to $3.9 billion in August. Exports increased $1.1 billion to $28.5 billion and imports decreased $2.7 billion to $32.3 billion.
• The deficit with China decreased $2.6 billion to $24.7 billion in August. Exports increased $1.1 billion to $12.6 billion and imports decreased $1.5 billion to $37.3 billion.
• The balance with Belgium shifted from a surplus of $1.0 billion in July to a deficit of $0.6 billion in August. Exports decreased $0.1 billion to $2.8 billion and imports increased $1.5 billion to $3.4 billion.

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.

Next release: November 5, 2024, at 8:30 a.m. EST
U.S. International Trade in Goods and Services, September 2024