The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.7 billion in June, up $4.8 billion from $71.0 billion in May, revised.
Deficit: | $75.7 Billion | +6.7%° |
Exports: | $207.7 Billion | +0.6%° |
Imports: | $283.4 Billion | +2.1%° |
Next release: Thursday, September 2, 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, August 5, 2021 |
Exports, Imports, and Balance (exhibit 1)
June exports were $207.7 billion, $1.2 billion more than May exports. June imports were $283.4 billion, $6.0 billion more than May imports.
The June increase in the goods and services deficit reflected an increase in the goods deficit of $4.0 billion to $93.2 billion and a decrease in the services surplus of $0.7 billion to $17.4 billion.
Year-to-date, the goods and services deficit increased $135.8 billion, or 46.4 percent, from the same period in 2020. Exports increased $150.9 billion or 14.3 percent. Imports increased $286.7 billion or 21.3 percent.
COVID-19 Impact on International Trade in Goods and Services
The global pandemic and the economic recovery continued to impact international trade in June 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 $0.2 billion to $71.9 billion for the three months ending in June.
Year-over-year, the average goods and services deficit increased $19.1 billion from the three months ending in June 2020.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $0.3 billion to $145.9 billion in June.
Exports of goods on a Census basis increased $0.2 billion.
Net balance of payments adjustments increased less than $0.1 billion.
Exports of services increased $0.9 billion to $61.8 billion in June.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $4.3 billion to $239.1 billion in June.
Imports of goods on a Census basis increased $4.2 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $1.6 billion to $44.3 billion in June.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $3.6 billion to $105.2 billion in June.
Revisions
Revisions to May exports
Revisions to May imports
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The June figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($1.7), Brazil ($1.5), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($27.0), European Union ($19.6), Mexico ($7.2), Germany ($6.3), Canada ($5.5), Japan ($4.9), Italy ($3.7), India ($3.5), Taiwan ($3.3), South Korea ($2.8), France ($1.9), Saudi Arabia ($0.3), and United Kingdom (less than $0.1).
* * *
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: September 2, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, July 2021
* * *
Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Small…
US Homeowner Equity Drops For First Time Since 2012 The housing bull market has peaked…
JPMorgan and Citigroup Are Using the Same Accounting Maneuver as Silicon Valley Bank on Hundreds…
At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA,…
Do you really own something if someone forces you to make never-ending (and ever-increasing) payments…
Doug Casey On Why The US Is Headed Into Its 'Fourth Turning' Authored by Doug…