September 4, 2019
Goods and Services Trade Deficit
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $54.0 billion in July, down $1.5 billion from $55.5 billion in June.”
July exports ($207.4 billion), were more than June exports by $1.2 billion, whereas, July imports were $261.4 billion which was $0.4 billion less than June imports.
For the period under review compared with that of 2018, there was an 8.2% increase in the goods and services deficit increased. Moreover, exports decreased $3.4 billion or 0.2%. Imports increased $24.9 billion or 1.4%.
Three-Month Moving Averages
For the three months ended in July, the average goods and services deficit increased $0.7 billion to $55.1 billion. This was due to a $0.5 billion increase in average exports $208.0 billion in July and a $1.2 billion increase in average imports to $263.1 billion in July.
In relation to export of goods, these consists of consumer goods capital goods automotive vehicles, parts and engines which all increased by $1.5 billion, $0.8 billion and $0.6 billion, respectively. While, industrial supplies and materials decreased by $1.7 billion. Additionally, export of services decreased by $0.1 billion.
As for imports of goods; industrial supplies and materials increased $0.9 billion and capital goods decreased $1.5 billion. However, imports of services increased by $0.1 billion.
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