The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced August 11 that total June exports of $150.5 billion and imports of $200.3 billion resulted in a goods and services deficit of $49.9 billion, up from $42.0 billion in May, revised. June exports were $2.0 billion less than May exports of $152.4 billion. June imports were $5.9 billion more than May imports of $194.4 billion.
In June, the goods deficit increased $7.7 billion from May to $62.0 billion and the services surplus decreased $200 million to $12.1 billion. Exports of goods decreased $2.3 billion to $105.0 billion and imports of goods increased $5.4 billion to $167.0 billion. Exports of services increased $300 million to $45.5 billion and imports of services increased $600 million to $33.3 billion.
The goods and services deficit increased $22.8 billion from June 2009 to June 2010. Exports were up $22.6 billion, or 17.7 percent and imports were up $45.3 billion, or 29.2 percent.
Goods (Census basis)
The May to June decrease in exports of goods reflected decreases in capital goods ($1.4 billion); industrial supplies and materials ($1.0 billion); and foods, feeds and beverages ($300 million). Increases occurred in automotive vehicles, parts and engines ($200 million); other goods ($200 million); and consumer goods ($100 million).
The May to June increase in imports of goods reflected increases in consumer goods ($3.1 billion); automotive vehicles, parts and engines ($1.3 billion); other goods ($600 million); and capital goods ($500 million). A decrease occurred in industrial supplies and materials ($200 million). Foods, feeds and beverages were virtually unchanged.
The June 2009 to June 2010 increase in exports of goods reflected increases in industrial supplies and materials ($7.4 billion); capital goods ($4.9 billion); automotive vehicles, parts and engines ($3.9 billion); consumer goods ($1.5 billion); and other goods ($1.2 billion). A decrease occurred in foods, feeds and beverages ($400 million).
The June 2009 to June 2010 increase in imports of goods reflected increases in industrial supplies and materials ($12.8 billion); automotive vehicles, parts and engines ($9.3 billion); capital goods ($9.1 billion); consumer goods ($9.0 billion); foods, feeds and beverages ($900 million); and other goods ($300 million)
Services
Services exports increased $300 million from May to June. The increase was mostly accounted for by increases in travel, other transportation (which includes freight and port services), and other private services (which includes items such as business, professional and technical services, insurance services and financial services). Changes in the other categories of services exports were small.
Services imports increased $600 million from May to June. The increase was mostly accounted for by increases in other transportation, royalties and license fees (which included payments for rights related to the 2010 soccer World Cup) and travel. Changes in the other categories of services imports were small.
The June 2009 to June 2010 increase in exports of services was $4.2 billion. The largest increases were in other private services ($1.6 billion), travel ($1.0 billion) and royalties and license fees ($800 million). Within other private services, the largest increase was in business, professional and technical services.
The June 2009 to June 2010 increase in imports of services was $3.1 billion. The largest increases were in other transportation ($1.0 billion) and other private services ($900 million). Within other private services, the largest increase was in business, professional and technical services.
Goods and Services Moving Average
For the three months ending in June, exports of goods and services averaged $150.5 billion, while imports of goods and services averaged $194.6 billion, resulting in an average trade deficit of $44.1 billion. For the three months ending in May, the average trade deficit was $40.8 billion, reflecting average exports of $150.3 billion and average imports of $191.1 billion.
Selected Not Seasonally Adjusted Goods Details
The June figures show surpluses, in billions of dollars, with Hong Kong $2.0 ($1.6 for May), Australia $1.1 ($1.1), Singapore $1.0 ($0.9) and Egypt $0.2 ($0.3). Deficits were recorded, in billions of dollars, with China $26.2 ($22.3), OPEC $8.9 ($7.8), European Union $7.8 ($6.2), Mexico $6.2 ($6.2), Japan $5.2 ($3.6), Germany $3.1 ($2.9), Canada $2.6 ($2.3), Nigeria $2.3 ($2.2), Ireland $2.3 ($2.2) and Venezuela $1.7 ($2.1).
Advanced technology products exports were $23.2 billion in June and imports were $31.6 billion, resulting in a deficit of $8.4 billion. June exports were $1.4 billion more than the $21.8 billion in May, while June imports were $4.0 billion more than the $27.6 billion in May.
Revisions (Goods on a Census basis, not seasonally adjusted)
For May, goods exports and imports were virtually unrevised. Goods carry-over in June was $100 million (0.1 percent) for exports and $1.4 billion (0.8 percent) for imports. For May, revised export carry-over was virtually zero. For May, revised import carry-over was $200 million (0.1 percent), revised down from $900 million (0.6 percent).
Services exports for May were revised up $100 million to $45.1 billion, reflecting small upward revisions in several categories. Services imports for May were revised down $100 million to $32.8 billion, mostly reflecting a downward revision in travel.