The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $39.5 billion in July, down $5.2 billion from $44.7 billion in June, revised. July exports were $186.3 billion, $3.4 billion more than June exports. July imports were $225.8 billion, $1.8 billion less than June imports.
The July decrease in the goods and services deficit reflected a decrease in the goods deficit of $5.3 billion to $60.3 billion and a decrease in the services surplus of $0.1 billion to $20.9 billion.
Year-to-date, the goods and services deficit decreased $0.5 billion, or 0.2 percent, from the same period in 2015. Exports decreased $63.7 billion or 4.8 percent. Imports decreased $64.2 billion or 4.0 percent.
Exports of goods increased $3.4 billion to $124.1 billion in July.
Exports of goods on a Census basis increased $3.6 billion.
- Foods, feeds, and beverages increased $3.7 billion.
- Soybeans increased $3.6 billion.
Net balance of payments adjustments decreased $0.2 billion.
Exports of services decreased less than $0.1 billion to $62.3 billion in July.
- Transport, which includes freight and port services and passenger fares, and financial services each decreased $0.1 billion.
- Travel (for all purposes including education) increased $0.2 billion.
Imports of goods decreased $1.9 billion to $184.4 billion in July.
Imports of goods on a Census basis decreased $1.9 billion.
- Consumer goods decreased $1.5 billion.
- Pharmaceutical preparations decreased $1.0 billion.
- Cell phones and other household goods decreased $0.6 billion.
- Capital goods decreased $0.7 billion.
- Civilian aircraft decreased $0.9 billion.
Net balance of payments adjustments increased $0.1 billion.
Imports of services increased $0.1 billion to $41.4 billion in July.
- Travel (for all purposes including education) increased $0.1 billion.
The July figures show surpluses, in billions of dollars, with South and Central America ($2.6), Hong Kong ($2.0), Singapore ($0.9), Brazil ($0.6), and United Kingdom ($0.5). Deficits were recorded, in billions of dollars, with China ($29.4), European Union ($11.8), Japan ($6.0), Germany ($5.3), Mexico ($5.2), South Korea ($2.3), India ($2.2), Italy ($1.8), Taiwan ($1.2), France ($1.0), OPEC ($0.9), Canada ($0.4), and Saudi Arabia ($0.2).
- The balance with the United Kingdom shifted from a deficit of $0.2 billion in June to a surplus of $0.5 billion in July. Exports increased $0.1 billion to $4.7 billion and imports decreased $0.6 billion to $4.2 billion.
- The deficit with France decreased $0.6 billion to $1.0 billion in July. Exports increased $0.5 billion to $2.9 billion and imports decreased $0.2 billion to $3.9 billion.
- The deficit with China increased $1.4 billion to $29.4 billion in July. Exports increased $0.4 billion to $9.8 billion and imports increased $1.8 billion to $39.2 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.