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 $48.3 billion in August, up $6.5 billion from $41.8 billion in July, revised. August exports were $185.1 billion, $3.7 billion less than July exports. August imports were $233.4 billion, $2.8 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $6.6 billion to $67.9 billion and an increase in the services surplus of $0.1 billion to $19.6 billion.
Year-to-date, the goods and services deficit increased $17.6 billion, or 5.2 percent, from the same period in 2014. Exports decreased $58.9 billion or 3.8 percent. Imports decreased $41.3 billion or 2.2 percent.
Exports of goods decreased $4.1 billion to $124.5 billion in August.
Exports of goods on a Census basis decreased $4.0 billion.
- Industrial supplies and materials decreased $2.2 billion.
- Fuel oil decreased $0.6 billion.
- Plastic materials decreased $0.2 billion.
- Crude oil decreased $0.2 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.4 billion to $60.6 billion in August.
- Financial services increased $0.1 billion.
- Travel (for all purposes including education) increased $0.1 billion.
Imports of goods increased $2.5 billion to $192.4 billion in August.
Imports of goods on a Census basis increased $3.3 billion.
- Consumer goods increased $4.0 billion.
- Cell phones and other household goods increased $2.1 billion.
- Toys, games, and sporting goods increased $0.3 billion.
Net balance of payments adjustments decreased $0.8 billion.
Imports of services increased $0.3 billion to $41.1 billion in August.
- Travel (for all purposes including education) increased $0.2 billion.
- Transport, which includes freight and port services and passenger fares, increased $0.1 billion.
The August figures show surpluses, in billions of dollars, with South and Central America ($3.3) and OPEC ($1.0). Deficits were recorded, in billions of dollars, with China ($32.9), European Union ($14.5), Germany ($6.8), Mexico ($5.3), Japan ($5.2), South Korea ($2.7), Canada ($2.2), Italy ($2.1), France ($2.0), India ($1.9), United Kingdom ($0.3), Brazil ($0.2), and Saudi Arabia (less than $0.1).
- The deficit with China increased $4.2 billion to $32.9 billion in August. Exports decreased $0.6 billion to $9.8 billion and imports increased $3.6 billion to $42.8 billion.
- The deficit with the European Union increased $2.1 billion to $14.5 billion in August. Exports decreased $0.7 billion to $21.7 billion and imports increased $1.4 billion to $36.2 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.