U.S. Trade Deficit Widens to $39.1B in July, Larger than Expected
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $189.4 billion and imports of $228.6 billion resulted in a goods and services deficit of $39.1 billion, up from $34.5 billion in June, revised. July exports were $1.1 billion less than June exports of $190.5 billion. July imports were $3.5 billion more than June imports of $225.1 billion.
Street consensus views were looking for a deficit of $38.2 billion.
In July, the goods deficit increased $4.5 billion from June to $58.6 billion, and the services surplus decreased $0.1 billion from June to $19.4 billion. Exports of goods decreased $1.1 billion to $132.7 billion, and imports of goods increased $3.4 billion to $191.3 billion. Exports of services were virtually unchanged at $56.7 billion, and imports of services increased $0.1 billion to $37.3 billion.
The goods and services deficit decreased $4.3 billion from July 2012 to July 2013. Exports were up $6.1 billion, or 3.3 percent, and imports were up $1.8 billion, or 0.8 percent.
Goods (Census Basis)
The June to July decrease in exports of goods reflected decreases in capital goods ($1.6 billion); consumer goods ($1.4 billion); other goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.2 billion). Increases occurred in industrial supplies and materials ($1.7 billion) and foods, feeds, and beverages ($0.4 billion).
The June to July increase in imports of goods reflected increases in industrial supplies and materials ($2.0 billion); automotive vehicles, parts, and engines ($0.8 billion); consumer goods ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in capital goods ($0.3 billion).
The July 2012 to July 2013 increase in exports of goods reflected increases in industrial supplies and materials ($3.7 billion); capital goods ($0.6 billion); other goods ($0.6 billion); and consumer goods ($0.1 billion). A decrease occurred in foods, feeds, and beverages ($2.1 billion). Automotive vehicles, parts, and engines were virtually unchanged.
The July 2012 to July 2013 increase in imports of goods reflected increases in consumer goods ($1.5 billion); foods, feeds, and beverages ($0.5 billion); automotive vehicles, parts, and engines ($0.5 billion); and other goods ($0.4 billion). Decreases occurred in industrial supplies and materials ($1.2 billion) and capital goods ($0.1 billion).
Services
Exports of services were virtually unchanged from June to July. An increase in other private services ($0.2 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, was offset by decreases in passenger fares ($0.1 billion) and in other transportation ($0.1 billion), which includes freight and port services. Changes in the other categories of services exports were relatively small.
Imports of services increased $0.1 billion from June to July, mostly reflecting an increase in other transportation ($0.1 billion). Changes in the other categories of services imports were relatively small.
The July 2012 to July 2013 increase in exports of services was $3.6 billion or 6.8 percent. The largest increases were in other private services ($1.6 billion), in travel ($1.1 billion), and in royalties and license fees ($0.6 billion). Within other private services, the largest increase was in business, professional, and technical services.
The July 2012 to July 2013 increase in imports of services was $0.2 billion or 0.6 percent. The largest increases were in travel ($0.2 billion) and in other transportation ($0.2 billion).
Street consensus views were looking for a deficit of $38.2 billion.
In July, the goods deficit increased $4.5 billion from June to $58.6 billion, and the services surplus decreased $0.1 billion from June to $19.4 billion. Exports of goods decreased $1.1 billion to $132.7 billion, and imports of goods increased $3.4 billion to $191.3 billion. Exports of services were virtually unchanged at $56.7 billion, and imports of services increased $0.1 billion to $37.3 billion.
The goods and services deficit decreased $4.3 billion from July 2012 to July 2013. Exports were up $6.1 billion, or 3.3 percent, and imports were up $1.8 billion, or 0.8 percent.
Goods (Census Basis)
The June to July decrease in exports of goods reflected decreases in capital goods ($1.6 billion); consumer goods ($1.4 billion); other goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.2 billion). Increases occurred in industrial supplies and materials ($1.7 billion) and foods, feeds, and beverages ($0.4 billion).
The June to July increase in imports of goods reflected increases in industrial supplies and materials ($2.0 billion); automotive vehicles, parts, and engines ($0.8 billion); consumer goods ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in capital goods ($0.3 billion).
The July 2012 to July 2013 increase in exports of goods reflected increases in industrial supplies and materials ($3.7 billion); capital goods ($0.6 billion); other goods ($0.6 billion); and consumer goods ($0.1 billion). A decrease occurred in foods, feeds, and beverages ($2.1 billion). Automotive vehicles, parts, and engines were virtually unchanged.
The July 2012 to July 2013 increase in imports of goods reflected increases in consumer goods ($1.5 billion); foods, feeds, and beverages ($0.5 billion); automotive vehicles, parts, and engines ($0.5 billion); and other goods ($0.4 billion). Decreases occurred in industrial supplies and materials ($1.2 billion) and capital goods ($0.1 billion).
Services
Exports of services were virtually unchanged from June to July. An increase in other private services ($0.2 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, was offset by decreases in passenger fares ($0.1 billion) and in other transportation ($0.1 billion), which includes freight and port services. Changes in the other categories of services exports were relatively small.
Imports of services increased $0.1 billion from June to July, mostly reflecting an increase in other transportation ($0.1 billion). Changes in the other categories of services imports were relatively small.
The July 2012 to July 2013 increase in exports of services was $3.6 billion or 6.8 percent. The largest increases were in other private services ($1.6 billion), in travel ($1.1 billion), and in royalties and license fees ($0.6 billion). Within other private services, the largest increase was in business, professional, and technical services.
The July 2012 to July 2013 increase in imports of services was $0.2 billion or 0.6 percent. The largest increases were in travel ($0.2 billion) and in other transportation ($0.2 billion).
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