U.S. international trade in goods and services, August 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised.

Exports, Imports, and Balance (exhibit 1)

August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $87.6 billion and a decrease in the services surplus of $0.4 billion to $20.2 billion.

Year-to-date, the goods and services deficit increased $132.3 billion, or 24.4 percent, from the same period in 2021. Exports increased $329.8 billion or 19.9 percent. Imports increased $462.1 billion or 21.0 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $6.2 billion to $72.9 billion for the three months ending in August.

• Average exports increased $1.5 billion to $259.1 billion in August.
• Average imports decreased $4.7 billion to $332.0 billion in August.

Year-over-year, the average goods and services deficit increased $2.2 billion from the three months ending in August 2021.

• Average exports increased $45.0 billion from August 2021.
• Average imports increased $47.2 billion from August 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $0.7 billion to $182.5 billion in August.

Exports of goods on a Census basis decreased $1.3 billion.

• Industrial supplies and materials decreased $2.2 billion.
• Nonmonetary gold decreased $2.0 billion.
• Crude oil decreased $1.0 billion.
• Natural gas increased $1.4 billion.
• Automotive vehicles, parts, and engines decreased $1.1 billion.
• Passenger cars decreased $1.1 billion.
• Consumer goods increased $1.3 billion.
• Pharmaceutical preparations increased $0.8 billion.

Net balance of payments adjustments increased $0.6 billion.

Exports of services decreased less than $0.1 billion to $76.4 billion in August.

• Travel decreased $0.3 billion.
• Other business services increased $0.2 billion.
• Financial services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $4.1 billion to $270.1 billion in August.

Imports of goods on a Census basis decreased $4.1 billion.

• Industrial supplies and materials decreased $4.7 billion.
• Crude oil decreased $2.7 billion.
• Fuel oil decreased $0.7 billion.
• Capital goods decreased $1.1 billion.
• Semiconductors decreased $0.5 billion.
• Civilian aircraft decreased $0.3 billion.
• Computer accessories decreased $0.3 billion.
• Automotive vehicles, parts, and engines increased $1.1 billion.
• Passenger cars increased $1.6 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.4 billion to $56.2 billion in August.

• Travel increased $0.3 billion.
• Charges for the use of intellectual property increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $4.2 billion to $99.0 billion in August.

• Real exports of goods increased $2.8 billion to $162.8 billion.
• Real imports of goods decreased $1.4 billion to $261.7 billion.

Revisions

Revisions to July exports

• Exports of goods were revised up $0.2 billion.
• Exports of services were revised up $0.1 billion.

Revisions to July imports

• Imports of goods were revised up $0.2 billion.
• Imports of services were revised down $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The August figures show surpluses, in billions of dollars, with South and Central America ($7.1), Netherlands ($4.2), Hong Kong ($2.3), Singapore ($1.7), United Kingdom ($1.2), Australia ($1.1), Brazil ($1.0), and Belgium ($0.5). Deficits were recorded, in billions of dollars, with China ($33.5), European Union ($13.5), Mexico ($9.8), Vietnam ($9.6), Canada ($7.4), Ireland ($5.2), Germany ($5.0), Taiwan ($4.0), Italy ($4.0), Japan ($3.6), South Korea ($3.1), India ($3.1), Malaysia ($2.5), France ($0.9), Israel ($0.6), Saudi Arabia ($0.6), and Switzerland ($0.5).

• The deficit with Japan decreased $1.9 billion to $3.6 billion in August. Exports increased $1.3 billion to $7.8 billion and imports decreased $0.6 billion to $11.4 billion.
• The deficit with Mexico decreased $1.9 billion to $9.8 billion in August. Exports increased $1.3 billion to $29.0 billion and imports decreased $0.5 billion to $38.8 billion.
• The balance with Switzerland shifted from a surplus of $2.1 billion in July to a deficit of $0.5 billion in August. Exports decreased $2.2 billion to $3.5 billion and imports increased $0.3 billion to $4.0 billion.