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With tariffs and trade wars front and center the US trade deficit has been a hot topic. In July the US had a $50.1 billion deficit up from the revised $45.7 billion in June. The deficit with China was $36.83 billion likely to fuel the tariff threats from the U.S. to China.

 US Trade Aug

Highlights  

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.1 billion in July up $4.4 billion from $45.7 billion in June, revised.

  • The US trade balance for July at $-50.1 billion versus a $-50.2 billion estimate
  • The prior month was revised to a deficit of -$45.7 billion. It was originally reported at US$-46.3 billion
  • Exports fell -1% versus -0.7% in June
  • Imports rose 0.9% versus +0.7% in June
  • July goods deficit was -$73.14 billion.
  • July service sector surplus was US$23.06 billion
  • July goods imports totaled $58.16 billion versus $57.49 billion in June US
  • China trade deficit -$36.83 billion versus US$-33.48 billion
  • OPEC trade deficit -$3.46 billion versus June deficit -$1.83B 

Goods by Selected Countries and Areas: Monthly – Census Basis 

The July figures show surpluses, in billions of dollars, with

South and Central America ($3.4), Hong Kong ($2.5), Brazil ($0.6), United Kingdom ($0.4), and Singapore ($0.2).

Deficits were recorded, in billions of dollars, with

China ($34.1), European Union ($14.5), Mexico ($6.4), Germany ($6.2), Japan ($4.9), Canada ($3.2), OPEC ($3.0), Italy ($2.7), India ($1.6), France ($1.4), South Korea ($1.3), Taiwan ($1.0), and Saudi Arabia ($1.0).

The deficit with the European Union increased $1.7 billion to $14.5 billion in July. Exports decreased $1.2 billion to $26.0 billion and imports increased $0.5 billion to $40.5 billion. 

The deficit with China increased $1.7 billion to $34.1 billion in July. Exports decreased $1.0 billion to $11.0 billion and imports increased $0.7 billion to $45.2 billion.

The deficit with Japan decreased $0.7 billion to $4.9 billion in July. Exports increased $0.5 billion to $6.6 billion and imports decreased $0.2 billion to $11.5 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis

The second quarter figures show surpluses, in billions of dollars, with

South and Central America ($22.3), Hong Kong ($8.3), Brazil ($7.9), United Kingdom ($5.0), Singapore ($4.5), and Saudi Arabia (less than $0.1).

Deficits were recorded, in billions of dollars, with

China ($85.2), European Union ($24.9), Mexico ($17.7), Germany ($17.1), Japan ($15.1), Italy ($8.2), India ($7.1), Taiwan ($3.4), France ($2.8), Canada ($1.2), South Korea ($0.7), and OPEC ($0.1).

The balance with Canada shifted from a surplus of $4.5 billion to a deficit of $1.2 billion in the second quarter. Exports decreased $1.7 billion to $90.3 billion and imports increased $4.0 billion to $91.5 billion.

The surplus with Hong Kong decreased $1.9 billion to $8.3 billion in the second quarter. Exports decreased $1.3 billion to $13.1 billion and imports increased $0.5 billion to $4.7 billion.

The deficit with China decreased $8.4 billion to $85.2 billion in the second quarter. Exports increased $0.8 billion to $49.8 billion and imports decreased $7.5 billion to $135.0 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s Web site at www.bea.gov/news/schedule.

Source: bea

 From The Traders Community News Desk

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