Goods and Services Deficit Increases in August 2004

The Nation’s international deficit in goods and services increased to $54.0 billion in August, from $50.5 billion (revised) in July, as imports increased more than exports.

Graph of International Trade Balances

Goods and Services

Exports increased to $96.0 billion in August from $95.9 billion in July. Goods were $67.4 billion in August, down from $67.5 billion in July, and services were $28.6 billion in August, up from $28.5 billion in July.
Imports increased to $150.1 billion in August from $146.5 billion in July. Goods were $124.8 billion in August, up from $122.2 billion in July, and services were $25.2 billion in August, up from $24.2 billion in July.
For goods, the deficit was $57.4 billion in August, up from $54.8 billion in July. For services, the surplus was $3.4 billion in August, down from $4.2 billion in July.

Goods by Category

The July to August change in exports of goods reflected decreases in industrial supplies and materials ($0.4 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). Increases occurred in consumer goods ($0.3 billion) and automotive vehicles, parts, and engines ($0.2 billion). Capital goods were virtually unchanged.
The July to August change in imports of goods reflected increases in industrial supplies and materials ($2.4 billion); other goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.1 billion). A decrease occurred in capital goods ($0.1 billion). Consumer goods and foods, feeds, and beverages were virtually unchanged.

Goods by Geographic Area (Not Seasonally Adjusted)

The goods deficit with China increased from $14.9 billion in July to $15.4 billion in August. Exports were virtually unchanged at $2.7 billion, while imports increased $0.5 billion (primarily other household goods; toys, games, and sporting goods; and TV’s and VCR’s) to $18.1 billion.
The goods deficit with the European Union (25) decreased from $10.5 billion in July to $9.6 billion in August. Exports increased $0.5 billion (primarily pharmaceutical preparations and fuel oil) to $13.5 billion, while imports decreased $0.5 billion (primarily passenger cars, gem diamonds, and other petroleum products) to $23.1 billion.
The goods deficit with Canada increased from $5.9 billion in July to $6.6 billion in August. Exports increased $1.6 billion (primarily automotive parts, passenger vehicles, trucks, and engines) to $15.4 billion, while imports increased $2.3 billion (primarily passenger vehicles, automotive parts, and trucks) to $22.1 billion.

This and more information is provided in the Bureau of the Census and Bureau of Economic Analysis press release:

U.S.International Trade in Goods and Services: August 2004 .

For further information on goods, contact Nick Orsini, Foreign Trade Division, Bureau of the Census, on (301) 763-2311; on services, contact Christopher Bach, Bureau of Economic Analysis, on (202) 606-9545.

NOTE: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the information section on page 26 of the FT-900 release, or at www.census.gov/ft900 or www.bea.gov/bea/rels.htm.

The next release is November 10, 2004

Note: Total goods data are reported on a Balance of Payments basis; commodity and country detail data for goods are on a Census basis. For information on data sources and definitions, see the Information Section (PDF, 53k) (TXT, 23k)

Related sites:

U.S. Department of Commerce
- U.S. Census Bureau, Foreign Trade Division
- Bureau of Economic Analysis

U.S. International Trade in Goods and Services Highlights

Goods and Services Deficit Increases in August 2004

Goods and Services

Goods by Category

Goods by Geographic Area (Not Seasonally Adjusted)

FTD Web News