October 08, 2024

U.S. International Trade in Goods and Services, August 2024 and International Services: Services Supplied Through Affiliates, 2022

U.S. International Trade in Goods and Services, August 2024

The U.S. monthly international trade deficit decreased in August 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $78.9 billion in July (revised) to $70.4 billion in August, as exports increased and imports decreased. The goods deficit decreased $8.4 billion in August to $94.9 billion. The services surplus increased $0.1 billion in August to $24.4 billion.

International Services: Services Supplied Through Affiliates, 2022

For 2023, U.S. exports of services were $1,026.6 billion, and U.S. imports of services were $748.2 billion. For 2022—the latest year for which statistics are available—services supplied to foreign persons through foreign affiliates of U.S. multinational enterprises (MNEs) were $2,114.1 billion, and services supplied to U.S. persons through U.S. affiliates of foreign MNEs were $1,517.8 billion. Affiliates supplied most of the services provided to foreign persons by the United States and to U.S. persons by foreign markets in 2022.

Principal Federal Economic Indicators

Gross Domestic Product
Q2 2024 (3rd)
+3.0%
Personal Income
August
+0.2%
International Trade in Goods and Services
August 2024
-$70.4 B
International Transactions
Q2 2024
-$266.8 B

Noteworthy

The BEA Wire | BEA's Official Blog

August 2024 Trade Gap is $70.4 Billion

October 8, 2024

The U.S. goods and services trade deficit decreased from $78.9 billion in July (revised) to $70.4 billion in August, as exports increased and imports decreased. The goods deficit decreased $8.4 billion to $94.9 billion, and the services surplus increased $0.1 billion to $24.4 billion.

Personal Income and Outlays, August 2024

September 27, 2024

Personal income increased $50.5 billion (0.2 percent at a monthly rate) in August. Disposable personal income —personal income less personal current taxes— increased $34.2 billion (0.2 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $48.3 billion (0.2 percent) and consumer spending increased $47.2 billion (0.2 percent). Personal saving was $1.05 trillion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.8 percent in August.

Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update

September 26, 2024

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the “third” estimate. In the first quarter, real GDP increased 1.6 percent (revised). The second-quarter increase in real GDP was the same as previously estimated in the “second” estimate released in August. 

U.S. International Investment Position, 2nd Quarter 2024

September 25, 2024

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$22.52 trillion at the end of the second quarter of 2024, according to statistics released today by the Bureau of Economic Analysis. Assets totaled $36.00 trillion, and liabilities were $58.52 trillion. At the end of the first quarter, the net investment position was –$21.29 trillion (revised). 

U.S. Current-Account Deficit Widens in 2nd Quarter 2024

September 19, 2024

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $25.8 billion, or 10.7 percent, to $266.8 billion in the second quarter of 2024. The widening mostly reflected an expanded deficit on goods. The second-quarter deficit was 3.7 percent of current-dollar gross domestic product, up from 3.4 percent in the first quarter.