News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Tuesday, August 6, 2024
BEA 24–36
CB 24–123

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

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.1 billion in June, down $1.9 billion from $75.0 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $73.1 Billion  –2.5%°
Exports: $265.9 Billion  +1.5%°
Imports: $339.0 Billion  +0.6%°

Next release: Wednesday, September 4, 2024

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, August 6, 2024

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

June exports were $265.9 billion, $3.9 billion more than May exports. June imports were $339.0 billion, $2.0 billion more than May imports.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.5 billion to $97.4 billion and a decrease in the services surplus of $0.6 billion to $24.2 billion.

Year-to-date, the goods and services deficit increased $22.7 billion, or 5.6 percent, from the same period in 2023. Exports increased $58.0 billion or 3.8 percent. Imports increased $80.7 billion or 4.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.5 billion to $74.2 billion for the three months ending in June.

  • Average exports increased $1.4 billion to $263.8 billion in June.
  • Average imports increased $3.0 billion to $338.0 billion in June.

Year-over-year, the average goods and services deficit increased $6.3 billion from the three months ending in June 2023.

  • Average exports increased $12.8 billion from June 2023.
  • Average imports increased $19.1 billion from June 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $4.4 billion to $174.2 billion in June.

  Exports of goods on a Census basis increased $4.6 billion.

  • Capital goods increased $1.9 billion.
    • Civilian aircraft increased $1.3 billion.
  • Automotive vehicles, parts, and engines decreased $0.5 billion.
    • Natural gas increased $0.6 billion.
    • Other petroleum products increased $0.5 billion.
    • Fuel oil increased $0.5 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Exports of services decreased $0.4 billion to $91.7 billion in June.

  • Travel decreased $0.4 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $1.9 billion to $271.6 billion in June.

  Imports of goods on a Census basis increased $2.1 billion.

  • Consumer goods increased $2.3 billion.
    • Pharmaceutical preparations increased $3.2 billion.
  • Capital goods increased $2.2 billion.
    • Semiconductors increased $0.6 billion.
    • Telecommunications equipment increased $0.5 billion.
    • Electric apparatus increased $0.5 billion.
  • Industrial supplies and materials decreased $1.9 billion.
    • Crude oil decreased $1.2 billion.
    • Nuclear fuel materials decreased $0.7 billion.
    • Iron and steel mill products decreased $0.6 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.2 billion to $67.5 billion in June.

  • Travel increased $0.1 billion.
  • Maintenance and repair services increased $0.1 billion.
  • Transport decreased $0.2 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $2.5 billion, or 2.6 percent, to $91.4 billion in June, compared to a 2.5 percent decrease in the nominal deficit.

  • Real exports of goods increased $4.6 billion, or 3.2 percent, to $146.2 billion, compared to a 2.7 percent increase in nominal exports.
  • Real imports of goods increased $2.1 billion, or 0.9 percent, to $237.6 billion, compared to a 0.8 percent increase in nominal imports.

Revisions

Revisions to May exports

  • Exports of goods were revised up $0.3 billion.
  • Exports of services were revised up less than $0.1 billion.

Revisions to May imports

  • Imports of goods were revised down less than $0.1 billion.
  • Imports of services were revised up $0.3 billion.

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

The June figures show surpluses, in billions of dollars, with Netherlands ($4.8), South and Central America ($3.6), Hong Kong ($2.1), Australia ($1.9), United Kingdom ($0.9), Brazil ($0.8), Belgium ($0.7), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($22.3), European Union ($18.0), Mexico ($13.7), Vietnam ($10.9), Germany ($7.4), Taiwan ($6.4), Ireland ($5.8), South Korea ($5.7), Japan ($4.9), Canada ($4.6), India ($3.7), Italy ($3.1), Switzerland ($2.9), Malaysia ($1.8), France ($1.3), Israel ($0.9), and Singapore ($0.4).

  • The deficit with Italy decreased $1.7 billion to $3.1 billion in June. Exports increased $0.8 billion to $3.0 billion and imports decreased $0.9 billion to $6.1 billion.
  • The deficit with China decreased $1.6 billion to $22.3 billion in June. Exports increased $0.8 billion to $12.5 billion and imports decreased $0.8 billion to $34.8 billion.
  • The balance with Singapore shifted from a surplus of $1.3 billion in May to a deficit of $0.4 billion in June. Exports decreased $0.7 billion to $3.8 billion and imports increased $1.0 billion to $4.3 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 website at www.bea.gov/news/schedule.

Next release: September 4, 2024, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, July 2024