FOR IMMEDIATE RELEASE 8:30 A.M. EDT WEDNESDAY, AUGUST 6, 2014 CB 14-146 BEA 14-36 FT-900 (14-06) U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES June 2014 Goods and Services The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $195.9 billion and imports of $237.4 billion resulted in a goods and services deficit of $41.5 billion, down from $44.7 billion in May, revised. June exports were $0.3 billion more than May exports of $195.6 billion. June imports were $2.9 billion less than May imports of $240.3 billion. In June, the goods deficit decreased $3.0 billion from May to $60.3 billion, and the services surplus increased $0.1 billion from May to $18.7 billion. Exports of goods increased $0.1 billion to $136.9 billion, and imports of goods decreased $2.9 billion to $197.2 billion. Exports of services increased $0.1 billion to $59.0 billion, and imports of services were virtually unchanged at $40.2 billion. The goods and services deficit increased $5.0 billion from June 2013 to June 2014. Exports were up $5.5 billion, or 2.9 percent, and imports were up $10.5 billion, or 4.6 percent. Goods (Census Basis) The May to June decrease in exports of goods reflected decreases in other goods ($0.5 billion) and foods, feeds, and beverages ($0.3 billion). Increases occurred in consumer goods ($0.4 billion); automotive vehicles, parts, and engines ($0.2 billion); and industrial supplies and materials ($0.1 billion). Capital goods were virtually unchanged. The May to June decrease in imports of goods reflected decreases in consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($1.1 billion); industrial supplies and materials ($0.5 billion); and capital goods ($0.3 billion). An increase occurred in foods, feeds, and beverages ($0.2 billion). Other goods were virtually unchanged. The June 2013 to June 2014 increase in exports of goods reflected increases in foods, feeds, and beverages ($1.1 billion); automotive vehicles, parts, and engines ($1.0 billion); and consumer goods ($0.7 billion). A decrease occurred in industrial supplies and materials ($0.1 billion). Capital goods and other goods were virtually unchanged. The June 2013 to June 2014 increase in imports of goods reflected increases in capital goods ($3.4 billion); consumer goods ($2.1 billion); automotive vehicles, parts, and engines ($1.9 billion); foods, feeds, and beverages ($1.2 billion); other goods ($0.1 billion); and industrial supplies and materials ($0.1 billion). Services Exports of services increased $0.1 billion from May to June. An increase in travel (for all purposes including education) ($0.2 billion) was partly offset by a decrease in transport ($0.1 billion), which includes freight and port services and passenger fares. Changes in the other categories of services exports were relatively small and mostly offsetting. Imports of services were virtually unchanged from May to June. An increase in charges for the use of intellectual property ($0.1 billion), which included payments for the rights to broadcast the portion of the 2014 soccer World Cup that occurred in June, was mostly offset by a decrease in transport ($0.1 billion). Changes in the other categories of services imports were relatively small and mostly offsetting. The June 2013 to June 2014 increase in exports of services was $2.0 billion or 3.5 percent. The largest increases were in travel (for all purposes including education) ($1.1 billion), in transport ($0.4 billion), and in maintenance and repair services ($0.4 billion). The June 2013 to June 2014 increase in imports of services was $1.6 billion or 4.3 percent. The largest increases were in travel (for all purposes including education) ($0.7 billion) and in other business services ($0.6 billion). Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $195.0 billion, while imports of goods and services averaged $239.4 billion, resulting in an average trade deficit of $44.4 billion. For the three months ending in May, the average trade deficit was $45.3 billion, reflecting average exports of $194.3 billion and average imports of $239.5 billion. Selected Not Seasonally Adjusted Goods Details The June figures show surpluses, in billions of dollars, with Hong Kong $3.1 ($2.5 for May), Australia $1.3 ($1.2), Singapore $0.9 ($1.0), and Brazil $0.9 ($1.1). Deficits were recorded, in billions of dollars, with China $30.1 ($28.8), European Union $11.2 ($12.3),Japan $5.4 ($5.1), Germany $5.2 ($6.6), Mexico $4.9 ($4.3), OPEC $3.9 ($4.2), Ireland $2.8 ($2.1), Canada $2.7 ($2.8), Saudi Arabia $1.9 ($2.7), South Korea $1.9 ($2.7), and India $1.3 ($2.4). Advanced technology products exports were $28.4 billion in June and imports were $35.8 billion, resulting in a deficit of $7.5 billion. June exports were $0.8 billion more than the $27.6 billion in May, while June imports were $0.6 billion more than the $35.2 billion in May. Revisions Census Basis (not seasonally adjusted) For May, exports of goods were virtually unrevised, and imports of goods were revised up $0.1 billion. Goods carry-over in June was $0.1 billion (0.1 percent) for exports and $1.7 billion (0.9 percent) for imports. For May, revised export carry-over was virtually zero, while revised import carry-over was $0.2 billion (0.1 percent). Balance of Payments Basis (seasonally adjusted) For May, exports of goods were revised up $0.1 billion, and imports of goods were revised up $0.1 billion. For May, exports of services were revised up $0.1 billion, mainly reflecting an upward revision in transport. For May, imports of services were revised up $0.3 billion, reflecting upward revisions in travel (for all purposes including education) and in transport.