U.S. International Trade in Goods and Services, August 2023

U.S. International Trade in Goods and Services Deficit:

• Deficit: $58.3 billion| -9.9% (compared to July 2023)
• Exports: $256.0 Billion| +1.6% (compared to July 2023)
• Imports: $314.3 Billion| -0.7% (compared to July 2023)

 

Exports, Imports, and Balance:

• Exports: August 2023 were $256.0 billion, $4.1 billion more than July.
• Imports: August 2023 were $314.3 billion, $2.3 billion less than July.
• Goods and Services Deficit: Year to date, decreased $137.6 billion, or 20.7%, from the same period in 2022. Exports increased $22.0 billion or 1.1 %. Imports decreased $115.6 billion or 4.3%.

 

Three-Month Moving Averages:

The average goods and services deficit decreased $2.8 billion to $62.2 billion for the three months ending in August.

• Average exports increased $2.7 billion to $251.9 billion in August.
• Average imports decreased $0.1 billion to $314.1 billion in August.

Exports:

• Exports of goods increased $3.1 billion to $171.5 billion in August.
• Exports of goods on a Census basis increased $3.7 billion.
• Industrial supplies and materials increased $2.7 billion.
  • Crude oil increased $1.5 billion.
  • Fuel oil increased $0.5 billion.

• Capital goods increased $1.1 billion.
  • Computer accessories increased $0.5 billion.
  • Semiconductors increased $0.3 billion.

• Consumer goods increased $1.0 billion.
  • Pharmaceutical preparations increased $0.4 billion.

 

• Automotive vehicles, parts, and engines decreased $1.4 billion.
  • Passenger cars decreased $0.8 billion.
  • Trucks, buses, and special purpose vehicles decreased $0.5 billion.
• Net balance of payments adjustments decreased $0.6 billion.
• Exports of services increased $1.0 billion to $84.5 billion in August.
• Travel increased $0.8 billion.
• Financial services increased $0.2 billion.

 

Imports:

• Imports of goods decreased $2.4 billion to $256.0 billion in August.
• Imports of goods on a Census basis decreased $2.6 billion.
  • Consumer goods decreased $1.9 billion.
    • Cell phones and other household goods decreased $1.5 billion.

Capital goods decreased $1.8 billion.

• Semiconductors decreased $0.7 billion.
• Electric apparatus decreased $0.4 billion.
• Industrial supplies and materials increased $2.7 billion.
• Crude oil increased $1.5 billion.
• Other petroleum products increased $0.8 billion.
• Finished metal shapes increased $0.8 billion.

 

• Net balance of payments adjustments increased $0.2 billion.
• Imports of services increased $0.1 billion to $58.4 billion in August.
• Travel increased $0.2 billion.
• Other business services increased $0.1 billion.
• Transport decreased $0.3 billion.

 

Goods by Selected Countries and Areas: Monthly-Census Basis

 

The August figures show surpluses, in billions of dollars:

• South and Central America ($4.7)
• Netherlands ($3.0)
• Hong Kong ($2.0)
• Australia ($1.7)
• Belgium ($0.7)
• United Kingdom ($0.4)
• Brazil ($0.4)

 

Deficits were recorded, in billions of dollars with:

• China ($22.7)
• European Union ($17.8)
• Mexico ($12.8)
• Vietnam ($8.0)
• Germany ($6.6)
• Ireland ($5.7)
• Canada ($5.4)
• Japan ($5.0)
• Taiwan ($4.2)
• South Korea ($4.1)
• Italy ($3.3)
• India ($2.8)
• France ($2.3)
• Malaysia ($1.6)
• Switzerland ($1.5)
• Singapore ($1.0)
• Israel ($0.6)
• Saudi Arabia ($0.1)

 

Source: Bureau of Economic Analysis, U.S. Department of Commerce (October 2023)