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U.S. International Trade in Goods and Services June 2021

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U.S. International Trade in Goods and Services June 2021 EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 5, 2021 CB 21-121, BEA 21-38 Goods Data Inquiries Goods Media Inquiries Services Data and Media Inquiries U.S. Census Bureau U.S. Census Bureau U.S. Bureau of Economic Analysis Economic Indicators Division, International Trade Public Information Office Balance of Payments Division (301) 763-2311 (301) 763-3030 Data: (301) 278-9559 [email protected] [email protected] Media: (301) 278-9003 [email protected] U.S. International Trade in Goods and Services June 2021 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.7 billion in June, up $4.8 billion from $71.0 billion in May, revised. U.S. INTERNATIONAL TRADE IN Goods and Services Trade Deficit Billion $ Seasonally adjusted GOODS AND SERVICES DEFICIT 80 Monthly deficit 75 70 Deficit: $75.7 Billion +6.7%° 65 60 Exports: $207.7 Billion +0.6%° 55 Three-month moving average Imports: $283.4 Billion +2.1%° 50 45 Next release: Thursday, September 2, 2021 40 350 (°) Statistical significance is not applicable or not measurable. Jun 2019 Jun 2020 Jun 2021 Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. U.S. Bureau of Economic Analysis U.S. International Trade in Goods and Services International Trade in Goods and Services, August 5, 2021 U.S. Census Bureau August 5, 2021 Exports, Imports, and Balance (exhibit 1) June exports were $207.7 billion, $1.2 billion more than May exports. June imports were $283.4 billion, $6.0 billion more than May imports. The June increase in the goods and services deficit reflected an increase in the goods deficit of $4.0 billion to $93.2 billion and a decrease in the services surplus of $0.7 billion to $17.4 billion. Year-to-date, the goods and services deficit increased $135.8 billion, or 46.4 percent, from the same period in 2020. Exports increased $150.9 billion or 14.3 percent. Imports increased $286.7 billion or 21.3 percent. COVID-19 Impact on International Trade in Goods and Services The global pandemic and the economic recovery continued to impact international trade in June 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified. Three-Month Moving Averages (exhibit 2) The average goods and services deficit increased $0.2 billion to $71.9 billion for the three months ending in June. • Average exports increased $1.7 billion to $206.3 billion in June. • Average imports increased $1.9 billion to $278.2 billion in June. Year-over-year, the average goods and services deficit increased $19.1 billion from the three months ending in June 2020. • Average exports increased $54.6 billion from June 2020. • Average imports increased $73.7 billion from June 2020. Exports (exhibits 3, 6, and 7) Exports of goods increased $0.3 billion to $145.9 billion in June. Exports of goods on a Census basis increased $0.2 billion. • Industrial supplies and materials increased $1.2 billion. o Crude oil increased $1.6 billion. • Foods, feeds, and beverages decreased $1.2 billion. o Soybeans decreased $0.5 billion. Net balance of payments adjustments increased less than $0.1 billion. Exports of services increased $0.9 billion to $61.8 billion in June. • Travel increased $0.4 billion. • Transport increased $0.2 billion. Imports (exhibits 4, 6, and 8) Imports of goods increased $4.3 billion to $239.1 billion in June. Imports of goods on a Census basis increased $4.2 billion. • Industrial supplies and materials increased $4.6 billion. – 2 – o Nonmonetary gold increased $1.2 billion. o Finished metal shapes increased $0.5 billion. o Iron and steel mill products increased $0.4 billion. o Organic chemicals increased $0.4 billion. • Capital goods increased $0.8 billion. • Consumer goods decreased $1.6 billion. o Pharmaceutical preparations decreased $0.8 billion. o Cotton apparel and household goods decreased $0.7 billion. • Automotive vehicles, parts, and engines decreased $0.7 billion. Net balance of payments adjustments increased $0.1 billion. Imports of services increased $1.6 billion to $44.3 billion in June. • Transport increased $1.0 billion. • Travel increased $0.6 billion. Real Goods in 2012 Dollars – Census Basis (exhibit 11) The real goods deficit increased $3.6 billion to $105.2 billion in June. • Real exports of goods decreased $1.1 billion to $144.0 billion. • Real imports of goods increased $2.5 billion to $249.2 billion. Revisions Revisions to May exports • Exports of goods were revised up $0.1 billion. • Exports of services were revised up $0.3 billion. Revisions to May imports • Imports of goods were revised up $0.1 billion. • Imports of services were revised up $0.1 billion. Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19) The June figures show surpluses, in billions of dollars, with South and Central America ($4.5), Hong Kong ($1.7), Brazil ($1.5), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($27.0), European Union ($19.6), Mexico ($7.2), Germany ($6.3), Canada ($5.5), Japan ($4.9), Italy ($3.7), India ($3.5), Taiwan ($3.3), South Korea ($2.8), France ($1.9), Saudi Arabia ($0.3), and United Kingdom (less than $0.1). • The deficit with the European Union increased $1.1 billion to $19.6 billion in June. Exports increased $0.6 billion to $22.6 billion and imports increased $1.7 billion to $42.2 billion. – 3 – • The deficit with India increased $1.0 billion to $3.5 billion in June. Exports decreased $0.3 billion to $2.9 billion and imports increased $0.7 billion to $6.5 billion. • The deficit with Japan decreased $0.9 billion to $4.9 billion in June. Exports increased less than $0.1 billion to $6.4 billion and imports decreased $0.9 billion to $11.4 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 2, 2021, at 8:30 A.M. EDT U.S. International Trade in Goods and Services, July 2021 * * * – 4 – Explanatory Notes Goods (Census basis) billion (0.2 percent) for exports and $0.3 billion (0.1 percent) for imports. For May 2021, revised export carry- Data for goods on a Census basis are compiled from the over was $0.1 billion (0.1 percent) and revised import carry- documents collected by U.S. Customs and Border over was less than $0.1 billion (less than 0.1 percent). Protection (CBP) and reflect the movement of goods between foreign countries and the 50 states, the District of Quarterly revisions to chain-weighted dollar series: For Columbia, Puerto Rico, the U.S. Virgin Islands, and U.S. March, June, September, and December statistical month Foreign Trade Zones. They include government and non- releases, revisions are made to the real, or chained-dollar, government shipments of goods and exclude shipments series presented in exhibits 10 and 11: the previous five between the United States and its territories and months are revised to incorporate the U.S. Bureau of Labor possessions; transactions with U.S. military, diplomatic, and Statistics’ (BLS) revisions to price indexes, which are used to consular installations abroad; U.S. goods returned to the produce the real series and to align Census data with data United States by its Armed Forces; personal and household published by the U.S. Bureau of Economic Analysis (BEA) in effects of travelers; and in-transit shipments. The General the national income and product accounts (NIPAs). Imports value reflects the total arrival of merchandise from foreign countries that immediately enters consumption Annual revisions: Each June, not seasonally adjusted goods channels, warehouses, or Foreign Trade Zones. data are revised to redistribute monthly data that arrived too late for inclusion in the month of transaction. In For imports, the value reported is the CBP-appraised value addition, revisions are made to reflect corrections received of merchandise—generally, the price paid for merchandise subsequent to the monthly revisions. Seasonally adjusted for export to the United States. Import duties, freight, data are also revised to reflect recalculated seasonal and insurance, and other charges incurred in bringing trading-day adjustments. These revisions are reflected in merchandise to the United States are excluded. The totals, end-use, commodity, and country summary data. exception is exhibit 17a, which shows CIF import value. The CIF (cost, insurance, and freight) value represents the Other revisions: For December and January statistical landed value of the merchandise at the first port of arrival month releases, each prior month of the most recent full in the United States. It is computed by adding import year is revised so that the totals of the seasonally adjusted charges to the customs value and therefore excludes U.S.
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