The Goods and Services Deficit Increased to $44.5 billion in June 2016

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $44.5 billion in June, up $3.6 billion from $41.0 billion in May, revised. June exports were $183.2 billion, $0.6 billion more than May exports. June imports were $227.7 billion, $4.2 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $3.8 billion to $66.0 billion and an increase in the services surplus of $0.3 billion to $21.5 billion.

Year-to-date, the goods and services deficit decreased $3.8 billion, or 2.3 percent, from the same period in 2015. Exports decreased $54.2 billion or 4.7 percent. Imports decreased $60.0 billion or 4.3 percent.

Exports of goods increased $0.5 billion to $120.4 billion in June.

 Exports of goods on a Census basis increased $0.7 billion.

• Foods, feeds, and beverages increased $0.6 billion.
  • Corn increased $0.3 billion.
  • Wheat increased $0.2 billion.
• Consumer goods increased $0.4 billion.
  • Artwork, antiques, stamps, and other collectibles increased $0.2 billion.
• Capital goods increased $0.3 billion.
  • Civilian aircraft increased $1.1 billion.

 Net balance of payments adjustments decreased $0.2 billion.

 Exports of services increased $0.1 billion to $62.8 billion in June.

• Financial services and maintenance and repair services each increased $0.1 billion.
• Travel (for all purposes including education) decreased $0.1 billion.

Imports of goods increased $4.4 billion to $186.4 billion in June.

 Imports of goods on a Census basis increased $4.2 billion.

• Industrial supplies and materials increased $2.3 billion.
  • Crude oil increased $1.4 billion.
• Consumer goods increased $1.9 billion.
  • Pharmaceutical preparations increased $1.4 billion.
  • Cell phones and other household goods increased $1.1 billion.
• Capital goods increased $1.0 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services decreased $0.2 billion to $41.2 billion in June.

• Travel (for all purposes including education) decreased $0.1 billion.
• Transport, which includes freight and port services and passenger fares, decreased $0.1 billion.

The June figures show surpluses, in billions of dollars, with Hong Kong ($2.6), South and Central America ($2.3), Singapore ($0.4), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($28.0), European Union ($12.7), Japan ($6.0), Germany ($5.6), Mexico ($4.7), South Korea ($2.5), Italy ($2.3), India ($2.0), France ($1.6), OPEC ($1.2), Taiwan ($1.1), Canada ($0.6), Saudi Arabia ($0.5), and United Kingdom ($0.2).

• The deficit with Japan increased $1.0 billion to $6.0 billion in June. Exports decreased $0.4 billion to $5.0 billion and imports increased $0.6 billion to $11.0 billion.

• The deficit with the European Union increased $0.8 billion to $12.7 billion in June. Exports increased $0.9 billion to $22.9 billion and imports increased $1.7 billion to $35.6 billion.
• The deficit with Mexico decreased $0.8 billion to $4.7 billion in June. Exports increased $0.3 billion to $19.0 billion and imports decreased $0.5 billion to $23.7 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.