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Wednesday, September 6, 2023 Services: 301-278-9003 Goods: 301-763-2311 July 2023 Trade Gap is $65.0 Billion U.S. International Trade in Goods and Services The U.S. goods and services trade deficit increased from $63.7 billion in June (revised) to $65.0 billion in July, as imports increased more than exports. The goods deficit increased $2.0 billion to $90.0 billion, and the services surplus increased $0.7 billion to $25.0 billion. Monthly Goods and Services Trade Deficit January 2014–July 2023 Billions of dollars 120 110 100 90 80 70 60 50 40 30 20 10 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 U.S. Bureau of Economic Analysis U.S. Census Bureau Seasonally adjusted current dollars Exports of goods and services increased $3.9 billion, or 1.6 percent, in July to $251.7 billion. Exports of goods increased $3.2 billion, and exports of services increased $0.7 billion. • The increase in exports of goods reflected increases in automotive vehicles, parts, and engines ($1.7 billion) and in industrial supplies and materials ($1.4 billion). • The increase in exports of services reflected increases in travel ($0.5 billion) and in transport ($0.2 billion). Imports of goods and services increased $5.2 billion, or 1.7 percent, in July to $316.7 billion. Imports of goods increased $5.2 billion, and imports of services decreased less than $0.1 billion. • The increase in imports of goods reflected increases in consumer goods ($2.6 billion) and in capital goods ($2.2 billion). A decrease in industrial supplies and materials ($1.4 billion) partly offset the increases. • The decrease in imports of services reflected a decrease in transport ($0.4 billion). An increase in travel ($0.3 billion) mostly offset the decrease. Real, or inflation-adjusted, statistics are also available for trade in goods. The real goods deficit increased 3.0 percent in July, compared to a 2.7 percent increase in the nominal deficit. Real exports of goods increased 1.1 percent, compared to a 1.7 percent increase in nominal exports. Real imports of goods increased 1.8 percent, compared to a 2.1 percent increase in nominal imports. For more detailed information on trade by type of good or service and with major trading partners, see “U.S. International Trade in Goods and Services, July 2023.” U.S. Bureau of Economic Analysis statistics—including gross domestic product, personal income, the balance of payments, foreign direct investment, the Input-Output Accounts, and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available. Note. The next release of U.S. international trade in goods and services will be on October 5, 2023. U.S. Bureau of Economic Analysis and U.S. Census Bureau
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