Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department ofCommerce, announced today that total June exports of $120.7 billion and imports of $185.5 billion resulted in a goods and services deficit of $64.8 billion, $0.2 billion less than the $65.0 billion in May, revised.June imports were $2.2 billion more than May imports of $183.4 billion.

In June, the goods deficit decreased $0.7 billion from May to $70.4 billion, and the services surplus decreased $0.5 billion to $5.6 billion. Exports of goods increased $2.5 billion to $86.6 billion, and imports of goods increased $1.9 billion to $156.9 billion. Exports of services decreased $0.2 billion to $34.2 billion, and imports of services increased $0.3 billion to $28.6 billion.In June, the goods and services deficit was up $6.4 billion from June 2005. Exports were up $14.8 billion, or 14.0 percent, and imports were up $21.2 billion, or 12.9 percent.

Goods

The May to June change in exports of goods reflected increases in capital goods ($0.9 billion); industrial supplies and materials ($0.7 billion); automotive vehicles, parts, andengines ($0.4 billion); foods, feeds, and beverages ($0.2 billion); consumer goods ($0.2 billion); and other goods ($0.1 billion).

The May to June change in imports of goods reflected increases in consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($1.2 billion); and other goods ($0.2 billion). Decreases occurred in industrial supplies and materials ($0.6 billion) and capital goods ($0.1 billion). Foods, feeds, and beverages were virtually unchanged.

The June 2005 to June 2006 change in exports of goods reflected increases in capital goods ($4.7 billion); industrial supplies and materials ($4.1 billion); consumer goods ($1.2 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.7 billion) and other goods ($0.3 billion). The June 2005 to June 2006 change in imports of goods reflected increases in industrial supplies and materials ($10.5 billion); consumer goods ($2.6 billion); automotive vehicles, parts, and engines ($2.4 billion); capital goods ($2.4 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.3 billion).

Services

Services exports decreased $0.2 billion from May to June. The decrease was mostly accounted for by decreases in travel and other private services (which includes items such asbusiness, professional, and technical services, insurance services, and financial services). Changes in other categories of services exports were small. Services imports increased $0.3 billion from May to June. The increase was mostly accounted for by increases in royalties and license fees and passenger fares. Changes in other categories of services imports were small. From June 2005 to June 2006, services exports increased $2.6 billion.

The largest increases were in other private services ($1.3 billion), other transportation, which includes freight and port services ($0.7 billion), and royalties and license fees ($0.5 billion). From June 2005 to June 2006, services imports increased $2.5 billion. The largest increases were in other private services ($1.3 billion), other transportation ($0.3 billion), and royalties and license fees ($0.3 billion).Goods and Services Moving Average For the three months ending in June, exports of goods and services averaged $118.4 billion, while imports of goods and services averaged $182.7 billion, resulting in an average trade deficit of $64.4 billion. For the three months ending in May, the average trade deficit was $63.4 billion, reflecting average exports of $116.8 billion and average imports of $180.1 billion.

Selected Not Seasonally Adjusted Goods Details

The June figures showed surpluses, in billions of dollars, with Hong Kong $0.9 ($0.8 for May), Australia $0.6 ($0.8), Singapore $0.3 ($0.6), Egypt $0.1 ($0.2), and Argentina$0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $19.7 ($17.7), Europe $10.7 ($13.5), OPEC $10.2 ($10.2), the European Union $9.0 ($10.8), Japan $7.0($7.1), Mexico $6.1 ($5.5), Canada $5.7 ($5.9), Korea $1.1 ($1.7), Brazil $0.9 ($0.4), and Taiwan $0.6 ($1.4). Advanced technology products (ATP) exports were $22.2 billion in June and imports were $24.7 billion, resulting in a deficit of $2.5 billion. June exports were $2.3billion more than the $19.9 billion in May, while imports were $1.9 billion more than the $22.9 billion in May.

Revisions

Goods carry-over in June was $0.1 billion (0.1 percent) for exports and $1.8 billion (1.1 percent) for imports. For May, revised export carry-over was $0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent). For May, revised import carry-over was $0.2 billion (0.2 percent), revised down from $1.0 billion (0.6 percent). Services exports for May were revised down $0.1 billion to $34.3 billion; the revision was accounted for by downward revisions to travel and passenger fares, which were partly offset by an upward revision to other private services. Services imports for May were revised up $0.1 billion to $28.3 billion; the revision was mostly accounted for by an upward revision to other private services.

Available at:

http://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf