FOR IMMEDIATE RELEASE 8:30 A.M. EDT WEDNESDAY, SEPTEMBER 4, 2013 CB 13-148 BEA 13-40 FT-900 (13-07) U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES July 2013 Goods and Services The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $189.4 billion and imports of $228.6 billion resulted in a goods and services deficit of $39.1 billion, up from $34.5 billion in June, revised. July exports were $1.1 billion less than June exports of $190.5 billion. July imports were $3.5 billion more than June imports of $225.1 billion. In July, the goods deficit increased $4.5 billion from June to $58.6 billion, and the services surplus decreased $0.1 billion from June to $19.4 billion. Exports of goods decreased $1.1 billion to $132.7 billion, and imports of goods increased $3.4 billion to $191.3 billion. Exports of services were virtually unchanged at $56.7 billion, and imports of services increased $0.1 billion to $37.3 billion. The goods and services deficit decreased $4.3 billion from July 2012 to July 2013. Exports were up $6.1 billion, or 3.3 percent, and imports were up $1.8 billion, or 0.8 percent. Goods (Census Basis) The June to July decrease in exports of goods reflected decreases in capital goods ($1.6 billion); consumer goods ($1.4 billion); other goods ($0.3 billion); and automotive vehicles, parts, and engines ($0.2 billion). Increases occurred in industrial supplies and materials ($1.7 billion) and foods, feeds, and beverages ($0.4 billion). The June to July increase in imports of goods reflected increases in industrial supplies and materials ($2.0 billion); automotive vehicles, parts, and engines ($0.8 billion); consumer goods ($0.7 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in capital goods ($0.3 billion). The July 2012 to July 2013 increase in exports of goods reflected increases in industrial supplies and materials ($3.7 billion); capital goods ($0.6 billion); other goods ($0.6 billion); and consumer goods ($0.1 billion). A decrease occurred in foods, feeds, and beverages ($2.1 billion). Automotive vehicles, parts, and engines were virtually unchanged. The July 2012 to July 2013 increase in imports of goods reflected increases in consumer goods ($1.5 billion); foods, feeds, and beverages ($0.5 billion); automotive vehicles, parts, and engines ($0.5 billion); and other goods ($0.4 billion). Decreases occurred in industrial supplies and materials ($1.2 billion) and capital goods ($0.1 billion). Services Exports of services were virtually unchanged from June to July. An increase in other private services ($0.2 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, was offset by decreases in passenger fares ($0.1 billion) and in other transportation ($0.1 billion), which includes freight and port services. Changes in the other categories of services exports were relatively small. Imports of services increased $0.1 billion from June to July, mostly reflecting an increase in other transportation ($0.1 billion). Changes in the other categories of services imports were relatively small. The July 2012 to July 2013 increase in exports of services was $3.6 billion or 6.8 percent. The largest increases were in other private services ($1.6 billion), in travel ($1.1 billion), and in royalties and license fees ($0.6 billion). Within other private services, the largest increase was in business, professional, and technical services. The July 2012 to July 2013 increase in imports of services was $0.2 billion or 0.6 percent. The largest increases were in travel ($0.2 billion) and in other transportation ($0.2 billion). Goods and Services Moving Average For the three months ending in July, exports of goods and services averaged $188.8 billion, while imports of goods and services averaged $228.0 billion, resulting in an average trade deficit of $39.1 billion. For the three months ending in June, the average trade deficit was $39.3 billion, reflecting average exports of $188.0 billion and average imports of $227.2 billion. Selected Not Seasonally Adjusted Goods Details The July figures show surpluses, in billions of dollars, with Hong Kong $2.9 ($3.4 for June), Brazil $1.7 ($1.6), Australia $1.5 ($1.7), and Singapore $0.6 ($1.2). Deficits were recorded, in billions of dollars, with China $30.1 ($26.6), European Union $13.9 ($7.1), OPEC $7.4 ($5.8), Japan $6.8 ($5.5), Germany $6.4 ($4.9), Mexico $4.1 ($4.8), Saudi Arabia $3.3 ($3.0), Canada $2.8 ($1.8), Venezuela $2.3 ($1.2), Ireland $2.3 ($1.4), Korea $2.2 ($1.6), and India $2.1 ($1.0). Advanced technology products exports were $26.3 billion in July and imports were $34.6 billion, resulting in a deficit of $8.3 billion. July exports were $3.1 billion less than the $29.4 billion in June, while July imports were $1.9 billion more than the $32.7 billion in June. Revisions Census Basis (not seasonally adjusted) For June, exports of goods were revised down $0.1 billion and imports of goods were revised up $0.5 billion. Goods carry-over in July was $0.1 billion (0.1 percent) for exports and $1.8 billion (0.9 percent) for imports. For June, revised export carry-over was virtually zero and revised import carry-over was $0.2 billion (0.1 percent). Balance of Payments Basis (seasonally adjusted) For January 2013 through June 2013, exports and imports of goods and services were revised to incorporate more comprehensive and updated quarterly and monthly data. For June, exports of goods were revised down $0.5 billion and imports of goods were revised up $0.4 billion. Exports of services were revised down $0.2 billion mostly reflecting a downward revision in other private services that was partly offset by upward revisions in travel, in royalties and license fees, and in transfers under U.S. military sales contracts. Imports of services were revised down $0.8 billion, mostly reflecting a downward revision in other private services. NOTICE Entry of Croatia into the European Union Effective with this release, the European Union has been expanded to reflect the entry of Croatia on July 1, 2013. This change affects Exhibit 14 of this news release and Exhibit 6 of the Supplement. If you have questions or need additional information, please contact the Data Dissemination Branch of the Census Bureau’s Foreign Trade Division on (800) 549-0595, option 4, or at (ftd.data.dissemination@census.gov).