Growing exports narrowed U.S. Trade deficit

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES

The U.S. trade gap narrowed in June as exports grew faster than imports.
In June the U.S. Commerce Department announced that, nations trade gap dropped by -7.2 %. The shrinking trade deficit will make a positive contribution to the GDP growth, as the growth of U.S. economy is supported by rising exports, as falling oil prices were the main reason behind the lower imports, leaving more disposable income to spend on other goods and services, economists think.

International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons

Declining oil price in June helped to moderate petroleum trade gap.

Imports from China, meanwhile, climbed to $31.1 billion in June from $19.8 billion in May. The trade deficit with the rising Asian giant increased $10.63 billion to $-22.5 billion in June. Country data are not seasonally adjusted.

Lawmakers and some business executives say China keeps its currency artifically low to boosts its exports.
• Imports of Crude Oil

Industrial Supplies		Consumer Goods		Military sales		Private Services
-18.97%	9.58%	10.36%	12.10%	1.09%	0.39%	0.44%	-0.61%
*Imports*	Exports	Imports	Exports	Imports	Exports	Imports	Exports

Imports jumped in June by 4.94 % to $208.9 billion, led by growing imports of Cars, parts, engines as the availability of new models improved and imports for U.S. Government Services. But imports of Industrial supplies, materials fell the most, down -18.97 % and Travel services fell also -0.65 %.

U.S. consumer appetite for imported goods shows no signs of abating.

The value of U.S. crude oil imports fell to $6.2 billion in June from $6.2 billion in May as the price of a barrel of oil fell to $57.2 from $61.9 in the previous month. U.S. Imports of services grew by 2.54 %, whats more important purcheses of foreign made products, which accounted for 83.8 %, of total imports, rose by 5.42 %. • U.S. Exports by Major Category

Pacific Rim Region has seen increasing demand from the U.S., where imports from Hong Kong grew the most, but imports from Philippines fell. Imports from Mexico and Canada where lower in June. Imports from europe fell, where purchases of oil and other energy-related products from Norway fell the most, but imports from Russia grew by 38.91 %. Declining oil price was major drag on imports from OPEC (Organization of the Petroleum Exporting Countries). U.S. trade gap dropped by -8.1 % from June 2019, . In June Exports soared by 9.51 % , reported by the Commerce Department, led by growing exports of Cars, parts, engines and Passenger Fares. Exports of Information and Communications grew as well, up 27.74 % to $6.71 billions. But exports of Foods, feeds, and beverages fell the most, down -4.96 % and Other Private Services mark the weakest spot with the decrease of -0.61 %. Exports of Nuclear Technology also fell -21.69 % to $0.07 billions. U.S. exports are rising because of faster growth in emerging markets and the favorable foreign-exchange markets, economists add. U.S. Exports of services increased by 1.54 %, services accounted for 1.54 % of total exports, sales of U.S. made products, grew by 14.34 %. Demand for U.S. made goods fell in Brazil, Colombia and overall South and Central America. Exports to europe improved, as sales of U.S. made products to Poland grew the most, up 35.23 %, but exports to Other E.U. Countries fell by -42.77 %. Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Hong Kong grew the most, but exports to Philippines fell. • U.S. Imports by Major Countries
Exports to Selected Geographical Region

Technology Group Exports	Technology Group Imports	Technology Group Trade Balance
Total Technology Group exports increased by $3,180 millions or 15.72 % to $23,414 millions from May 2020 , caused by increase in exports of Aerospace goods by 17.78 % to $5,644 millions from May 2020. Exports of Information and Communication goods rose by $3,180 millions or 27.74 % to $6,714 millions.	Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from May 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from May 2020. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions. • Imports by Technology Group	Total Technology Group trade deficit rose by $2,022 millions or 11.81 % to $19,137 millions from deficit of $17,115 millions May 2020. Information and Communications trade deficit rose by $1,821 millions or 12.44 % to $16,463 millions from deficit of $14,642 millions May 2020. • Trade Balance by Technology Group

Technology Group Exports

Total Technology Group exports increased by $3,180 millions or 15.72 % to $23,414 millions from May 2020 , caused by increase in exports of Aerospace goods by 17.78 % to $5,644 millions from May 2020. Exports of Information and Communication goods rose by $3,180 millions or 27.74 % to $6,714 millions.

Technology Group Imports

Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from May 2020 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from May 2020. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

• Imports by Technology Group

Technology Group Trade Balance

U.S. International Trade in Goods & Services

(In millions $)

U.S. International Trade in Goods & Services (In millions $)	June 2020	May 2020	April 2020	March 2020	Feb. 2020	Jan. 2020
Total Trade Balance	-50,695	-54,601	-49,408	-44,415	-39,932	-45,338
Trade Balance of Goods	-72,150	-76,055	-71,837	-65,599	-61,212	-67,005
Trade Balance of Services	21,455	21,455	22,429	21,184	21,280	21,668
Total Exports	158,253	144,514	151,281	187,745	207,543	208,569
Exports of Goods	102,869	89,969	95,515	128,110	137,203	136,374
Exports of Services	55,385	54,546	55,766	59,636	70,341	72,195
Total Imports	208,949	199,115	200,690	232,160	247,476	253,906
Imports of Goods	175,019	166,024	167,353	193,709	198,415	203,380
Imports of Services	33,930	33,091	33,337	38,451	49,061	50,527

U.S. Trade Balance by Selected Countries and Areas

( In millions $)

U.S. Trade Balance by Selected Countries and Areas ( In millions $)	April 2020	March 2020	Feb. 2020	Jan. 2020	Dec. 2019	Nov. 2019
Total Goods	-70,752	-61,192	-47,565	-68,395	-68,395	-62,925
North America	-3,486	-11,651	-10,860	-10,334	-10,334	-9,726
Canada	-185	-1,593	-1,200	-2,836	-2,836	-1,435
Mexico	-3,302	-10,059	-9,661	-7,498	-7,498	-8,292
Europe	-23,694	-22,968	-11,370	-15,422	-15,422	-16,924
European Union	-15,281	-17,666	-9,955	-12,206	-12,206	-13,112
Austria	-619	-795	-585	-602	-602	-785
Belgium	281	783	1,157	1,040	1,040	1,201
Czech Republic	-188	-251	-181	-171	-171	-213
Finland	-232	-324	-217	-277	-277	-316
France	-1,498	-828	-243	-580	-580	-1,277
Germany	-4,342	-6,019	-4,088	-5,064	-5,064	-5,276
Hungary	-146	-231	-251	-280	-280	-365
Ireland	-4,597	-5,907	-3,983	-5,163	-5,163	-4,297
Italy	-2,212	-2,654	-1,879	-2,520	-2,520	-2,512
Netherlands	845	1,700	2,478	1,964	1,964	1,749
Poland	-278	-384	-266	-223	-223	-210
Spain	-375	-261	106	285	285	-162
Sweden	-539	-585	-649	-664	-664	-557
United Kingdom	-1,382	-1,909	-1,355	1,273	1,273	1,304
Other E.U.	4	-149	55	-1,223	-1,223	-1,396
Norway	-707	-1,370	-1,397	-118	-118	-64
Russia	-7,123	-4,772	-2,651	-1,485	-1,485	-1,335
Switzerland	-572	477	1,985	-1,872	-1,872	-2,303
Other Europe	-15	512	594	259	259	-109
Euro Area	-13,324	-14,975	-7,866	-11,368	-11,368	-12,059
Pacific Rim Countries	-36,877	-22,620	-22,198	-35,969	-35,969	-34,454
Australia	-556	1,052	1,446	791	791	1,315
China	-22,466	-11,834	-15,998	-26,065	-26,065	-26,366
Japan	-4,196	-5,566	-4,571	-4,984	-4,984	-5,450
Malaysia	-1,727	-3,120	-2,142	-2,288	-2,288	-2,318
Philippines	-85	-479	-206	-266	-266	-311
Newly Industrialized Countries (NICS)	-9,154	-9,658	-8,509	-10,913	-10,913	-8,275
Hong Kong	-675	1,984	1,777	1,652	1,652	2,034
Korea	-2,476	-1,818	-1,119	-1,232	-1,232	-1,433
Singapore	-1,126	124	759	-84	-84	745
Taiwan	-2,252	-1,687	-1,248	-2,120	-2,120	-1,684
Other Pacific Rim	-186	-144	55	-87	-87	55
South/Central America	2,807	5,130	5,556	4,931	4,931	5,869
Argentina	100	267	201	132	132	159
Brazil	682	1,527	1,746	1,398	1,398	1,650
Chile	-21	328	453	234	234	923
Colombia	156	506	375	111	111	445
Other South/Central America	1,889	2,502	2,780	3,056	3,056	2,692
OPEC	1,202	1,749	1,048	560	560	1,016
Indonesia	-1,131	-1,130	-952	-1,286	-1,286	-1,043
Nigeria	149	168	105	10	10	-27
Saudi Arabia	267	442	211	-227	-227	139
Venezuela	57	84	96	38	38	84
Other OPEC	730	1,055	636	739	739	821
Africa	-187	394	-172	-212	-212	90
Algeria	14	45	-35	-26	-26	-1
Egypt	253	319	196	159	159	168
South Africa	-551	-260	-262	-407	-407	-320
Other Africa	96	289	-71	63	63	243
Other Countries	-9,154	-9,658	-8,509	-10,913	-10,913	-8,275
India	-2,065	-1,853	-1,253	-2,110	-2,110	-1,778
Thailand	-1,996	-2,265	-1,322	-1,843	-1,843	-1,777
Other	-5,093	-5,539	-5,934	-6,961	-6,961	-4,720

U.S. Imports by Major Category

( In millions $)

Imports by Major Category ( In millions $)	June 2020	May 2020	April 2020	March 2020	Feb. 2020	Jan. 2020
Total	208,949	199,115	200,690	232,160	247,476	253,906
Total Services	33,930	33,091	33,337	38,451	49,061	50,527
Travel	613	617	595	698	716	716
Passenger Fares	4,098	3,750	3,572	5,720	8,630	9,138
Other Transportation	803	796	884	4,382	11,967	12,928
Royalties and License Fees	114	113	111	4,169	4,167	4,162
Other Private Services	4,995	4,973	4,929	2,662	2,792	2,858
Transfers Under U.S. Military Sales Contracts	3,067	3,034	3,251	4,887	4,879	4,862
U.S. Government Misc. Services	3,149	2,813	2,891	3,790	3,783	3,767
Total Goods	175,019	166,024	167,353	193,709	198,415	203,380
Foods, feeds, and beverages	12,405	12,098	12,062	12,926	12,488	12,893
Industrial supplies and materials	35,405	43,694	41,423	41,152	40,770	42,355
Capital goods, except automotive	49,785	47,531	48,171	53,215	51,719	55,426
Automotive vehicles, parts, and engines	18,632	8,967	13,345	27,779	30,509	29,105
Consumer goods	50,460	45,723	43,792	47,351	51,330	52,453
Other goods	7,153	7,314	7,552	9,965	9,811	9,525

Exports by Technology Group

( In millions $)

Exports by Technology Group ( In millions $)	June 2020	May 2020	April 2020	March 2020	Feb. 2020	Jan. 2020
Total Technology Group	23,414	20,234	21,257	29,648	27,549	27,575
Advanced Materials	249	220	229	269	222	191
Aerospace	5,644	4,792	4,748	10,619	10,170	9,292
Biotechnology	1,776	1,836	1,814	2,116	1,802	1,676
Electronics	4,207	3,811	4,244	4,397	4,016	4,346
Flexible Manufacturing	1,702	1,381	1,455	1,715	1,483	1,598
Information and Communications	6,714	5,256	5,679	6,988	6,638	7,350
Life Science	2,442	2,233	2,367	2,859	2,624	2,434
Nuclear Technology	65	83	107	80	71	94
Opto-Electronics	369	334	281	428	412	346
Weapons	247	290	333	177	112	247

Annual Report on U.S. International Trade in Goods & Services

(In millions $)

U.S. International Trade in Goods & Services (In millions $)	2019	2018	2017	2016	2015	2014
Total Trade Balance	-52,113	-621,036	-566,031	-504,793	-531,503	-471,532
Trade Balance of Goods	-74,858	-891,251	-810,023	-752,507	-758,934	-703,159
Trade Balance of Services	22,745	270,215	243,993	247,714	227,431	231,627
Total Exports	202,575	2,499,970	2,329,311	2,208,072	2,230,317	2,272,320
Exports of Goods	133,614	1,671,839	1,551,434	1,455,704	1,513,888	1,590,350
Exports of Services	68,961	828,131	777,877	752,368	716,429	681,970
Total Imports	254,689	3,121,006	2,895,342	2,712,866	2,761,820	2,743,851
Imports of Goods	208,472	2,563,090	2,361,458	2,208,211	2,272,821	2,293,508
Imports of Services	46,216	557,916	533,884	504,654	488,999	450,343

• Source U.S. Department of Commerce, BEA.gov
Picture Autor: (Maurice Marcellin) licence Creative Commons.

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