The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.7 billion in June, down $4.1 billion from $54.8 billion in May, revised.
Coronavirus (COVID-19) Impact on May 2020 International Trade in Goods and Services
Exports and imports increased in June following monthly declines since March that were, in part, due to the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted. The full economic effects of the COVID-19 pandemic cannot be quantified in the trade statistics for June because the impacts are generally embedded in source data and cannot be separately identified. The Census Bureau and the Bureau of Economic Analysis have monitored data quality and determined estimates in this release meet publication standards. For more information on the impact of COVID-19 on the statistics, see the frequently asked questions on goods from the Census Bureau and on services from BEA.
Exports, Imports, and Balance (exhibit 1)
June exports were $158.3 billion, $13.6 billion more than May exports. June imports were $208.9 billion, $9.5 billion more than May imports.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.0 billion to $72.2 billion and an increase in the services surplus of $0.1 billion to $21.5 billion.
Year-to-date, the goods and services deficit decreased $23.1 billion, or 7.8 percent, from the same period in 2019. Exports decreased $199.1 billion or 15.7 percent. Imports decreased $222.3 billion or 14.2 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $2.8 billion to $51.8 billion for the three months ending in June.
Average exports decreased $10.6 billion to $151.4 billion in June.
Average imports decreased $7.9 billion to $203.1 billion in June.
Year-over-year, the average goods and services deficit increased $1.0 billion from the three months ending in June 2019.
Average exports decreased $59.1 billion from June 2019.
Average imports decreased $58.1 billion from June 2019. Read More →
https://www.bea.gov/news/2020/us-international-trade-goods-and-services-june-2020
