The U.S. goods and services deficit decreased to $73.1 billion in June 2024, down from $75.0 billion in May. This decrease was driven by a $2.5 billion reduction in the goods deficit, which fell to $97.4 billion. The services surplus also decreased by $0.6 billion to $24.2 billion.

In June, U.S. exports of goods and services increased by 1.5% to $265.9 billion. This was the result of a $4.4 billion increase in goods exports, which rose to $174.2 billion. However, services exports saw a slight decline, decreasing by $0.4 billion to $91.7 billion.

On the import side, the U.S. saw a 0.6% increase in goods and services imports, which totaled $339.0 billion. This was driven by a $1.9 billion increase in goods imports, which rose to $271.6 billion. Services imports also saw a small increase, rising by $0.2 billion to $67.5 billion.

Year-to-date, the U.S. goods and services deficit has increased by $22.7 billion, or 5.6%, compared to the same period in 2023. Exports have risen by $58.0 billion, or 3.8%, while imports have increased by $80.7 billion, or 4.2%.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis will release the next report on U.S. international trade in goods and services on September 4, 2024.

Source: Edisource International Newsdesk with AI Smart Assisy