US Trade Deficit 9-10-24

The US Trade Deficit is growing. We import more that we Export, because we don’t produce everything we consume. 

U.S. International Trade in Goods and Services, July 2024: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $78.8 billion in July, up $5.8 billion from $73.0 billion in June, revised.

U.S. International Trade in Goods and Services Deficit: Deficit:$78.8 Billion +7.9%°Exports:$266.6 Billion +0.5%°Imports:$345.4 Billion +2.1%°

Next release: Tuesday, October 8, 2024 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 4, 2024

July exports were $266.6 billion, $1.3 billion more than June exports. July imports were $345.4 billion, $7.1 billion more than June imports. The July increase in the goods and services deficit reflected an increase in the goods deficit of $5.6 billion to $103.1 billion and a decrease in the services surplus of $0.2 billion to $24.3 billion

Year-to-date, the goods and services deficit increased $36.2 billion, or 7.7 percent, from the same period in 2023. Exports increased $65.9 billion or 3.7 percent. Imports increased $102.1 billion or 4.5 percent.

Exports decreased:

Automotive vehicles, parts, and engines decreased $1.7 billion.

Passenger cars decreased $1.3 billion.

Consumer goods decreased $0.8 billion.

Gem diamonds decreased $0.7 billion.

 

Imports increased:

Capital goods increased $1.8 billion

Semiconductors increased $1.7 billion.

 

Imports to the US include

China $60.5B

Mexico $42.9B

EU $38.1B

Vietnam $30.8B

Germany $23.8B

Taiwan $17.9B

Japan $16.1B

S Korea $15.9B

These imports reflect lower US Auto Manufacturer sales. We buy cars made in Germany, Japan and S Korea. The EV mandate is killing the US auto industry.

US Imports also show that we are buying our manufactured goods from China, Mexico, EU, Vietnam and others.

https://www.bea.gov/news/2024/us-international-trade-goods-and-services-july-2024#:~:text=The%20U.S.%20Census%20Bureau%20and,%2473.0%20billion%20in%20June%2C%20revised.

Norb Leahy, Dunwoody GA Tea Party Leader