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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

August 05, 2020
US TRADE BALANCE, JUNE 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) announced today that US goods and services deficit was $50.7 billion in June 2020, down $4.1 billion from the revised May 2020 estimate of $54.8 billion. The trade deficit also narrowed by 2.0 per cent ($1.1 billion) over June 2019.

Goods trade deficit narrowed by $4.0 billion month-over-month to $72.2 billion in June 2020. This was also 4.2 per cent ($3.1 billions) below the June 2019 level. Services trade surplus widened by $0.1 billion to $21.5 billion over May-20 and narrowed by 8.9 per cent ($2.1 billion) over Jun-19.

Both exports and imports increased in June following monthly declines since March 2020 when many businesses were operating at limited capacity or ceased operations completely due to the impact of COVID-19 and the movement of travelers across borders were restricted.

The BEA noted that 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.

In June 2020, total exports increased 9.4 per cent ($13.6 billion) over May-20 and decreased 24.4 per cent ($51.0 billion) over Jun-19 to $158.3 billion. Exports of goods increased $13.0 billion to $102.9 billion in June. This was 24.1 per cent ($51.0 billion) below the June 2019 level. Exports services trade increased 1.0 per cent ($0.6 billion) over May-20 and decreased 24.9 per cent ($18.3 billion) over Jun-19 to $55.4 billion. 

In June 2020, total imports trade increased 4.7 per cent ($9.5 billion) over May-20 and decreased 19.9 per cent ($52.1 billion) over Jun-19 to $208.9 billion. Imports goods trade increased 5.4 per cent ($9.0 billion) over May-20 tp $175 billion. Compared to a year ago, goods imports decreased 17.0 per cent ($35.8 billion). Imports Services trade increased 1.4 per cent ($0.5 billion) over May-20 to $33.9 billion. This was 32.4 per cent ($16.2 billion) below the June 2019 level. 

 

Source: US Census Bureau, US Bureau of Economic Analysis

 



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