In June, the US goods and services deficit narrowed to $60.2 billion from a revised $71.7 billion in May, mainly due to a larger drop in imports ($12.8 billion) compared to a slight decline in exports ($1.3 billion). While the goods deficit decreased by $11.4 billion, the services surplus grew slightly, according to the US Bureau of Economic Analysis. Despite this monthly improvement, the year-to-date deficit rose 38.3% as imports grew faster than exports. Notable export declines included industrial supplies and finished metal shapes, while capital goods and pharmaceuticals increased. They write:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $60.2 billion in June, down $11.5 billion from $71.7 billion in May, revised.
| Deficit: | $60.2 Billion | –16.0%° |
| Exports: | $277.3 Billion | –0.5%° |
| Imports: | $337.5 Billion | –3.7%° |
| Next release: Thursday, September 4, 2025
(°) 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, August 5, 2025 |
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Exports, Imports, and Balance (exhibit 1)
June exports were $277.3 billion, $1.3 billion less than May exports. June imports were $337.5 billion, $12.8 billion less than May imports.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $11.4 billion to $85.9 billion and an increase in the services surplus of $0.1 billion to $25.7 billion.
Year-to-date, the goods and services deficit increased $161.5 billion, or 38.3 percent, from the same period in 2024. Exports increased $82.2 billion or 5.2 percent. Imports increased $243.7 billion or 12.1 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $26.0 billion to $64.0 billion for the three months ending in June.
- Average exports decreased $1.3 billion to $282.2 billion in June.
- Average imports decreased $27.3 billion to $346.2 billion in June.
Year-over-year, the average goods and services deficit decreased $9.8 billion from the three months ending in June 2024.
- Average exports increased $15.6 billion from June 2024.
- Average imports increased $5.8 billion from June 2024.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $1.2 billion to $179.1 billion in June.
Exports of goods on a Census basis decreased $1.3 billion.
- Industrial supplies and materials decreased $4.8 billion.
- Finished metal shapes decreased $4.6 billion.
- Nonmonetary gold decreased $2.0 billion.
- Capital goods increased $2.0 billion.
- Excavating machinery increased $1.6 billion.
- Civilian aircraft increased $0.8 billion.
- Computer accessories decreased $1.2 billion.
- Consumer goods increased $1.0 billion.
- Pharmaceutical preparations increased $1.6 billion.
Net balance of payments adjustments increased $0.1 billion.
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