Goods & Services Deficit Narrowed By $3.1 Billion

Washington, DC, October 5, 2022--The goods and services deficit was $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports.

The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $87.6 billion and a decrease in the services surplus of $0.4 billion to $20.2 billion.

Year-to-date, the goods and services deficit increased $132.3 billion, or 24.4%, from the same period in 2021. Exports increased $329.8 billion or 19.9%. Imports increased $462.1 billion or 21.0%.