U.S. Foreign Trade Deficit Widens in August

The U.S International trade deficit increased in August to $48.3 billion, up $6.5 billion from June. The higher deficit reflected a decrease in exports and an increase in imports. August exports were $185.1 billion, down $3.7 billion. Imports were $233.4 billion, $2.8 billion more than in July.

The goods deficit increased $6.6 billion to $67.9 billion, while the surplus in services increased $0.1 billion to $19.6 billion.

Exports of goods decreased $4.1 billion to $124.5 billion, driven by a $2.2 billion decrease in industrial supplies and materials. Exports of services increased $0.4 billion to $60.6 billion, driven by a $0.1 billion increased in financial services.

Imports of goods increased $2.5 billion to $192.4 billion, largely due to a $2.1 billion increase in cell phones and other household goods. Imports of services increased $0.3 billion to $41.1 billion, mostly due to travel and freight services.

The petroleum deficit decreased $1.2 billion from the previous month and $7.2 billion from the previous year to $6.9 billion.

Read the Census/BEA release.


About Author

Danielle Hall

Danielle Hall is an economic research manager at ABA.