U.S. Trade Gap Decreases in August
According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, “total August exports of $198.5 billion and imports of $238.6 billion resulted in a trade deficit of $40.1 billion, down from $40.3 billion in July.” August exports outpaced July exports by $0.4 billion, reaching $198 billion. August imports also increased from July by $0.2 billion. Interestingly, the August goods deficit increased but was offset by a trade in services surplus. Compared to August 2013, the goods and services deficit increased $0.6 billion with exports increasing 4.1 percent to $7.9 billion and imports also increasing 3.7 percent to $8.4 billion.
Exports of capital goods, consumer goods, industrial supplies and materials, and other goods increased from July, while exports of automotive vehicles, parts, and engines and foods, feeds, and beverages decreased from the previous month. Imports of capital goods and consumer goods increased, while imports of automotive vehicles, parts, and engines, other goods, foods, feeds, and beverages, and industrial supplies and materials decreased compared to July of this year.
Compared to August 2013, exports of capital goods, consumer goods, industrial supplies and materials, other goods, and automotive vehicles, parts, and engines increased while foods, feeds, and beverages remained the same. For the same time period, imports of capital goods, consumer goods, automotive vehicles, parts, and engines, foods, feeds, and beverages, and other goods increased, while imports of industrial supplies and materials decreased.
“For the three months ending in August, exports of goods and services averaged $197.6 billion, while imports of goods and services averaged $238 billion, resulting in an average trade deficit of $40.4 billion.” “Advanced technology products exports were $28.9 billion in August and imports were $33.4 billion, resulting in a deficit of $4.5 billion.”
The U.S. achieved a trade surplus with Hong Kong, Australia, Singapore, and Brazil. Conversely, trade deficits occurred with China, European Union, Germany, Japan, OPEC, Canada, Ireland, India, South Korea, Saudi Arabia, and Venezuela.
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