Thursday, October 24, 2013

U.S. Trade Gap Widened Slightly in August

The U.S. foreign trade deficit grew by 1% in August to $38.8 billion. August’s report also revised down July’s deficit to $38.6 billion. The increase in the deficit is due solely to small decline in exports.

Exports shrank 0.1% to $189.2 billion while imports remained constant at $228.0 billion. The nonpetroleum and service industries contributed to the slight rise in the trade deficit, while the petroleum deficit eased.

Notably, trade along the Pacific Rim was active in August, in comparison with July. Exports in August rose to $32.2 billion, while imports declined $67.4 billion.

The real goods deficit, which is important to calculate GDP, remained constant at $47.3 billion from the previous month.

Read the Census report.

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