Trade Deficit Expanded by $3.7B in August
Washington, DC, October 6, 2020--The goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.
August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.
Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7%, from the same period in 2019. Exports decreased $296.1 billion or 17.6%. Imports decreased $273.5 billion or 13.1%.
The trade gap in goods with China, meanwhile, fell to $26.4 billion in August from $28.3 billion in the prior month. The deficit with China is running about 18% lower in 2020 compared to 2019, owing to Coronavirus disruptions and U.S. tariffs.
Related Topics:U.S. Census Bureau