The US international trade deficit in goods and services increased to US$73.3 billion in August from $70.3bn in July (revised), as imports increased more than exports, according to the United States International Trade Data report.

The statistics from the Department of Commerce US international trade deficit in goods and services report revealed US imports rose 1.4% to a record US$287bn while exports had increased by 0.5% to $213.7bn.

The year-to-date deficit was up 33.7% from August 2020 and exports increased 17.5 percent to $244.3bn and imports jumped 21.2 percent to $385.1bn.

The deficit in goods trade grew 1.8% in August to $89.4bn. While, imports of goods rose 1.1 percent to $239.1 billion.

The August services surplus of $16.2bn was the lowest since December 2011 ($15.6bn) and August exports of goods and services ($213.7bn) were the highest since May 2019 ($214.0bn).

August exports of goods ($149.7bn) were the highest on record and August imports of goods and services ($287.0bn) were also the highest on record.

On a census basis (not seasonally adjusted), the August deficit with Taiwan ($3.7bn) and Vietnam ($8.4bn) were the highest on record.

In terms of exports, Brazil ($4.9bn) and India ($3.5bn) were the highest on record.

While for imports, Germany ($12.2bn), India ($6.6bn), South Korea ($8.5bn), Taiwan ($6.8bn) and Vietnam ($9.4bn) were the highest on record.

Exports of goods were up 0.7 percent to a record $149.7 billion, including increases of $1.6 billion in non-monetary gold and $700 million for natural gas along with decreases of $700 million for civilian aircraft and $600 million for corn.

The services surplus fell another 8.0 percent to $16.2 billion, the lowest level in nearly a decade, with imports up 2.8 percent to $47.9 billion and exports down 0.2 percent to $64.0 billion.

The US trade deficit in goods and services fell by 4.3% in July, reflecting decreases in the goods deficit and the services surplus of US$5.5bn and $2.4bn respectively.

By Just Style