U.S. Trade Deficit Rose In August
October 11, 2012 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Exports of U.S. goods and services fell further than imports in August, increasing the monthly deficit to $44.2 billion, the Commerce Department said.
The monthly report by the Commerce Department’s Census Bureau and Bureau of Economic Analysis said exports fell by $1.9 billion July to August, matching the drop from the month prior.
Imports fell by $200 million, which pushed the trade gap higher than the revised July deficit of $42.5 billion.
Although jumping month-to-month, from a year earlier, the deficit has remained steady. In August 2011, the deficit came to $44.8 billion. It dropped over the 12 month span as exports rose by $2.9 billion or 1.6 percent while imports rose by $2.3 billion or 1 percent from August 2011.
From July to August this year, the deficit in goods trades rose by $1.5 billion to $59.3 billion, while the surplus in services trades fell by $300 million to $15.1 billion.
Breaking that down, exports of goods fell by $2.1 billion to $128.5 billion while imports of goods fell by $700 million to $187.8 billion.
Exports of services rose by $200 million to $52.8 billion while imports of services rose by $500 million to $37.7 billion.
Exports of industrial supplies and materials dropped $1.2 billion while exports of foods, feeds and beverages fell by $1.1 billion. Exports of automobiles and consumer goods also fell, albeit slightly.
Exports rose by $400 million in capital goods and by $200 million in miscellaneous goods.
Imports of consumer goods dropped by $1.2 billion while imports of industrial supplies and materials rose by $1.5 billion.
Among various trading partners, the trade gap with China dropped slightly from $29.4 billion to $28.7 billion. The gap shrank marginally with the Organization of Petroleum Exporting Countries, dropping from $8.4 billion to $8.1 billion. With the European Union the trading deficit slipped from $12 billion to $11.7 billion.
Surpluses rose in trading with Hong Kong and Singapore and were unchanged with Egypt and down slightly with Australia.