US TRADE DEFICIT DECREASES IN AUGUST
WASHINGTON, DC - The US trade deficit decreased in August for the fifth straight month, as the value of imports fell more than that of exports, according to the US Department of Commerce (DOC).
The DOC calculated the August deficit at a seasonally adjusted $39.2 billion, comprising a goods deficit of $44.5 billion and a services surplus of $5.3 billion. The August total was down from a revised $40 billion US trade deficit for July.
The August report showed imports declined to $122.9 billion, down from $126 billion in July. The figure reflected a sharp decline in imports of automobiles and auto parts, which fell by $2.3 billion to $15.6 billion in August. US purchases of foreign-made capital goods decreased by more than $500 million.
The value of US oil imports fell to $8.79 billion, down from $9.07 billion in July. The price of crude oil rose 85 cents, from $26.70 a barrel in July to $27.55 in August, but the quantity of foreign oil purchased by the US was 319.3 million barrels, down from 339.7 million in July.
Overall exports dropped by $2.3 billion in August to $83.7 billion, reflecting decreases in capital goods exports, industrial supplies and automobiles, the DOC said.
The US deficit with China widened to $11.7 billion from $11.3 billion in July as imports from that nation rose to $13.7 billion. The deficit with the European Union narrowed sharply to $6.9 billion from $11.2 billion in July.
Other large US trade deficits in August included those with Canada, $4.7 billion; Mexico, $3.4 billion; Japan, $4.8 billion; and Taiwan, $1.2 billion.
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