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Trade Deficit Up as Import Rise Outpaces Export Gain

Wednesday, October 09, 2019
Sandler, Travis & Rosenberg Trade Report

The U.S. trade deficit in goods and services rose 1.7 percent in August, according to trade statistics released Oct. 4 by the Department of Commerce. The monthly deficit of $54.9 billion reflected a 0.2 percent increase in exports to $207.9 billion and a 0.5 percent increase in imports to $262.8 billion. The deficit is up 7.1 percent for the year to date compared to the same period in 2018, with imports up 1.2 percent and exports down 0.2 percent, as the Trump administration’s trade restrictions continue to impact global trade patterns.

The deficit in goods trade was 1.1 percent larger in August, reaching $74.4 billion. Imports of goods were up 0.6 percent to $213.0 billion, including increases of $1.1 billion in cell phones and other household goods, $800 million in semiconductors, and $700 million in other petroleum products. Exports of goods rose 0.3 percent to $138.6 billion, including increases of $800 million in fuel oil and $400 million in non-monetary gold along with a $1.3 billion decrease in civilian aircraft.

The services surplus slipped 0.5 percent to $19.5 billion. Imports were up 0.2 percent to $49.8 billion while exports were up 0.1 percent to $69.3 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$28.9 billion

-2.4

   

European Union

$15.6 billion

-1.9

   

Mexico

$8.4 billion

-5.6

   

Germany

$6.9 billion

+11.3

   

Japan

$6.1 billion

+3.4

   

Italy

$2.6 billion

-16.1

India

$2.4 billion

+14.3

   

Taiwan

$2.3 billion

+15.0

   

South Korea

$2.1 billion

+40.0

   

Canada

$1.6 billion

-48.4

   

France

$1.5 billion

-21.1

   

South/Central America

   

$5.0 billion

+35.1

Hong Kong

   

$2.2 billion

-8.3

Brazil

   

$1.4 billion

+100.0

United Kingdom

   

$0.6 billion

+100

Singapore

   

$0.7 billion

+600

Saudi Arabia

$0.3 billion

Shift from deficit of <$0.1 billion

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