The monthly U.S. trade deficit in goods and services jumped 13.7 percent from July to August as imports grew faster than exports. Individual deficits with Mexico, Vietnam, and Malaysia, as well as imports from each of those countries, all hit record highs for the second straight month. Imports from Italy were the highest on record as well.
Imports of $420.8 billion in August were up 4.3 percent from July. Imports of goods rose 5.3 percent to $342.2 billion, with increases of $3.3 billion for crude oil, $3.1 billion for non-monetary gold, and $2.4 billion for semiconductors. Services imports edged up to $78.5 billion.
Exports were up 1.4 percent to $315.2 billion in August. Exports of goods rose 2.2 percent to $205.7 billion, with increases of $2.3 billion for non-monetary gold, $2.0 billion for crude oil, and $1.2 billion for crude oil. Services exports were down slightly to $109.5 billion.
The monthly U.S. trade deficit increased from $92.8 billion in July to $105.6 billion in August, the highest total in nearly 18 months. The deficit in goods trade was up 10.3 percent to $136.6 billion while the services trade surplus edged up to $31.0 billion.
Year-to-date, the trade deficit in August was down 19.9 percent from a year earlier as imports rose 4.4 percent and exports increased by 11.8 percent.
For the month of August, trade deficits and surpluses with major trading partners were as follows.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
Mexico
|
$27.7 billion
|
+0.7
|
|
|
|
Vietnam
|
$24.0 billion
|
+3.0
|
|
|
|
Taiwan
|
$18.3 billion
|
+1.1
|
|
|
|
China
|
$16.4 billion
|
+7.9
|
|
|
|
European Union
|
$11.0 billion
|
+23.6
|
|
|
|
South Korea
|
$9.4 billion
|
-9.6
|
|
|
|
Canada
|
$7.1 billion
|
+121.9
|
|
|
|
Germany
|
$6.2 billion
|
+10.7
|
|
|
|
India
|
$6.2 billion
|
+24.0
|
|
|
|
Malaysia
|
$6.0 billion
|
+25.0
|
|
|
|
Italy
|
$4.3 billion
|
+72.0
|
|
|
|
Japan
|
$3.7 billion
|
-11.9
|
|
|
|
Ireland
|
$2.5 billion
|
-35.9
|
|
|
|
France
|
$1.4 billion
|
+7.7
|
|
|
|
Israel
|
$0.8 billion
|
+60.0
|
|
|
|
Switzerland
|
$0.4 billion
|
-33.3
|
|
|
|
Singapore
|
$0.3 billion
|
Shift from $1.9 billion surplus
|
|
|
|
Netherlands
|
|
|
$7.7 billion
|
-1.3
|
|
South/Central America
|
|
|
$5.6 billion
|
-15.2
|
|
United Kingdom
|
|
|
$3.6 billion
|
+44.0
|
|
Hong Kong
|
|
|
$2.3 billion
|
-25.8
|
|
Brazil
|
|
|
$1.3 billion
|
-45.8
|
|
Belgium
|
|
|
$1.2 billion
|
+33.3
|
|
Australia
|
|
|
$0.6 billion
|
-50.0
|
|
Saudi Arabia
|
|
|
$0.4 billion
|
-69.2
|
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