Trade Deficit Widens in August

The trade deficit in August jumped 4.2% to $73.3 billion, according to the latest data from the Census Bureau…(BEA)

  • The goods deficit increased $1.6 billion while the services surplus decreased $1.4 billion in August

The increase in the deficit was driven entirely by an increase in exports…

  • EXPORTS overall increased 0.5% in August to $213.7 billion as exports of goods increased $1.1 billion and exports of services decreased $0.1 billion.
  • IMPORTS increase 1.4%, in August to $287.0 billion. Imports of goods increased $2.7 billion and imports of services increased $1.3 billion.

NOTE: This monthly deficit is highest on record, edging out the previous high recorded in June ($73.23 billion).

Jeffery Bartwash, economics reporter at MarketWatch says the expanding deficit says more about the world economy than ours…(Twitter)

  • “The U.S. trade deficit rose to a record $73.3B in August. Trade gap on track to hit another all-time high in 2021. Imports have soared because of strong U.S. economy, but exports have lagged because the rest of the world hasn’t caught up.”