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Friday, June 14, 2024
HomeNewsEconomyU.S. Trade Deficit Widens More than Forecast in August, Exports to China Swamp Imports

U.S. Trade Deficit Widens More than Forecast in August, Exports to China Swamp Imports


A Ferrari cargo crane moves shipping containing on a U.S. trade port. (Photo: Reuters)

The Commerce Department reported Wednesday the U.S. trade deficit in August widened to $40.73 billion, slightly larger than the forecast expecting $39.3 billion. The trade deficit for July revised higher to $39.55 billion and, coupled together, the report indicated trade would likely be a net gain on an already abysmal gross domestic product in the last two quarters.

In August, exports of goods and services increased 0.8% to $187.85 billion, offsetting imports of goods and services gaining 1.2% to $228.58 billion.

The politically-sensitive U.S.-China trade deficit continued to widen by 11.6% to $33.85 billion in August. Exports to China rose 2.6%, while imports shot up by 9.5%.

Meanwhile, exports were up 1.2% to the European Union (EU) and 2.4% to the United Kingdom.

Oil prices averaged $39.38 per barrel in August, down 20.2% from a year ago.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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  • @PPDNews what do we export to China, besides fiat currency? Is the headline correct?

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