Research >> Economics
Goods and Services Deficit Increased in August 2020
|
The nation's international trade deficit in goods and services increased to $67.1 billion in August from $63.4 billion in July (revised), as imports increased more than exports. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised.
Exports, Imports, and Balance
August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports. The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion.Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7 percent, from the same period in 2019. Exports decreased $296.1 billion or 17.6 percent. Imports decreased $273.5 billion or 13.1 percent.
Three-Month Moving Averages
The average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.
• Average exports increased $10.0 billion to $165.2 billion in August.
• Average imports increased $13.1 billion to $226.6 billion in August.
Year-over-year, the average goods and services deficit increased $10.1 billion from the three months ending in August 2019.
• Average exports decreased $44.8 billion from August 2019.
• Average imports decreased $34.7 billion from August 2019.
Posted: October 6, 2020 Tuesday 08:30 AM