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Goods and Services Deficit Decreased in August 2022
The nation's international trade deficit in goods and services decreased to $67.4 billion in August from $70.5 billion in July (revised), as imports decreased 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 $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised.
Exports, Imports, and Balance
August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports. The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $3.4 billion to $87.6 billion and a decrease in the services surplus of $0.4 billion to $20.2 billion. Year-to-date, the goods and services deficit increased $132.3 billion, or 24.4 percent, from the same period in 2021. Exports increased $329.8 billion or 19.9 percent. Imports increased $462.1 billion or 21.0 percent.
Three-Month Moving Averages
The average goods and services deficit decreased $6.2 billion to $72.9 billion for the three months ending in August.
• Average exports increased $1.5 billion to $259.1 billion in August.
• Average imports decreased $4.7 billion to $332.0 billion in August.
Year-over-year, the average goods and services deficit increased $2.2 billion from the three months ending in August 2021.
• Average exports increased $45.0 billion from August 2021.
• Average imports increased $47.2 billion from August 2021.
Posted: October 5, 2022 Wednesday 08:30 AM