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Thursday, October 05, 2023

Trade Deficit decreased to $58.3 Billion in August

by Calculated Risk on 10/05/2023 08:45:00 AM

The Census Bureau and the Bureau of Economic Analysis reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $58.3 billion in August, down $6.4 billion from $64.7 billion in July, revised.

August exports were $256.0 billion, $4.1 billion more than July exports. August imports were $314.3 billion, $2.3 billion less than July imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Exports increased and imports decreased in August.

Exports are down 2% year-over-year; imports are down 4% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and then bounced back - and both have been decreasing recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are positive and have picked up.

The trade deficit with China decreased to $26.0 billion from $37.5 billion a year ago.