US Trade Deficit Widens in August
US trade gap increased to USD 48.33 billion in August of 2015, from a slightly downwardly revised USD 41.8 billion in July, reaching the highest in five months. Exports fell nearly 2 percent to its lowest since October of 2012, dragged down by a strong dollar and weak external demand while imports rose 1.2 percent boosted by higher demand for consumer goods.
Total exports decreased USD 3.7 billion to USD 185.09 billion. Exports of goods decreased USD 4.1 billion to USD 124.5 billion: industrial supplies and materials decreased USD 2.2 billion; fuel oil decreased USD 0.6 billion; plastic materials decreased USD 0.2 billion and crude oil decreased USD 0.2 billion. In contrast, exports of services increased USD 0.4 billion to USD 60.6 billion, led by financial services (increased USD 0.1 billion) and travel (for all purposes including education - increased USD 0.1 billion).
Total imports rose USD 2.8 billion to USD 233.42 billion. Imports of goods increased USD 2.5 billion to USD 192.4 billion: consumer goods increased USD 4.0 billion; cell phones and other household goods increased USD 2.1 billion; toys, games and sporting goods increased USD 0.3 billion. Imports of services increased USD 0.3 billion to USD 41.1 billion in August, due to travel (for all purposes including education - increased USD 0.2 billion) and transport, which includes freight and port services and passenger fares (increased USD 0.1 billion).
Among trading partners, sales to Mexico fell by USD 1.5 billion and those to the European Union decreased USD 0.5 billion and imports from China rose 3 percent.
10/6/2015 1:51:51 PM