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- U.S. trade deficit widens more than forecast in August
U.S. trade deficit widens more than forecast in August
The U.S.
Commerce Department reported on Tuesday that U.S. the goods and services trade
deficit widened to $67.1 billion in August from a revised $63.4 billion in the
previous month (originally a gap of $63.6 billion). That was the highest trade gap since August
2006.
Economists had
expected a deficit of $66.1 billion.
According to
the report, the August advance 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.
In August,
exports of goods and services from the U.S. rose 2.2 percent m-o-m to $171.9
billion, while imports surged 3.2 percent m-o-m to $239.0 billion, in part, due
to the impact of COVID-19, as many businesses continued recovery from the sharp
declines earlier this year.
Year-to-date,
the goods and services deficit jumped 5.7 percent from the same period in 2019.
Exports plunged 17.6
percent, while imports tumbled 13.1 percent.
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