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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 the U.S. goods and services
trade deficit widened to $73.3 billion in August from a revised $70.3 billion
in the previous month (originally a gap of $70.0 billion). This was the largest
trade deficit on record.
Economists
had expected a deficit of $70.5 billion.
According
to the report, the August increase in the goods and services deficit reflected an advance in the goods
deficit of $1.6 billion to $89.4 billion and a decline in the services surplus of $1.4
billion to $16.2 billion.
In
August, exports of goods and services from the U.S. rose 0.5 percent m-o-m to
$213.7 billion, while imports jumped 1.4 percent m-o-m to $287.0 billion, as the
global COVID-19 pandemic and the economic recovery continued to impact
international trade.
Year-to-date,
the goods and services deficit climbed 33.7 percent from the same period in
2020. Exports soared 17.5 percent, while imports surged 21.2 percent.
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