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With tariffs and trade wars front and center the US trade deficit has been a hot topic. In August the US had a $53.2 billion deficit up from $50.1 billion in July. The deficit with China was $34.40 billion likely to fuel the tariff threats from the U.S. to China.

 US Trade Sept 18

Highlights  

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in  August up $3.2 billion from $50.0 billion in July, revised.

  • The US trade balance for July at $-53.2 billion versus a $-53.6 billion estimate
  • The prior month was revised to a deficit of -$50.0 billion. It was originally reported at US$-50.1 billion

Exports

Exports of goods decreased $1.9 billion to $138.9 billion in August. Exports of goods on a Census basis decreased $1.8 billion. Industrial supplies and materials decreased $2.4 billion. Crude oil decreased $0.9 billion. Other petroleum products decreased $0.7 billion. Foods, feeds, and beverages decreased $1.2 billion. Soybeans decreased $1.0 billion. Consumer goods increased $1.6 billion. Artwork, antiques, stamps, and other collectibles increased $0.6 billion. Pharmaceutical preparations increased $0.4 billion.

Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.2 billion to $70.5 billion in August. Financial services increased $0.1 billion. Maintenance and repair services increased $0.1 billion.

Imports

Imports of goods increased $1.7 billion to $215.6 billion in August. Imports of goods on a Census basis increased $1.6 billion. Automotive vehicles, parts, and engines increased $1.0 billion. Passenger cars increased $0.6 billion. Trucks, buses, and special purpose vehicles increased $0.4 billion. Consumer goods increased $0.9 billion. Cell phones and other household goods increased $0.9 billion.

Net balance of payments adjustments increased less than $0.1 billion.

Imports of services decreased $0.1 billion to $47.0 billion in August. Charges for the use of intellectual property decreased $0.2 billion. Charges for July included payments for the rights to broadcast the 2018 soccer World Cup. Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis

The August figures show surpluses, in billions of dollars, with South and Central America ($3.4), Hong Kong ($2.3), Singapore ($0.6), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($34.4), European Union ($14.9), Mexico ($8.7), Japan ($5.8), Germany ($5.3), Canada ($3.0), Italy ($2.7), India ($1.9), South Korea ($1.8), France ($1.3), Saudi Arabia ($1.1), OPEC ($1.0), Taiwan ($0.7), and United Kingdom ($0.1).

The deficit with Mexico increased $2.3 billion to $8.7 billion in August. Exports decreased $1.3 billion to $21.5 billion and imports increased $1.0 billion to $30.2 billion. The deficit with Japan increased $0.9 billion to $5.8 billion in August. Exports decreased $0.5 billion to $6.1 billion and imports increased $0.4 billion to $11.9 billion. The deficit with members of OPEC decreased $2.0 billion to $1.0 billion in August. Exports increased $0.9 billion to $5.2 billion and imports decreased $1.1 billion to $6.2 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s Web site at www.bea.gov/news/schedule.

Source: bea

 From The Traders Community News Desk

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