The US trade deficit in August was $73. 3Billion up from prior month’s $70.30 billion. The China and US trade deficit rose to -$28.1B. By contrast Australia’s trade balance for August revealed a massive surplus of AUD15,077 million
The US trade deficit in August was $73.30 Billion up from prior month’s $70.30 billion. The China and US trade deficit rose to -$28.1B. By contrast Australia’s trade balance for August revealed a massive surplus of AUD15,077 million
US trade balance for the month of August 2021
- US international trade balance for August $-73.3 billion deficit versus $-70.5 billion deficit estimate.
- Prior month came in at $70.3 billion
- exports rose 0.5% to $213.7 billion
- imports rose 1.4% to $287 billion
- goods deficit rose by $1.6 billion to $89.4 billion
- service deficit decreased by $1.4 billion to $16.2 billion year to date
- goods and services deficit increased $140.8 billion or 33.7% versus 2020
- year-to-date exports increased $244.3 billion or 17.5%.
- Year-to-date imports increased $385.1 billion or 21.1%
- Exports of goods on a Census basis increased $1.2 billion.
- Industrial supplies and materials increased $3.5 billion.
- Automotive vehicles, parts, and engines decreased $1.0 billion.
- Capital goods decreased $0.8 billion.
- Foods, feeds, and beverages decreased $0.6 billion.
- Corn decreased $0.6 billion. Imports of goods increased $2.7 billion to $239.1 billion in August.
- Consumer goods increased $3.0 billion.
- Toys, games, and sporting goods increased $0.6 billion
- Industrial supplies and materials increased $1.8 billion.
- Automotive vehicles, parts, and engines decreased $1.5 billion.
- Passenger cars decreased $1.3 billion.
The August figures show surpluses, in billions of dollars, with
South and Central America ($5.7), Hong Kong ($2.2), Brazil ($2.1), Singapore ($1.0), and United Kingdom ($0.8).
In August deficits were recorded, in billions of dollars, with
China ($28.1), European Union ($19.3), Mexico ($6.6), Germany ($5.8), Japan ($5.6), Canada ($5.1), Taiwan ($3.6), South Korea ($3.1), Italy ($3.1), India ($3.0), France ($1.4), and Saudi Arabia ($0.6).
The deficit with China increased $3.1 billion to $28.1 billion in August. Exports decreased $1.8 billion to $11.2 billion and imports increased $1.3 billion to $39.3 billion
The deficit with Canada increased $1.4 billion to $5.1 billion in August. Exports decreased $1.6 billion to $25.2 billion and imports decreased $0.2 billion to $30.3 billion.
The deficit with Mexico decreased $1.9 billion to $6.6 billion in August. Exports increased $0.9 billion to $24.1 billion and imports decreased $1.0 billion to $30.7 billion.
The great irony of this trade war is that the fallout is real and justifiable to all sides of politics, that tells you more about politics than anything. We have seen global PMI’s collapse and growth collapse as countries turn inward. The trade gaps have subtracted percentage point from the annualized growth pace of gross domestic product during the period.
Now there are two arguments we need a trade war to bring the trade gap down down or these tariffs working in fixing the problem. The answer probably lies in between. The strong US dollar negates much of the price affect, there lies a big problem for the US here and probably why POTUS is so irate at the US interest rate differential supporting the US dollar.
* * * 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.
Source: bea
From The Traders Community News Desk