facebook
twitter
search
search

U.S. trade deficit rose in August

Oct. 11, 2012 at 11:40 AM

WASHINGTON, Oct. 11 (UPI) -- Exports of U.S. goods and services fell further than imports in August, increasing the monthly deficit to $44.2 billion, the Commerce Department said.

The monthly report by the Commerce Department's Census Bureau and Bureau of Economic Analysis said exports fell by $1.9 billion July to August, matching the drop from the month prior.

Imports fell by $200 million, which pushed the trade gap higher than the revised July deficit of $42.5 billion.

Although jumping month-to-month, from a year earlier, the deficit has remained steady. In August 2011, the deficit came to $44.8 billion. It dropped over the 12 month span as exports rose by $2.9 billion or 1.6 percent while imports rose by $2.3 billion or 1 percent from August 2011.

From July to August this year, the deficit in goods trades rose by $1.5 billion to $59.3 billion, while the surplus in services trades fell by $300 million to $15.1 billion.

Breaking that down, exports of goods fell by $2.1 billion to $128.5 billion while imports of goods fell by $700 million to $187.8 billion.

Exports of services rose by $200 million to $52.8 billion while imports of services rose by $500 million to $37.7 billion.

Exports of industrial supplies and materials dropped $1.2 billion while exports of foods, feeds and beverages fell by $1.1 billion. Exports of automobiles and consumer goods also fell, albeit slightly.

Exports rose by $400 million in capital goods and by $200 million in miscellaneous goods.

Imports of consumer goods dropped by $1.2 billion while imports of industrial supplies and materials rose by $1.5 billion.

Among various trading partners, the trade gap with China dropped slightly from $29.4 billion to $28.7 billion. The gap shrank marginally with the Organization of Petroleum Exporting Countries, dropping from $8.4 billion to $8.1 billion. With the European Union the trading deficit slipped from $12 billion to $11.7 billion.

Surpluses rose in trading with Hong Kong and Singapore and were unchanged with Egypt and down slightly with Australia.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Oil markets hammered by Greece, Iran and China
Eni starts production at giant Venezuelan gas field