U.S. trade deficit grew to record $73.3 billion in August

Oct. 5 (UPI) -- The U.S. trade deficit grew in August to a record $73.3 billion, driven mostly by the pharmaceutical industry, the Commerce Department said Tuesday.

The new figures showed that while there was a slight bump in exports of $1 billion from July, imports jumped $4 billion.

The department said pharmaceutical preparations accounted for more than half of that increase, $2.2 billion, followed by toys, games and sporting goods, which saw a $600 million increase.

"The August increase in the goods and services deficit reflected an increase in the goods deficit of $1.6 billion to $89.4 billion and a decrease in the services surplus of $1.4 billion to $16.2 billion," the department said in a statement.

"Year-to-date, the goods and services deficit increased $140.8 billion, or 33.7%, from the same period in 2020. Exports increased by $244.3 billion or 17.5%. Imports increased $385.1 billion or 21.2%."

Other import increases in August included $1.8 billion in industrial supplies and materials, $800 million in organic chemicals, $700 million in transport and $500 million in travel.

Exports on industrial supplies and materials increased $3.5 billion, non-monetary gold grew $1.6 billion and natural gas $700 million.

The transportation industry showed export decreases in several areas. Automotive vehicles, parts and engines decreased $1 billion, trucks, buses and special-use vehicles decreased $500 million and passengers car exports fell by $300 million.