US trade deficit in goods and services to narrow in August 2024

 

This decline is mainly due to the reduction in the goods deficit and a slight increase in the services surplus.

 

August exports totaled 271.800 billion dollars, 5.300 billion more than in July, while the imports totaled $342.200 billion, down $3.200 billion from the previous month.

 

The goods deficit fell by $8.400 billion to $94.900 billion. The services surplus increased by $100 million to $24.400 billion.

 

Annual comparison

 

So far this year, the trade deficit has increased by $47.100 billion, up 8.9% compared to the same period in 2023. Exports grew by $79.000 billion, or 3.9%, while imports increased by $126.100 billion, or 4.9%.

 

The data underscores shifts in U.S. trade dynamics amid fluctuations in international trade and commodity prices

 

Exports

 

In August, the exports of goods The exports of goods grew by $4.400 billion to $179.400 billion. Among the sectors with the largest increases were capital goods, which rose by $1.700 billion, driven by telecommunications equipment and civil aircraft. Consumer goods, such as pharmaceutical preparations, also increased by $1.000 billion.

 

As for services, exports increased by 900 million dollars, totaling 92.300 billion. The tourism sector registered an increase of 500 million dollars, while government goods and services grew by 200 million.

 

Imports

 

On the other hand, imports of goods in August fell by $3.900 billion to $274.300 billion. Industrial supplies and materials fell by $3.900 billion, with non-monetary gold declining by $1.200 billion and crude oil declining by $1.000 billion.

 

service importsHowever, revenues increased by $700 million to $67.900 billion, mainly due to increased travel expenses and intellectual property usage fees.

 

Trade with other countries

As for trade relations with other nations, surpluses were recorded in August with the Netherlands (5.500 million), Central and South America (4.000 million) and Australia (1.900 billion), among others. However, the main deficits were recorded with China (24.700 billion), the European Union (19.100 million) and Mexico (14.300 million).

 

The deficit with to Canada decreased by 3.800 billion to 3.900 billion, thanks to an increase of 1.100 billion in exports and a fall of 2.700 billion in imports. Meanwhile, the deficit with China was reduced by 2.600 billion dollars.