Reflecting an increase in imports and a decrease in exports, the Commerce Department released a report on Friday revealed the U.S. trade deficit expanded in the month of August.
The Commerce Department stated the trade deficit expanded to $53.2 billion in August from a revised $50.0 billion in July.
Economic experts had actually expected the trade deficit to broaden to $53.5 billion from the $50.1 billion originally reported for the previous month.
The broader trade deficit came as the worth of imports climbed by 0.6 percent to $262.7 billion, while the value of exports moved by 0.8 percent to $209.4 billion.
The report revealed noteworthy boosts in imports of automotive automobiles, parts, and engines and cell phones and other household products.
Considerable reductions in exports of soybeans, crude oil and other petroleum items were partly balanced out by increases in exports of drugs and artwork, antiques, stamps, and other collectibles.
The Commerce Department likewise stated the products deficit broadened to $76.7 billion in August from $73.2 billion in July, while the services surplus rose to $23.5 billion from $23.1 billion.
Michael Pearce, Senior U.S. Economic Expert at Capital Economics, stated the trade data recommends “net trade is on track to be a considerable drag on GDP development in the third quarter, which we expect will can be found in at 3.0% annualized.”
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