U.S. Trade Deficit Declined in August

The U.S. trade deficit declined slightly in August, the U.S. Bureau of Economic Analysis said Friday.

Exports in August totaled $164.7 billion, while imports totaled $223.9 billion, resulting in a trade deficit of $59.1 billion, down from July’s revised figure of $61.3 billion, the bureau said.

The goods deficit decreased by $3.2 billion to $70.9 billion as exports decreased $3.2 billion and imports were down by $6.4 billion for the month.

Exports of services also declined, down $0.2 billion to $47.1 billion, while imports of services increased $0.9 billion to $35.3 billion, the report said.

For the month, the United States recorded surpluses of $1.2 billion with Hong Kong and Singapore and smaller surpluses with Australia and Egypt

The largest deficit was registered with China, where trades fell $25.3 billion short, and the Organization of Petroleum Exporting Countries, where trades were $19.2 billion in the red.

The United States also fell short in trading with Canada, the European Union, Mexico, Japan, Venezuela, Nigeria, Taiwan and Korea, the report said.