Published: 2024-10-08T12:51:01.000Z
U.S. August trade deficit - Corrects wider deficit in July, Q3 to date similar to Q2
Senior Economist , North America
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August’s US trade deficit of $70.4bn is the narrowest since March in a correction from July’s $78.7bn which was the widest since June 2022. The average in Q3 to date is similar to the Q2 average of $74.4bn, suggesting net exports will not be a major factor in Q3 GDP.
Goods exports increased by 2.5% versus 2.4% in the advance release while goods imports fell by 1.4% versus -1.6% in the advance release. In real terms goods exports rose by 2.9% and goods imports fell by 1.4%.
Service exports rise by 0.9% while service imports rose by 1.1%, leaving overall exports up by 2.0% after a 0.5% July increase while overall imports fell by 0.9% after a 2.1% July increase. The data was in line with market expectations.
