October 06, 2020
The U.S. Bureau of Economic Analysis indicated that, “the goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised.”
August exports was $171.9 billion, which was more than July exports by $3.6 billion, whereas, August imports amounted to $239.0 billion which was $7.4 billion more than July imports.
For the period under review compared with that of 2019, there was a 5.7% or $22.6 billion increase in the goods and services deficit. Moreover, exports fell $296.1 billion or 17.6%. Imports also fell $273.5 billion or 13.1%.
Three-Month Moving Averages
For the three months ended in August, the average goods and services deficit rose $3.1 billion to $61.3 billion. This was due to a $10.0 billion increase in average exports to $165.2 billion in August and a $13.1 billion increase in average imports to $226.6 billion in August.
In relation to export of goods, these consists of industrial supplies and materials and foods, feeds, and beverages goods which increased by $3.9 billion and $1.1 billion, respectively, while, capital goods fell $1.4 billion. Additionally, export of services rose by $0.1 billion to $52.8 billion in August. Of the services exported, other business services increased $0.2 billion, transport climbed $0.1 billion, charges for the use of intellectual property increased $0.1 billion while travel fell $0.2 billion.
Imports of goods rose $6.5 billion to $203.0 billion in August. As for imports of goods; consumer goods, automotive vehicles and other goods increased $3.8 billion, $1.7 billion and $1.1 billion, respectively. While, and industrial supplies and materials declined $1.5 billion. Besides, imports of services increased by $0.8 billion to $36.1 billion in August. Of this, transport increased $0.3 billion and travel rose $0.3 billion.
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