October 06, 2021
The goods and services deficit in August was $73.3 billion, up $2.9 billion from $70.3 billion in July, according to the U.S. Census Bureau and the Bureau of Economic Analysis.
August exports totaled $213.7 billion, a $1.0 billion increase over July exports. August imports totaled $287.0 billion, a $4.0 billion increase over July imports.
The August increase in the goods and services deficit reflected a $1.6 billion increase in the goods deficit to $89.4 billion and a $1.4 billion fall in the services surplus to $16.2 billion.
The goods and services deficit has climbed by $140.8 billion, or 33.7 percent, year to date compared to the same period in 2020. Furthermore, exports climbed by $244.3 billion, or 17.5%, and imports climbed by $385.1 billion, or 21.2%.
For the three months ending in August, the average goods and services deficit climbed by $1.6 billion to $72.3 billion. The average goods and services deficit climbed $13.9 billion year on year from the three months ended in August 2020.
In August, goods exports grew by $1.1 billion to $149.7 billion. Of goods exported, the value of industrial supplies and materials grew by $3.5 billion, automotive vehicles, parts, and engines fell by $1.0 billion whereas capital goods fell by $0.8 billion and foods, feeds, and drinks declined by $0.6 billion. Moreover, service exports fell $0.1 billion to $64.0 billion in August.
Imports of goods climbed by $2.7 billion in August to $239.1 billion. As for imports, the value of consumer products grew by $3 billion, industrial supplies and materials grew by $1.8 billion whereas automotive vehicles, parts, and engines fell by $1.5 billion. Besides, in August, service imports grew by $1.3 billion to $47.9 billion.
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