by calculated risk 10/08/2024 08:36:00 PM
Note: There was a power outage in the neighborhood due to a large fallen tree. So, it’s late, but…
Census Bureau and Bureau of Economic Analysis reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today. The goods and services deficit in August was $70.4 billion.The revised figure represents a decrease of $8.5 billion from July’s $78.9 billion.
Exports in August were $271.8 billion, which was $5.3 billion more than exports in July. The import value in August was $342.2 billion, a decrease of $3.2 billion from the import value in July.
Emphasis added
Click on the graph to see a larger image.
In August, exports increased and imports decreased.
Exports increased by 5.1% compared to the previous year. Imports increased by 7.6% compared to the previous year.
Both imports and exports decreased significantly due to the impact of the new coronavirus infection, but have since picked up and have recently been increasing overall.
The second graph shows the US trade deficit with and without oil.
The blue line is the total deficit, the black line is the oil deficit, and the red line is the trade deficit excluding petroleum products.
Note that net exports of petroleum products are positive and increasing.
The trade deficit with China increased to $27.9 billion from $25.9 billion the previous year.
