The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced Tuesday that the goods and services deficit was $48.3 billion in August, up $6.5 billion from $41.8 billion in July, revised. August exports were $185.1 billion, $3.7 billion less than July exports. August imports were $233.4 billion, $2.8 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $6.6 billion to $67.9 billion and an increase in the services surplus of $0.1 billion to $19.6 billion.
Year-to-date, the goods and services deficit increased $17.6 billion, or 5.2 percent, from the same period in 2014. Exports decreased $58.9 billion or 3.8 percent. Imports decreased $41.3 billion or 2.2 percent.
Goods and Services Three-Month
US Under Secretary of Commerce for International Trade Stefan M. Selig issued the following statement: “Today’s data shows that while we face global economic headwinds, there continues to be demand for our nation’s world-class products, technologies, and services around the world,” Selig said.
“US companies of all sizes are committed to building and expanding their businesses through exports to reach the more than 95 percent of consumers who live outside our borders. The Trans-Pacific Partnership will strengthen the hand of American workers and ensure that our businesses can compete on a level playing field in some of the world’s most significant markets. The Commerce Department played a critical role in the TPP negotiations and we look forward to ensuring US companies are able to capitalize on the benefits of this agreement once it is approved.”