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U.S. Trade Deficit Rises in August to $54 Billion

Washington -- The U.S. trade deficit rose in August to $54 billion, its second-highest level ever, attributable in part to high oil prices, the Department of Commerce says.

In an October 14 news release, the department said the trade deficit rose by $3.5 billion in August from a revised figure of $50.5 billion for July. The August figure fell just short of the record $55.0 billion trade deficit in June.

The overall deficit comprised a goods deficit of $57.4 billion and a services surplus of $3.4 billion, the Commerce Department said.

U.S. imports increased to $150.1 billion from $146.5 billion in July. Exports grew slightly to $96.0 billion in August from $95.9 billion in July, according to the department.

The U.S. trade deficit with OPEC (Organization of Petroleum Exporting Countries) rose sharply to $7.0 billion, up from $6.0 billion in July, Commerce said. U.S. crude oil imports rose to 331.2 million barrels in August and the average price per barrel was $36.37, up from $33.28 the previous month.

In August the U.S. bilateral goods deficit with China reached a record $15.4 billion, far ahead of the $6.4 billion deficit with Japan. Other large deficits were reported with Canada, $6.6 billion; Germany, $3.9 billion; Mexico, $3.7 billion; Italy, $1.7 billion; South Korea, $1.5 billion; and Taiwan, $1.5 billion.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 -421,735 975,940 1,397,675
Jan.-Dec. 2003 -496,508 1,020,503 1,517,011

Jan.-Aug. 2003 -329,768 666,187 995,955
Jan.-Aug. 2004 -393,479 752,311 1,145,790

August 2003 -40,185 84,105 124,290
August 2004 -54,041 96,028 150,069


U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 -482,895 681,833 1,164,728
Jan.-Dec. 2003 -547,552 713,122 1,260,674

Jan.-Aug. 2003 -362,546 466,339 828,885
Jan.-Aug. 2004 -426,552 528,086 954,638

August 2003 -44,393 58,234 102,627
August 2004 -57,442 67,390 124,832


U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 61,160 294,107 232,947
Jan.-Dec. 2003 51,044 307,381 256,337

Jan.-Aug. 2003 32,778 199,848 167,070
Jan.-Aug. 2004 33,073 224,225 191,152

August 2003 4,208 25,871 21,663
August 2004 3,401 28,638 25,237

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral August August
balance exports imports

Total -60,487 66,936 127,422

North America -10,363 24,985 35,348
Canada -6,636 15,419 22,055
Mexico -3,727 9,565 13,293

European Union (25) -9,568 13,544 23,112
Western Europe -9,994 14,459 24,453
Euro Area -8,014 9,873 17,886
European Union (15)-9,108 13,257 22,365
Austria -328 173 501
Belgium 523 1,395 872
Finland -136 155 291
France -1,019 1,470 2,489
Germany -3,896 2,619 6,515
Italy -1,726 734 2,460
Netherlands 923 2,024 1,101
Spain -147 493 641
Sweden -397 311 708
United Kingdom -517 2,936 3,453
Other EU -2,388 947 3,335

European Free Trade
Association -622 917 1,539
Norway -509 118 628
Switzerland -87 784 871
Other EFTA -25 14 40
Other Western Eur. -264 286 549

Eastern Europe, Former
Soviet Reps. -1,410 652 2,062
Hungary -150 50 200
Poland -61 93 155
Former Sov. Reps. -908 392 1,301
Russia -760 234 994
Other FSR -148 159 307
Other Eastern Europe -291 116 407

Pacific Rim -26,196 17,330 43,526
Australia 595 1,252 657
China -15,386 2,682 18,068
Japan -6,439 4,281 10,719
Newly Industrialized
Countries -1,872 7,335 9,207
Hong Kong 441 1,336 896
South Korea -1,454 2,340 3,794
Singapore 623 2,022 1,399
Taiwan -1,481 1,636 3,118
Other Pacific Rim -3,093 1,781 4,875

South/Cent. America -3,545 5,101 8,646
Argentina -29 305 334
Brazil -596 1,223 1,819
Colombia -307 351 658
Other S/C America -2,613 3,223 5,835

OPEC -7,044 1,808 8,852
Indonesia -764 186 950
Nigeria -1,404 132 1,536
Saudi Arabia -1,884 419 2,303
Venezuela -1,708 414 2,122
Other OPEC -1,283 659 1,942

Other countries -4,423 3,186 7,609
Egypt 130 299 169
South Africa -221 284 504
Other -4,332 2,604 6,936

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

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