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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