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U.S. Foreign Trade Deficit Falls Short of Forecasts in August
(MENAFN) America's international trade gap contracted sharply to $59.6 billion in August, beating Wall Street projections of $61.3 billion, according to official figures unveiled Wednesday.
The nation's foreign trade deficit plunged 23.8% from July's $78.2 billion level, data from the Bureau of Economic Analysis revealed.
US export volumes reached $280.8 billion throughout August, registering a modest 0.1% uptick, while import values tumbled 5.1% to $340.4 billion.
"The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $18.1 billion to $85.6 billion and an increase in the services surplus of $0.5 billion to $26.1 billion," a statement from the bureau said.
The American goods trade imbalance with Canada, among Washington's principal commercial allies, shrank by $2.4 billion month-over-month in August, descending to $3 billion.
Additional trading partners where deficits persisted included Mexico ($16.3 billion), China ($15.4 billion), Vietnam ($14.4 billion), Taiwan ($12.2 billion), the EU ($8.1 billion), Japan ($5.7 billion), South Korea ($5 billion), India ($4.8 billion), Germany ($4.6 billion), Ireland ($3 billion), Malaysia ($1.8 billion), Italy ($1.6 billion), France ($1.2 billion), Israel ($400 million), and Switzerland ($100 million).
Trading partners generating surpluses for the US comprised the Netherlands ($5.1 billion), South and Central America ($4.9 billion), Hong Kong ($1.7 billion), Australia ($1.6 billion), Brazil ($1.2 billion), Singapore ($900 million), the UK ($800 million), Belgium ($500 million) and Saudi Arabia ($300 million).
The figures emerged following President Donald Trump's aggressive tariff agenda, which deployed sweeping duties across most nations alongside targeted global sectoral levies on commodities including copper, aluminum, and automotive components.
He simultaneously negotiated bilateral trade agreements with nations spanning the UK, Vietnam, Indonesia, the Philippines, Japan, South Korea, and the EU.
The US president has repeatedly emphasized deploying tariffs as a mechanism to narrow America's trade imbalance with international partners.
The nation's foreign trade deficit plunged 23.8% from July's $78.2 billion level, data from the Bureau of Economic Analysis revealed.
US export volumes reached $280.8 billion throughout August, registering a modest 0.1% uptick, while import values tumbled 5.1% to $340.4 billion.
"The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $18.1 billion to $85.6 billion and an increase in the services surplus of $0.5 billion to $26.1 billion," a statement from the bureau said.
The American goods trade imbalance with Canada, among Washington's principal commercial allies, shrank by $2.4 billion month-over-month in August, descending to $3 billion.
Additional trading partners where deficits persisted included Mexico ($16.3 billion), China ($15.4 billion), Vietnam ($14.4 billion), Taiwan ($12.2 billion), the EU ($8.1 billion), Japan ($5.7 billion), South Korea ($5 billion), India ($4.8 billion), Germany ($4.6 billion), Ireland ($3 billion), Malaysia ($1.8 billion), Italy ($1.6 billion), France ($1.2 billion), Israel ($400 million), and Switzerland ($100 million).
Trading partners generating surpluses for the US comprised the Netherlands ($5.1 billion), South and Central America ($4.9 billion), Hong Kong ($1.7 billion), Australia ($1.6 billion), Brazil ($1.2 billion), Singapore ($900 million), the UK ($800 million), Belgium ($500 million) and Saudi Arabia ($300 million).
The figures emerged following President Donald Trump's aggressive tariff agenda, which deployed sweeping duties across most nations alongside targeted global sectoral levies on commodities including copper, aluminum, and automotive components.
He simultaneously negotiated bilateral trade agreements with nations spanning the UK, Vietnam, Indonesia, the Philippines, Japan, South Korea, and the EU.
The US president has repeatedly emphasized deploying tariffs as a mechanism to narrow America's trade imbalance with international partners.
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