US trade deficit at a 15-month low!

The US Department of Commerce announced foreign trade data for August. The US foreign trade deficit decreased by 9.9 percent on a monthly basis in August to $ 58.3 billion, the lowest level since September 2020.

#Us Deparment #Economy #Commerce

David Goodman

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10.10.2023 - 21:11 Created at

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The US Department of Commerce announced foreign trade data for August.

The US foreign trade deficit decreased by 9.9 percent month-on-month in August to $ 58.3 billion, the lowest level since September 2020.

Accordingly, the country's foreign trade deficit decreased by 9.9 percent in August compared to the previous month to 58.3 billion dollars.

Market expectations were that the foreign trade deficit would be 62.3 billion dollars in this period. The foreign trade deficit, which was realized below the expectation, recorded its lowest level since September 2020 in the said period. The foreign trade deficit was 64.7 billion dollars in July.

Exports at the highest level in 5 months

The country's exports increased by 1.6 percent in August to 256 billion dollars, the highest level in 5 months, while imports decreased by 0.7 percent to 314.3 billion dollars.

There was a contraction in the deficit in foreign trade against China, with which the US has sensitive relations. The country's trade deficit with China decreased by about 5 percent in August compared to the previous month to 22.7 billion dollars.

Other trade partners with which the US had a deficit during the period in question included the European Union ($ 17.8 billion), Mexico ($ 12.8 billion), Vietnam ($ 8 billion), Germany ($ 6.6 billion), Ireland ($ 5.7 billion), Canada ($ 5.4 billion), Japan ($ 5 billion), Taiwan ($ 4, 2 billion dollars), South Korea (4.1 billion dollars), Italy (3.3 billion dollars), India (2.8 billion dollars), France (2.3 billion dollars), Malaysia (1.6 billion dollars), Switzerland (1.5 billion dollars), Singapore (1 billion dollars), Israel (600 million dollars) and Saudi Arabia (100 million dollars).

The countries with trade surpluses were South and Central America ($4.7 billion), the Netherlands ($3 billion), Hong Kong ($2 billion), Australia ($1.7 billion), Belgium ($700 million), the UK ($400 million) and Brazil ($400 million).