U.S. Trade Gap Narrows in August as Imports Fall

By Matt Grossman

The U.S. trade deficit narrowed in August as Americans shipped more exports while reducing their imports.

Here are takeaways from Tuesday's Commerce Department report on U.S. import and export trends. The figures aren't adjusted for inflation and reflect changes in both trade volumes and prices:

-Total imports declined by 0.9% to $342.2 billion in August from July, meaning American consumers and companies were buying less from abroad. Imports of goods declined to $274.3 billion, including reduced imports of industrial supplies and car parts. On the other hand, imports of services increased slightly, including more spending on travel services and foreign-intellectual property.

-Exports of goods and services increased by 2% to $271.8 billion in August, including increased shipments of pharmaceutical preparations, computer accessories and aircraft. Exports of crude oil fell, but consumer-goods exports increased from a month earlier.

-The trade deficit in goods and services was $70.4 billion in August, down 10.8% from a revised $78.9 billion in July.

-The trade deficit with China decreased by $2.6 billion to $24.7 billion in August as imports from the country declined and exports to China increased.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

October 08, 2024 09:06 ET (13:06 GMT)

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