by calculated risk October 8, 2024 08:36:00 PM
NOTE: A large tree fell, causing a power outage in our neighborhood. So it’s late…
Bureau of the Census and Bureau of Economic Analysis reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today: August goods and services deficit recorded $70.4 billionRevised, down $8.5 billion from $78.9 billion in July.
August exports amounted to $271.8 billion, an increase of $5.3 billion from July exports. August imports were $342.2 billion, $3.2 billion less than July imports.
Emphasis added
Click on the graph to see a larger image.
Exports increased and imports decreased in August.
Exports increased by 5.1% compared to the previous year. Import volume increased by 7.6% compared to the previous year.
Both imports and exports plummeted due to COVID-19, then rebounded. In recent years, exports and imports have increased overall.
The second graph shows the U.S. trade deficit with and without oil.
The blue line is the total deficit, the black line is the oil deficit, and the red line is the trade deficit excluding oil products.
Note that net exports of petroleum products are positive and increasing.
The trade deficit with China increased to $27.9 billion from $25.9 billion a year ago.
