US trade deficit falls 9.9% to $58.3B in August

By Ovunc Kutlu

ISTANBUL (AA) - The US trade deficit fell $6.4 billion, or 9.9%, to $58.3 billion in August, according to data released Thursday by the Commerce Department's Census Bureau.

The expectation was for the figure to show a deficit of $62.3 billion. The trade deficit in July was revised to $64.7 billion, according to the figures.

Exports in August were $256 billion, $4.1 billion more than July exports, while imports in August were $314.3 billion -- $2.3 billion less than July imports.

"The August decrease in the goods and services deficit reflected a decrease in the goods deficit of $5.5 billion to $84.5 billion and an increase in the services surplus of $1.0 billion to $26.2 billion," the Census Bureau said in a statement.

"Year-to-date, the goods and services deficit decreased $137.6 billion, or 20.7 percent, from the same period in 2022. Exports increased $22.0 billion or 1.1 percent. Imports decreased $115.6 billion or 4.3 percent," it added.