US trade deficit rises 4.2% to $73.3B in August

By Ovunc Kutlu

ANKARA (AA) – The US trade deficit increased to $73.3 billion in August, according to figures released Tuesday by the Commerce Department.

It represents a rise of $2.9 billion, or around 4.2%, from the revised figure of approximately $70.3 billion in July, the agency’s Bureau of Economic Analysis said in a statement.

While exports in August rose $1 billion, or 0.5%, to approximately $213.7 billion from the previous month, imports increased much faster -- $4 billion, or 1.4%, to around $287 billion.

"The August increase in the goods and services deficit reflected an increase in the goods deficit of $1.6 billion to $89.4 billion and a decrease in the services surplus of $1.4 billion to $16.2 billion," it said.

In August, the trade deficit with China increased the most by $3.1 billion to $28.1 billion, as exports decreased $1.8 billion to $11.2 billion and imports increased $1.3 billion to $39.3 billion.

The trade deficit with the EU came at $19.3 billion, followed by Mexico with $6.6 billion.

But trade surplus showed the largest rise in August with South and Central America -- a $5.7 billion increase.