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US Trade Deficit Widens to $48b
World Economy

US Trade Deficit Widens to $48b

With exports falling and imports rising, the commerce department released a report on Tuesday showing that the US trade deficit widened significantly in the month of August, RTT reported. The report said the trade deficit widened to $48.3 billion in August from a revised $41.8 billion in July. The wider deficit was partly due to a decrease in the value of exports, which fell by 2% to $185.1 billion in August from $188.8 billion in July. The commerce department said exports of industrial supplies and materials tumbled by $2.2 billion due in part to a notable decrease in exports of fuel oil. Meanwhile, the report showed that the value of imports climbed by 1.2% to $233.4 billion in August from $230.6 billion in July. The increase in the value of imports partly reflected a jump in imports of cell phones and other household goods. The department also said the goods deficit widened to $67.9 billion in August from $61.3 billion in July, while the services surplus inched up $19.6 billion from $19.5 billion.

 

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