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US trade deficit expands unexpectedly in August

by ChemOrbis Editorial Team -
  • 06/10/2016 (14:10)
According to data from the US Commerce Department, the trade deficit in the US increased in August as imports posted the highest level since September 2015 while exports hit the highest level on record from July of the previous year. However, imports outpaced exports widening the deficit. The trade gap widened 3% to $40.73 billion in August from $39.55 billion in July. Economists had been forecasting that the deficit would decrease to $39.3 billion, according to a survey by Bloomberg.

Exports of goods and services rose 0.8% month on month to $187.85 billion in August while imports of goods and services posted a monthly increase of 1.2% to reach $228.58 billion.

It is reported that the US’ exports to China, the European Union, and the United Kingdom were up 2.6%, 1.2%, and 2.4%, respectively while the US imports’ from China rose 9.5%.
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