The August trade figures came in surprisingly low on Tuesday, falling 10% to $70.4 billion, marking the lowest monthly goods and services gap since March ($67.9 billion), the Bureau of Economic Analysis said today.
Exports rose 2% to $271.8 billion while imports fell 0.9% to $342.2 billion. This figure, however, includes services exports –things like intellectual property fees from companies abroad renewing Adobe Acrobat licenses, or foreign investors paying for financial services, like brokerage or money management fees. The goods deficit for August was $94.8 billion, also the lowest monthly figure since March ($92.9 billion).
August might have been slow, with the deficit levels falling below the three month average. But the year-to-date goods and services deficit managed to increase by $47.1 billion, or 8.9%, from the same period in 2023. Exports increased $79 billion or 3.9%, but imports increased $126.1 billion or 4.9%.
The year-to-date goods deficit ending August 31 was $772.7 billion, more than the same period last year. In 2023, the year-ending goods gap was $1.06 trillion and the U.S. is on par to match or break that figure again this year.
America’s Biggest Trades
The biggest export values for the month of August came from pharmaceutical exports ($10.4 billion), crude oil ($9.68 billion) and other petroleum products ($6.65 billion), followed by semiconductors ($6.27 billion). Semiconductor manufacturing and export remain integral to the overall health and might of the U.S. economy.
But looked at the other way, our biggest import spend for the month of August was on similar items. Pharmaceuticals led the way with $20.98 billion spent on imported drugs. The U.S. remains a big importer of cars, spending $16.9 billion on imported vehicles. The third most imported item was crude oil ($13.4 billion), followed by auto parts ($11.9 billion).
The deficit with the EU fell $3.4 billion in August to $19.2 billion. The China deficit decreased by roughly $2.3 billion to $27.8 billion while the deficit rose by around $800 million with Vietnam to $10.9 billion and by $500 million to $13.7 billion with Mexico.
Top Five Imports
Here’s a look at the usual top five manufactured goods imports and exports below. Overall product types remain similar month over month, with pharmaceuticals leading the charge for both outgoing and ingoing trade.
August 2024
July 2024
Year-to-Date
Pharmaceuticals
$20.98 billion
$20.46 billion
$155.58 billion
Passenger cars
$16.93 billion
$18.03 billion
$144.38 billion
Vehicle parts
$11.91 billion
$12.21 billion
$97.96 billion
Computers
$11.05 billion
$10.07 billion
$77.06 billion
Computer accessories
$9.13 billion
$10.37 billion
$62.59 billion
Worth noting, the U.S. also imported $6.97 billion worth of semiconductors, showing a slight deficit for the month of August. For the year, the U.S. has a $10.82 billion deficit in semiconductors. The data does not differentiate the type of semiconductor. This could be mostly imports of low-end, legacy chips rather than advanced chips.
Top Five Exports
August 2024
July 2024
Year-to-Date
Pharmaceuticals
$10.41 billion
$9.38 billion
$73.96 billion
Semiconductors
$6.27 billion
$7.02 billion
$42.54 billion
Industrial machinery
$5.99 billion
$5.63 billion
$46.82 billion
Aircraft engines
$5.32 billion
$5.20 billion
$41.03 billion
Passenger cars
$4.90 billion
$4.32 billion
$40.02 billion
Based on Bureau of Economic Analysis’s data, the U.S. exported $882.45 billion worth of manufactured goods so far this year, and imported $1.85 trillion. The record-breaking trillion dollar goods deficit continues.
MADE IN AMERICA.
CPA is the leading national, bipartisan organization exclusively representing domestic producers and workers across many industries and sectors of the U.S. economy.
August Trade Deficit Surprisingly Falls 10% to $70.4 Billion; Lowest Deficit Since March
The August trade figures came in surprisingly low on Tuesday, falling 10% to $70.4 billion, marking the lowest monthly goods and services gap since March ($67.9 billion), the Bureau of Economic Analysis said today.
Exports rose 2% to $271.8 billion while imports fell 0.9% to $342.2 billion. This figure, however, includes services exports –things like intellectual property fees from companies abroad renewing Adobe Acrobat licenses, or foreign investors paying for financial services, like brokerage or money management fees. The goods deficit for August was $94.8 billion, also the lowest monthly figure since March ($92.9 billion).
August might have been slow, with the deficit levels falling below the three month average. But the year-to-date goods and services deficit managed to increase by $47.1 billion, or 8.9%, from the same period in 2023. Exports increased $79 billion or 3.9%, but imports increased $126.1 billion or 4.9%.
America’s Biggest Trades
The biggest export values for the month of August came from pharmaceutical exports ($10.4 billion), crude oil ($9.68 billion) and other petroleum products ($6.65 billion), followed by semiconductors ($6.27 billion). Semiconductor manufacturing and export remain integral to the overall health and might of the U.S. economy.
But looked at the other way, our biggest import spend for the month of August was on similar items. Pharmaceuticals led the way with $20.98 billion spent on imported drugs. The U.S. remains a big importer of cars, spending $16.9 billion on imported vehicles. The third most imported item was crude oil ($13.4 billion), followed by auto parts ($11.9 billion).
The deficit with the EU fell $3.4 billion in August to $19.2 billion. The China deficit decreased by roughly $2.3 billion to $27.8 billion while the deficit rose by around $800 million with Vietnam to $10.9 billion and by $500 million to $13.7 billion with Mexico.
Top Five Imports
Here’s a look at the usual top five manufactured goods imports and exports below. Overall product types remain similar month over month, with pharmaceuticals leading the charge for both outgoing and ingoing trade.
August 2024
July 2024
Year-to-Date
Pharmaceuticals
$20.98 billion
$20.46 billion
$155.58 billion
Passenger cars
$16.93 billion
$18.03 billion
$144.38 billion
Vehicle parts
$11.91 billion
$12.21 billion
$97.96 billion
Computers
$11.05 billion
$10.07 billion
$77.06 billion
Computer accessories
$9.13 billion
$10.37 billion
$62.59 billion
Worth noting, the U.S. also imported $6.97 billion worth of semiconductors, showing a slight deficit for the month of August. For the year, the U.S. has a $10.82 billion deficit in semiconductors. The data does not differentiate the type of semiconductor. This could be mostly imports of low-end, legacy chips rather than advanced chips.
Top Five Exports
August 2024
July 2024
Year-to-Date
Pharmaceuticals
$10.41 billion
$9.38 billion
$73.96 billion
Semiconductors
$6.27 billion
$7.02 billion
$42.54 billion
Industrial machinery
$5.99 billion
$5.63 billion
$46.82 billion
Aircraft engines
$5.32 billion
$5.20 billion
$41.03 billion
Passenger cars
$4.90 billion
$4.32 billion
$40.02 billion
Based on Bureau of Economic Analysis’s data, the U.S. exported $882.45 billion worth of manufactured goods so far this year, and imported $1.85 trillion. The record-breaking trillion dollar goods deficit continues.
MADE IN AMERICA.
CPA is the leading national, bipartisan organization exclusively representing domestic producers and workers across many industries and sectors of the U.S. economy.
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