U.S. Trade Deficit Hits $69.9 Billion In August

Oct. 12, 2006
Sets a new record.

Total August exports were at $122.4 billion with imports totaled $19.23 resulting in a $69.9 billion deficit according to the U.S. Department of Commerce. This number is $1.9 billion higher than the July figure.

In August the goods deficit increased $2.1 billion from July to $75.5 billion. Exports of goods increased $2.5 billion to hit $88 billion while imports of goods increased $4.6 billion to reach $163.5 billion.

August's increase in good imported resulted from increased in industrial supplies and materials ($2 billion), capital goods ( $1 billion), consumer goods, ($0.7 billion), automotive vehicles, parts and engines ( $0.5 billion).

"The ballooning trade deficit will tax third quarter growth by about two-tenths of a percentage point. Longer term, the trade deficit substantially slows investments in R&D, education and training, and the multiplier effects on U.S. growth are disturbingly larger." said Peter Morici, a professor at the University of Maryland School of Business.

Popular Sponsored Recommendations

Four Common OT Cybersecurity Pitfalls for Manufacturers

April 4, 2023
For the last six years, Dragos has leveraged their Professional Services team to develop an on-the-ground understanding of the realities facing the industrial community and to...

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!