The U.S. trade deficit narrowed in August to $40.1 billion, down from a revised $40.3 billion in July, the U.S. Commerce Department reported today.
Exports in August edged up to $198.5 billion. August imports rose by $0.3 billion to $238.6 billion.
The goods deficit grew in July by $0.1 billion to $59.9 billion. Exports of goods increased $0.1 billion to $138.8 billion while imports of goods increased by the same amount to $198.7 billion.
Exports increased for capital goods ($1.0 billion), consumer goods ($0.8 billion), industrial supplies and materials ($0.7 billion) and other goods ($0.4 billion). August import increases occurred for capital goods ($1.8 billion) and consumer goods ($0.7 billion).
Export decreases occurred in automotive products (see slide 2) and foods and beverages ($0.6 billion). Decreases in imports in Augusts were led by automotive ($1.4 billion).
The cumulative U.S. trade deficit for the first eight months of 2014 was $335.2 billion, or about $1.38 billion per day.
Following are more details on U.S. trade figures.