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.
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An award-winning editor, Executive Editor Steve Minter covers leadership, global economic and trade issues and energy, tackling subject matter ranging from CEO profiles and leadership theories to economic trends and energy policy. As well, he supervises content development for editorial products including the magazine, IndustryWeek.com, research and information products, and conferences.
Before joining the IW staff, Steve was publisher and editorial director of Penton Media’s EHS Today, where he was instrumental in the development of the Champions of Safety and America’s Safest Companies recognition programs.
Steve received his B.A. in English from Oberlin College. He is married and has two adult children.