US trade deficit jumps to largest in 14 years in August as imports grow
The US trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter
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(Reuters) - The U.S. trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.
Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.
Imports increased by 3.2% to $239 billion. Goods imports rose $6.5 billion to $203 billion. Exports increased 2.2% to $171.9 billion. Goods exports rose $3.5 billion to $119.1 billion.
The closely watched trade deficit with China decreased $1.9 billion to $26.4 billion in August.
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A smaller trade bill contributed to gross domestic product over the last three quarters. The coronarivus crisis severely disrupted trade flows, which are now picking up.
(Reporting by Dan Burns; Editing by Chizu Nomiyama)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Oct 06 2020 | 7:57 PM IST