US trade deficit decreases in August to $39.2 Billion
Imports, exports both down for month
By Berta Gomez, Washington File Staff Writer
Tuesday, 14 October 2003

Washington -- The U.S. trade deficit decreased in August for the fifth straight month, as the value of imports fell more than that of exports, the Department of Commerce reports.

In an October 10 news release the department calculated the August deficit at a seasonally adjusted $39.2 billion, comprising a goods deficit of $44.5 billion and a services surplus of $5.3 billion. The August total was down from a revised $40 billion U.S. trade deficit for July.

The August report showed imports declined to $122.9 billion, down from $126 billion in July. The figure reflected a sharp decline in imports of automobiles and auto parts, which fell by $2.3 billion to $15.6 billion in August. U.S. purchases of foreign-made capital goods decreased by more than $500 million.

The value of U.S. oil imports fell to $8.79 billion, down from $9.07 billion in July. The price of crude oil rose 85 cents, from $26.70 a barrel in July to $27.55 in August, but the quantity of foreign oil purchased by the United States was 319.3 million barrels, down from 339.7 million in July.

Overall exports dropped by $2.3 billion in August to $83.7 billion, reflecting decreases in capital goods exports, industrial supplies and automobiles.

The U.S. deficit with China widened to $11.7 billion from $11.3 billion in July as imports from that nation rose to $13.7 billion. The deficit with the European Union narrowed sharply to $6.9 billion from $11.2 billion in July.

Other large U.S. trade deficits in August included those with Canada, $4.7 billion; Mexico, $3.4 billion, Japan, $4.8 billion; and Taiwan, $1.2 billion.

Following are some key figures:

US GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

US GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

US SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

US GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.