by Calculated Risk on 10/05/2018 11:23:00 AM

Earlier from the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $53.2 billion in August, up $3.2 billion from $50.0 billion in July, revised.

August exports were $209.4 billion, $1.7 billion less than July exports. August imports were $262.7 billion, $1.5 billion more than July imports.

Click on graph for larger image.

Exports decreased and imports increased in August.

Exports are 27% above the pre-recession peak and up 7% compared to August 2017; imports are 13% above the pre-recession peak, and up 10% compared to August 2017.

In general, trade has been picking up.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Oil imports averaged $62.63 in August, down from $64.63 in July, and up from $44.13 in August 2017.

The trade deficit with China increased to $38.6 billion in August, from $35.0 billion in August 2017.