by Calculated Risk on 10/04/2019 10:50:00 AM

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 $54.9 billion in August, up $0.9 billion from $54.0 billion in July, revised.

August exports were $207.9 billion, $0.5 billion more than July exports. August imports were $262.8 billion, $1.3 billion more than July imports.

Click on graph for larger image.

Both exports and imports increased in August.

Exports are 26% above the pre-recession peak and unchanged compared to August 2018; imports are 13% above the pre-recession peak, and unchanged compared to August 2018.

In general, trade had been picking up, but both imports and exports have moved more sideways recently.

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 $54.13 per barrel in August, down from $56.48 in July, and down from $62.64 in August 2018.

The trade deficit with China decreased to $31.8 billion in August, from $38.6 billion in August 2018.