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10/18/2002
U.S. Trade Deficit Hit New Record in August
Surge in imports widens gap to $38,500 million
Washington – The U.S. trade deficit, fueled by growing consumer demand for foreign-made goods, jumped to a record $38,460 million in August from $35,100 million in July, the Commerce Department reported.
Imports rose from $118,000 million in July to $120,300 million in August to reach their highest level in 17 months as exports dropped from $82,900 million to $81,800 million -- declining for the first time in six months, according to figures released by the department October 18.
The goods deficit increased by 8 percent to $42,300 million while the services surplus decreased by 5 percent to $3,800 million.
Accounting for the upsurge in imports of goods were consumer goods such as pharmaceuticals, television sets, furniture and household appliances and industrial supplies and materials. Higher oil prices also contributed to the increase.
Drops were reported in the major U.S. export categories of capital goods, foods, feeds, beverages, autos and auto parts, and consumer goods.
In August the U.S. bilateral trade deficit with China went up to $10,856 million while that with Western Europe declined to $7,031 million. Other large deficits were reported with Japan, $5,269 million; Canada, $4,150 million; Mexico, $3,482 million; Taiwan, $1,308 million; and Venezuela $1,266 million.
Following are some key figures:
U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 2000 -378,681 1,064,239 1,442,920
Jan.-Dec. 2001 -358,290 998,022 1,356,312
Jan.-Aug. 2001 -250,783 688,061 938,844
Jan.-Aug. 2002 -279,459 641,522 920,981
August 2001 -29,451 83,092 112,542
August 2002 -38,460 81,857 120,317
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 2000 -452,423 771,994 1,224,417
Jan.-Dec. 2001 -427,165 718,762 1,145,927
Jan.-Aug. 2001 -290,842 495,679 786,521
Jan.-Aug. 2002 -310,201 454,165 764,366
August 2001 -34,458 58,939 93,396
August 2002 -42,274 57,984 100,258
U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 2000 73,742 292,245 218,503
Jan.-Dec. 2001 68,875 279,260 210,385
Jan.-Aug. 2001 40,059 192,382 152,323
Jan.-Aug. 2002 30,742 187,357 156,615
August 2001 5,007 24,153 19,146
August 2002 3,814 23,873 20,059
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted
Bilateral August August
balance exports imports
Total -42,816 59,199 102,015
North America -7,632 22,283 29,915
Canada -4,150 13,876 18,026
Mexico -3,482 8,407 11,889
Western Europe -7,031 12,661 19,692
Euro Area -5,364 8,455 13,819
European Union -6,223 11,741 17,964
Austria -205 126 330
Belgium 521 1,139 617
Finland -152 122 274
France -916 1,292 2,208
Germany -2,861 2,144 5,005
Italy -1,344 823 2,168
Netherlands 741 1,510 769
Spain -81 391 473
Sweden -261 261 522
United Kingdom -482 2,909 3,391
Other EU -1,184 1,024 2,208
European Free Trade
Association -664 683 1,348
Norway -458 134 593
Switzerland -188 538 727
Other EFTA -18 11 28
Other Western Eur. -143 237 380
Eastern Europe, Former
Soviet Reps. -816 532 1,348
Hungary -121 55 176
Poland -47 53 100
Former Sov. Reps. -509 326 836
Russia -461 224 686
Other FSR -48 102 150
Other Eastern Europe -139 97 236
Pacific Rim -20,254 15,794 36,047
Australia 455 1,029 574
China -10,856 1,826 12,682
Japan -5,269 4,770 10,038
Newly Industrialized
Countries -1,845 6,192 8,037
Hong Kong 242 1,109 867
South Korea -980 1,904 2,884
Singapore 201 1,585 1,384
Taiwan -1,308 1,594 2,902
Other Pacific Rim -2,739 1,977 4,716
South/Central Am. –2,048 4,392 6,440
Argentina -115 131 246
Brazil -397 1,131 1,528
Colombia -204 271 475
Other S/C America -1,333 2,860 4,192
OPEC -3,676 1,472 5,148
Indonesia -704 262 966
Nigeria -611 92 703
Saudi Arabia -805 405 1,211
Venezuela -1,266 327 1,593
Other OPEC -290 385 675
Other countries -3,345 2,638 5,983
Egypt 260 342 82
South Africa -48 271 320
Other -3,556 2,025 5,581
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.
(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
