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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 06, 2020
US TRADE BALANCE, AUGUST 2020

The US goods and services deficit was $67.1 billion in August 2020, $3.7 billion wider than the revised July 2020 estimate of $63.4 billion. 

The US goods trade deficit widened by $3.0 billion to $83.9 billion in August 2020, while the US services trade surplus narrowed by $0.7 billion to $16.8 billion.

Both exports and imports increased for the third consecutive month in August as COVID-related restrictions eased, but both remain below pre-pandemic levels.  

US exports of goods and services increased to $171.9 billion in August 2020, up 2.2 per cent ($3.6 billion) over July 2020.  US exports of goods and services were $209.7 billion in February 2020. 

Exports of goods increased 3.0 per cent ($3.5 billion) from July to $119.1 billion in August.  US goods exports were $138.5 billion in February.

US services exports increased 0.3 per cent ($0.1 billion) from July to $52.8 billion in August.  US services exports were $71.2 billion in February. 

US imports of goods and services increased to $239.0 billion in August, up 3.2 per cent ($7.4 billion) from July.  US imports of goods and services were $246.7 billion in February.  

US goods imports increased 3.3 per cent ($6.5 billion) from July to $203.0 billion in August.  US goods imports were $198.2 billion in February.

Service imports to the US were $36.1 billion in August, up 2.4 per cent ($0.8 billion) from July.  US services imports were $48.4 billion in February.

 

On a year-to-date basis, the US trade deficit is up $22.6 billion compared to Jan-Aug 2019, to $421.8 billion for Jan-Aug 2020. Compared to the same months a year ago, the goods trade deficit narrowed by $14.2 billion to $575.8 billion for Jan-Aug 2020, while the services trade surplus narrowed by $36.7 billion to $153.9 billion.

Source: US Census Bureau, US Bureau of Economic Analysis

 



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