August 2024 Trade Gap is $70.4 Billion

The U.S. goods and services trade deficit decreased from $78.9 billion in July (revised) to $70.4 billion in August, as exports increased and imports decreased. The goods deficit decreased $8.4 billion to $94.9 billion, and the services surplus increased $0.1 billion to $24.4 billion.

Exports of goods and services increased $5.3 billion, or 2.0 percent, in August to $271.8 billion. Exports of goods increased $4.4 billion, and exports of services increased $0.9 billion.

• The increase in exports of goods reflected increases in capital goods ($1.7 billion), in consumer goods ($1.0 billion), in industrial supplies and materials ($0.9 billion), and in automotive vehicles, parts, and engines ($0.8 billion).
• The increase in exports of services reflected increases in travel ($0.5 billion) and in government goods and services ($0.2 billion). A decrease in transport ($0.2 billion) partly offset the increases.

Imports of goods and services decreased $3.2 billion, or 0.9 percent, in August to $342.2 billion. Imports of goods decreased $3.9 billion, and imports of services increased $0.7 billion.

• The decrease in imports of goods reflected decreases in industrial supplies and materials ($3.9 billion) and in automotive vehicles, parts, and engines ($1.3 billion).
• The increase in imports of services reflected increases in travel ($0.4 billion) and in charges for the use of intellectual property ($0.4 billion). A decrease in transport ($0.3 billion) partly offset the increases.

For more information, read the full release.