Census Reports Another Drop in Imports & Exports, Bigger Deficit in August

Imports and exports once again declined in August, and the drop in exports again outpaced the fall in exports, leading to further widening of the U.S. goods and services deficit by $1.7 billion to $44.2 billion, said the Census Bureau and Bureau of Economic Analysis in their U.S. International Trade in Goods and Services Report for August 2012. The report showed that, as compared to revised July 2012 levels, exports were down $1.9 billion to $181.3 billion, and imports were down $0.2 billion to $225.5 billion. As compared to August 2011 totals, exports increased by 1.6 percent and imports by 1 percent. The U.S. trade deficit with China narrowed to $28.7 billion in August, down from $29.4 billion in July.