The U.S. trade deficit was $45.6 billion in August, unchanged from the revised $45.6 billion in July the Commerce Department reported Thursday. The July deficit was revised up from the originally reported $44.8 billion.
Exports in August fell 0.1% and imports were unchanged.
Economists polled by Thomson Reuters had a median estimate of $46.0 billion for the August trade deficit.
Agricultural and food exports were up 2.2% led by increases in soybeans and wheat. In industrial materials, exports rose 1.8% led by petroleum products and plastics. Capital goods except autos fell 0.9% despite increases in aircraft, aircraft engines, and industrial machinery. Auto exports fell 8.2%. Consumer goods exports rose 1.7% led by pharmaceuticals.
In imports, autos fell 3.2%. Capital goods imports were off 0.6%. Consumer goods other than autos were down 0.5% with declines in apparel and electronics.
The average barrel of imported crude oil fell to $102.62 from $104.27 in July. The price has now fallen for four straight months. The falling price offset a 7.6% increase in the number of barrels of oil imported in August.
The August trade deficit with China rose 7.4% to a record $29.0 billion. Imports of $37.4 billion from China were also the highest on record. The deficit with Japan was up 27.9%, likely reflecting the return of normal supply chain imports.
Augusts’ trade surplus in services was a record high $15.8 billion.
