US trade deficit jumps to largest in 14 years in August
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US trade deficit jumps to largest in 14 years in August

Global Economy

Reuters
06 October, 2020, 07:15 pm
Last modified: 06 October, 2020, 07:15 pm

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US trade deficit jumps to largest in 14 years in August

The Commerce Department said on Tuesday the trade deficit jumped 5.9 percent to $67.1 billion, the widest since August 2006

Reuters
06 October, 2020, 07:15 pm
Last modified: 06 October, 2020, 07:15 pm
FILE PHOTO: Containers are loaded onto a ship, as the global outbreak of the coronavirus disease (Covid-19) continues, in the Port of Los Angeles, California, US, April 16, 2020. REUTERS/Lucy Nicholson/File Photo
FILE PHOTO: Containers are loaded onto a ship, as the global outbreak of the coronavirus disease (Covid-19) continues, in the Port of Los Angeles, California, US, April 16, 2020. REUTERS/Lucy Nicholson/File Photo

The U.S. trade deficit surged in August to the largest in 14 years with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the trade deficit jumped 5.9 percent to $67.1 billion, the widest since August 2006.

Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.

Imports increased by 3.2 percent to $239 billion. Goods imports rose $6.5 billion to $203 billion. Exports increased 2.2 percent to $171.9 billion. Goods exports rose $3.5 billion to $119.1 billion.

The closely watched trade deficit with China decreased $1.9 billion to $26.4 billion in August.

A smaller trade bill contributed to gross domestic product over the last three quarters. The coronarivus crisis severely disrupted trade flows, which are now picking up.

USA / Tarde Deficit

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