FX.co ★ US trade deficit hits record high

In the last month of summer, the US trade deficit has reached its highest level. According to the US Department of Commerce, it rose 1.6% to $54.9 billion.

The US trade deficit amounted to $54 billion in July 2019. August’s results exceeded initially forecast $54.5 billion.

Analysts noted a significant increase in the country’s imports and exports. US imports rose 0.5% to $262.76 billion, while the imports of consumer goods hit its historic highs. Exports gained 0.2%, reaching $207.87 billion. According to economists estimates, an enhanced supply of cars and spare parts contributed to the growth of indicators.

For the period January to August 2019, the foreign trade deficit totaled $428.7 billion compared with $400 billion in 2018.

What is more, in August, the trade deficit with China shrank to $28.9. The score was $29.6 in June 2019. Meanwhile, US exports to China expanded by $10 billion while imports eased by $38.9 billion.