The trade deficit in the US narrowed to $70.4 billion in August 2024, the lowest in five months, from an upwardly revised $78.9 billion in July and compared to market forecasts of a $70.6 billion shortfall. Exports increased 2% to a record high of $271.8 billion, due to telecommunications, civilian aircraft, computer accessories, other industrial machinery, pharmaceutical preparations, nonmonetary gold and passenger cars. Also, exports of services increased, namely travel and government goods and services. Meanwhile, imports dropped 0.9% to $342.2 billion, dragged by nonmonetary gold, finished metal shapes, crude oil and passenger cars. On the other hand, imports of services increased, including travel and charges for the use of intellectual property. The deficit narrowed with China (to $27.9 billion from $30.1 billion) and Canada (to $3.1 billion from $8.1 billion). source: Bureau of Economic Analysis (BEA)
