August Trade Deficit Widens by 3.7B, Commerce Department Reports
The goods deficit increased by $3.9 billion in July to $59 billion. But services saw a surplus of $0.1 billion to $12.6 billion. On a year-to-date basis, the goods and services deficit increased $15.3 billion from August 2009 to August 2010. Exports rose 18 percent, but imports climbed 24 percent.
The decrease in exports was primarily attributed to capital goods. But exports of foods, beverages, industrial supplies, and automotive vehicles and parts experienced growth.
The imports increase was due largely to consumer goods. Capital goods and automotive vehicles and parts also contributed to the increase.
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