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Trade gap jumps in August

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Trade gap jumps in August

Exports fall to lowest level in three years, while imports increase.

The US Department of Commerce reported today that the nation’s international goods and services deficit was $48.3 billion in June, up $6.5 billion, or 15.6%, from a revised $41.8 billion in July.

The deficit was largest since March of this year.

Exports fell to $185.1 billion in August from $188.8 billion in July. Goods were $124.5 billion in August, down from $128.5 billion in July. Services were $60.6 billion in August, up from $60.3 billion in July.  Exports for August were the lowest since October of 2012.

Imports increased to $233.4 billion in August from $230.6 billion in July. Goods were $192.4 billion in August, up from $189.8 billion in July. Services were $41.1 billion in August, up from $40.8 billion in July.

For the full report, click here.

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