Advances goods trade balance for August 2020
- Advanced goods trade balance falls to -$82.9B vs -$81.8B estimate
- Prior month -$80.1B
- Exports of goods came in at $118.3B, up $3.2B from July exports. Exports rose by 2.8%
- Imports of goods came in at $201.3B which was $6.0B more than July's numbers. Up 3.1% on the month.
Although both imports and exports rose, the value of imports rose more as the US economy (spending) recovered from Covid. The bad news is the deficit is the largest trade balance on record. This may be a result of other countries outside the US recovering greater from a production standpoint.
