U.S. imports of goods fell in August

U.S. imports of goods fell in August

   The value of U.S. imports of goods decreased by 3 percent, to $102.2 billion in August from $105.4 billion in July, according to the latest statistics of the U.S. Census Bureau.

   The fall in imports, following the depreciation of the U.S. dollar against most major currencies, mean that the U.S. trade deficit on goods narrowed slightly to $44.5 billion in August, from $45 billion in July.

   Over the same period, U.S. exports of goods also decreased, to $57.8 billion in August, from $60.4 billion in July.

   The census bureau reported that the goods deficit between the U.S. and the European Union decreased from $10.5 billion in July to $6.6 billion in August. U.S. exports increased $0.4 billion (primarily passenger cars and pharmaceutical preparations) to $11.8 billion, while imports decreased $3.5 billion (primarily passenger cars, pharmaceutical preparations, gem diamonds, and organic chemicals) to $18.4 billion.

   Over the same period, the goods deficit with Japan decreased from $5.9 billion in July to $4.8 billion in August. Exports were virtually unchanged at $4.3 billion, while imports decreased $1.1 billion (primarily passenger cars) to $9.1 billion.

   By contrast, the goods deficit with China increased from $11.3 billion in July to $11.7 billion in August. Exports were virtually unchanged at $2.0 billion, while imports increased $0.3 billion (primarily other household goods and toys, games and sporting goods) to $13.7 billion.

   Imports from Pacific Rim countries decreased to $35.2 billion in August, from $36.7 billion in July. Whereas imports from Japan, Korea , Singapore and Taiwan decreased, imports of goods from China and Australia rose between July and August.