Newly Released Data from the United States! Trade Deficit Decreases by 10.8%, with a Deficit of Only $70.4 Billion!

So, what are the import and export figures for the United States? How about the trade situation between the U.S. and its major trading partners such as China and Canada? Let's take a look together!

01 U.S. Trade Deficit at $70.4 Billion! A Rare Narrowing by Only 11%!

News from October 9th, according to the latest foreign trade data released by the U.S. Bureau of Commerce (usually delayed by 2 months), in August, the U.S. trade deficit was $70.4 billion, a year-on-year decrease of 10.8%.

Looking at the import and export data, in August, U.S. exports were $271.8 billion, a year-on-year increase of 2%; during the same period, U.S. imports were $342.2 billion, a year-on-year decrease of 0.2%, as shown in the figure below:

Ultimately, in August, the total foreign trade volume of the United States was $614 billion.

After reviewing the foreign trade data for the United States in August 2024, let's now take a look at the situation of the U.S.'s major trading partners.02 How is the trade situation between the United States and Canada, China, and other countries?

Advertisement

First, let's take a look at the foreign trade data between the United States and its "neighbor" - Canada.

Specifically, in August 2024, U.S. exports to Canada increased by $1.1 billion, reaching $28.5 billion; during the same period, imports from Canada decreased by $2.7 billion, reaching $32.3 billion;

Ultimately, in August, the total foreign trade between the United States and Canada was $60.8 billion, with a trade deficit of $3.9 billion with Canada, which decreased by $3.8 billion compared to the previous month.

Secondly, let's look at the import and export data between the United States and Belgium.

Specifically, in August 2024, U.S. exports to Belgium decreased by $100 million, to $2.8 billion; during the same period, imports increased by $1.5 billion, to $3.4 billion.

Ultimately, in August, the total foreign trade between the United States and Belgium was $6.2 billion, and the foreign trade with Belgium shifted from a surplus of $1 billion in July to a deficit of $600 million in August.

Lastly, let's take a look at the foreign trade situation between the United States and China.

Specifically, in August 2024, U.S. exports to China increased by $1.1 billion, reaching $12.6 billion; during the same period, imports from China decreased by $1.5 billion, reaching $37.3 billion.In conclusion, by August, the total foreign trade volume between the United States and China reached $49.9 billion, with the trade deficit to China dropping to $24.7 billion, a decrease of $2.6 billion compared to the previous month.

03 Which countries have trade surpluses and deficits with the United States?

Additionally, the latest data shows that in August, the United States' main trade surplus countries included: the Netherlands ($5.5 billion), Central and South America ($4 billion), Australia ($1.9 billion), Brazil ($800 million), Singapore ($500 million), and the United Kingdom ($300 million).

Meanwhile, the United States' main trade deficit countries in August included: the European Union ($19.1 billion), Mexico ($14.3 billion), Vietnam ($9.8 billion), Ireland ($8 billion), Germany ($6.6 billion), Japan ($4.9 billion), South Korea ($4.9 billion), Canada ($3.9 billion), Italy ($2.9 billion), India ($2.7 billion), Switzerland ($2.5 billion), France ($1.7 billion), Malaysia ($1.1 billion), Israel ($1 billion), and Saudi Arabia ($100 million).

What are your thoughts on this? How would you evaluate the United States' foreign trade data for August? Furthermore, what do you think the future of U.S. foreign trade will look like?