WASHINGTON — Declines in both imports and exports caused a drop in the nation's trade deficit in August, the Commerce Department reported today.
The trade deficit was $59 billion, down from July's revised figure of $61.3 billion.
August's trade deficit represented a $3.8 billion increase from August 2007.
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The United States exported $164.7 billion in goods and services in August, compared with $168.1 billion in July.
The country imported $223.9 billion in goods and services in July, compared with $229.4 billion in July.
Exports of industrial supplies, automotive vehicles and parts, and consumer goods were among the areas that increased.
Imports of industrial supplies and capital goods increased while imports of automotive vehicles and consumer goods fell.
Exports of business, professional, insurance and transportation caused services exports to fall from $46.6 billion from $46.4 billion.
The rise in imported services to $35.6 billion from $34.7 billion was fueled as it has been in previous months by increases in passenger fares and other private services. The weakness of the dollar triggered reports of record tourists from abroad in the United States this year.
In August, the United States had trade surpluses with Australia, Egypt, Hong Kong and Singapore. But there were trade deficits with China, OPEC, the European Union, Canada, Japan, Korea, Mexico, Nigeria, Taiwan and Venezuela.
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