By: Sean Kline
As some of our most ardent followers probably know already, we just released our August trade statistics. The numbers indicate that the deficit in goods and services increased from $42.5 billion (revised numbers for July) to $44.2 billion in August.
Exports Decreased to $181.3 Billion While Imports Waned to $225.5 Billion (Goods & Services)
Exports decreased by $1.9 billion due largely to decreases in industrial supplies and materials ($1.2 billion) as well as foods, feeds, and beverages ($1.1 billion). These decreases were slightly offset by a $0.4 billion increase in capital goods. The $0.2 decrease in imports is attributed to a decrease in consumer goods ($1.2 billion) and automotive vehicles, parts, and engines ($0.8 billion). It is important to note, however, that there were increases in imports of industrial supplies and materials ($1.5 billion). For more information, click here.
Exports to India Reach New Heights
In one of our previous blogs, we highlighted India as a National Export Initiative Priority Market and apparently some of you were paying attention because exports to India hit a record high of $2.1 billion in August. As you can see below, I’ve graphed U.S. exports to India over the past 3 years. If you would like even more detailed data on the commodities that have experienced the largest gains, I suggest you take advantage of a free trial of USA Trade Online. This type of detailed data is available not only for India but for our other 233 trading partners as well. In addition, the U.S. Commercial Service also offers resources for companies that are looking to export to India at export.gov/india. Happy exporting!