U.S. trade deficit widens in August

Map of USA. [PHOTO CREDIT: Wikimedia Commons]
Map of USA. [PHOTO CREDIT: Wikimedia Commons]

The overall U.S. trade deficit on Friday widened to $54.9 billion in August amid protracted trade tensions, its figures showed.

The U.S. Commerce Department said it was up from the revised 54 billion dollars in July and higher than economists’ expectation for 54.4 billion dollars.

The department said the U.S. exports in August increased to 207.9 billion dollars, 0.5 billion dollars more than that in July, while imports rose to 262.8 billion dollars, up 1.3 billion dollars from the previous month.

Meanwhile, Trump’s administration tried to shrink the trade gap by imposing additional tariffs on various imports, the U.S. trade deficit widened to 428.7 billion dollars in the first eight months of 2019.

It, however, went up 28.3 billion dollars, or 7.1 per cent, from the same period in 2018.

The U.S. economists at the International Monetary Fund (IMF), noted that its persistent deficit with trading partners resulted from its macroeconomic policy.

Read also: CBN injects $210m into forex market

The economists, however, urged it to adopt fiscal consolidation and implement structural policies to address external imbalances, rather than resorting to distorted trade actions.

(Xinhua/NAN)

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.