U.S. Trade Deficit Hits Record in August; U.S. Budget Deficit Trimmed

The U.S. deficit in international trade of goods and services climbed 2.7% to a record $69.86 billion in August, according to the Commerce Department. In August, the goods and services deficit was up $11.1 billion from August 2005. Exports were up $14.4 billion, or 13.4%, and imports were up $25.5 billion, or 15.3% from year ago period.

U.S. exports rose 2.3% to a record $122.42 billion in August, on strong sales of American-made aircraft, foods, and consumer goods. Growth of U.S. imports outpaced exports, rising 2.4% in August to $192.28 billion

The nation's energy bill accounted for much of the increase, amid higher prices and consumption. The U.S. consumed 343.49 million barrels of crude in August. Imports of all energy-related petroleum products rose to $30.50 billion. Advanced technology products (ATP) exports were $21.3 billion in August and imports were $24.9 billion, resulting in a deficit of $3.6 billion.

The deficit with China rose to a record $21.96 billion in August. The deficit with OPEC also hit a record high $11.23 billion. Among the other major trading partners, the trade gap with Mexico (up to $6.23 billion), Canada (up to $6.08 billion), Japan (down to $7.47 billion), euro area (fell to $8.94 billion). 

US federal budget

The US federal budget deficit was trimmed to $248 billion dollars in the fiscal year ended September 30, down $71 billion from the prior year's figure of 319 billion, the Treasury said. Overall receipts to the government rose to $2.407 trillion dollars, up 11.8% from $2.153 trillion in the 2005 fiscal year. Spending increased 7.3% to $2.654 trillion dollars from $2.472 trillion

The budget shortfall would amount to 1.9% of GDP, down from 2.6% in fiscal 2005. The US budget deficit in fiscal 2004 hit a record $413 billion dollars..

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