*EPF404 10/14/2004
U.S. Trade Deficit Rises in August to $54 Billion
(Higher oil prices drive growing gap, Department of Commerce says) (930)

Washington -- The U.S. trade deficit rose in August to $54 billion, its second-highest level ever, attributable in part to high oil prices, the Department of Commerce says.

In an October 14 news release, the department said the trade deficit rose by $3.5 billion in August from a revised figure of $50.5 billion for July. The August figure fell just short of the record $55.0 billion trade deficit in June.

The overall deficit comprised a goods deficit of $57.4 billion and a services surplus of $3.4 billion, the Commerce Department said.

U.S. imports increased to $150.1 billion from $146.5 billion in July. Exports grew slightly to $96.0 billion in August from $95.9 billion in July, according to the department.

The U.S. trade deficit with OPEC (Organization of Petroleum Exporting Countries) rose sharply to $7.0 billion, up from $6.0 billion in July, Commerce said. U.S. crude oil imports rose to 331.2 million barrels in August and the average price per barrel was $36.37, up from $33.28 the previous month.

In August the U.S. bilateral goods deficit with China reached a record $15.4 billion, far ahead of the $6.4 billion deficit with Japan. Other large deficits were reported with Canada, $6.6 billion; Germany, $3.9 billion; Mexico, $3.7 billion; Italy, $1.7 billion; South Korea, $1.5 billion; and Taiwan, $1.5 billion.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 -421,735 975,940 1,397,675
Jan.-Dec. 2003 -496,508 1,020,503 1,517,011

Jan.-Aug. 2003 -329,768 666,187 995,955
Jan.-Aug. 2004 -393,479 752,311 1,145,790

August 2003 -40,185 84,105 124,290
August 2004 -54,041 96,028 150,069

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 -482,895 681,833 1,164,728
Jan.-Dec. 2003 -547,552 713,122 1,260,674

Jan.-Aug. 2003 -362,546 466,339 828,885
Jan.-Aug. 2004 -426,552 528,086 954,638

August 2003 -44,393 58,234 102,627
August 2004 -57,442 67,390 124,832

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2002 61,160 294,107 232,947
Jan.-Dec. 2003 51,044 307,381 256,337

Jan.-Aug. 2003 32,778 199,848 167,070
Jan.-Aug. 2004 33,073 224,225 191,152

August 2003 4,208 25,871 21,663
August 2004 3,401 28,638 25,237

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral August August
balance exports imports

Total -60,487 66,936 127,422

North America -10,363 24,985 35,348
Canada -6,636 15,419 22,055
Mexico -3,727 9,565 13,293

European Union (25) -9,568 13,544 23,112
Western Europe -9,994 14,459 24,453
Euro Area -8,014 9,873 17,886
European Union (15)-9,108 13,257 22,365
Austria -328 173 501
Belgium 523 1,395 872
Finland -136 155 291
France -1,019 1,470 2,489
Germany -3,896 2,619 6,515
Italy -1,726 734 2,460
Netherlands 923 2,024 1,101
Spain -147 493 641
Sweden -397 311 708
United Kingdom -517 2,936 3,453
Other EU -2,388 947 3,335

European Free Trade
Association -622 917 1,539
Norway -509 118 628
Switzerland -87 784 871
Other EFTA -25 14 40
Other Western Eur. -264 286 549

Eastern Europe, Former
Soviet Reps. -1,410 652 2,062
Hungary -150 50 200
Poland -61 93 155
Former Sov. Reps. -908 392 1,301
Russia -760 234 994
Other FSR -148 159 307
Other Eastern Europe -291 116 407

Pacific Rim -26,196 17,330 43,526
Australia 595 1,252 657
China -15,386 2,682 18,068
Japan -6,439 4,281 10,719
Newly Industrialized
Countries -1,872 7,335 9,207
Hong Kong 441 1,336 896
South Korea -1,454 2,340 3,794
Singapore 623 2,022 1,399
Taiwan -1,481 1,636 3,118
Other Pacific Rim -3,093 1,781 4,875

South/Cent. America -3,545 5,101 8,646
Argentina -29 305 334
Brazil -596 1,223 1,819
Colombia -307 351 658
Other S/C America -2,613 3,223 5,835

OPEC -7,044 1,808 8,852
Indonesia -764 186 950
Nigeria -1,404 132 1,536
Saudi Arabia -1,884 419 2,303
Venezuela -1,708 414 2,122
Other OPEC -1,283 659 1,942

Other countries -4,423 3,186 7,609
Egypt 130 299 169
South Africa -221 284 504
Other -4,332 2,604 6,936

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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