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The Commerce Department said on Thursday that the trade gap
declined 2.7 percent to $42.4 billion. July's trade deficit was
revised slightly down to $43.6 billion from the previously
reported $43.7 billion.
The department said the effects of Harvey and Irma along with
Hurricane Maria would be "embedded in source data" for trade,
and the impact of the hurricanes will likely be "reflected in
subsequent trade reports until normal trade activities resume in
affected areas."
Economists polled by Reuters had forecast the trade shortfall
narrowing to $42.7 billion in August. When adjusted for
inflation, the trade deficit was little changed at $61.8
billion. The so-called real trade deficit in August was below
the second-quarter average of $62.4 billion.
While that suggests trade could contribute to gross domestic
product in the third quarter, a rise in commodity prices after
Harvey disrupted oil and gas operations along the Texas coast
could push up the trade deficit in September.
Harvey and Irma, which struck Florida last month, are expected
to cut at least six-tenths of a percentage point from economic
growth in the third quarter. Trade added two-tenths of a
percentage point to the second quarter's 3.1 percent annualized
growth pace.
In August, exports of goods and services increased 0.4 percent
to $195.3 billion, the highest level since December 2014. Goods
exports were the highest since April 2015.
Exports to China increased 8.8 percent. Imports of goods and
services dipped 0.1 percent to $237.7 billion in August. Imports
of industrial supplies and materials were the lowest since
November 2016.
Imports of goods from China increased 5.1 percent to a record
high. The politically sensitive U.S.-China trade deficit rose
4.0 percent to $34.9 billion in August, the highest level since
September 2015.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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