The US merchandise trade deficit rose 6.5% in August

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Official data showed on Tuesday that the merchandise trade deficit in the United States increased last August by 6.58 percent on an annual basis.

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According to data from the US Bureau of Statistics (governmental), the trade balance deficit recorded about $87.6 billion in August, up from $82.189 billion in the same month of 2020.

On a monthly basis, the US trade deficit increased by 0.89 percent during the past month, compared to $86.819 billion in the previous July.

The data indicated that exports in the United States increased by 25.6 percent to $149.03 billion in August, compared to $118.66 billion in the same month of 2020.

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As for US imports, they rose on a monthly basis by 17.8 percent to $236.639 billion, compared to $200.858 billion in August 2020.

The world’s largest economy contracted by 3.4 percent in 2020, under pressure from the Corona pandemic.

The recovery is sought during the current year with the support of massive stimulus plans and the acceleration of the pace of anti-virus vaccines.

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Last July, the International Monetary Fund expected the US economy to grow by 7 percent in 2021, up from 6.4 percent, which it had expected last April.