October 5 (WNN) — The US trade deficit widened to a record $73.3 billion in August, mostly driven by the pharmaceutical industry, the Commerce Department said on Tuesday.
New data shows that while there was a marginal jump in exports of $1 billion since July, imports increased by $4 billion.
More than half of that increase, $2.2 billion, was in pharmaceutical preparations, followed by toys, games and sporting goods, which saw a $600 million increase, the department said.
“The August increase in the goods and services deficit reflected an increase in the goods deficit from $1.6 billion to $89.4 billion and a decrease in the services surplus from $1.4 billion to $16.2 billion,” the department said in a statement.
“Year-on-year, the goods and services deficit increased by $140.8 billion, or 33.7% from the same period in 2020. Exports increased by $244.3 billion, or 17.5%. Imports increased by $385.1 billion, or 21.2%. “
Other import growth in August included $1.8 billion in industrial supplies and materials, $800 million in organic chemicals, $700 million in transportation and $500 million in travel.
Exports on industrial supplies and materials rose by $3.5 billion, non-monetary gold by $1.6 billion and natural gas by $700 million.
The transport industry showed that exports declined in many sectors. Automotive vehicles, parts and engines decreased by $1 billion, trucks, buses and special-use vehicles declined by $500 million, and passenger car exports declined by $300 million.