August Trade Deficit Down 5.8% as Oil, Auto Imports Slow
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WASHINGTON — The nation’s merchandise trade deficit was $9.9 billion in August, the least amount of trade losses since December as oil imports slowed and auto imports stabilized, the Census Bureau said today.
The August figure was 5.8% less than the $10.5-billion trade deficit in July and a sharp 26% lower than the $13.4 billion in red ink recorded in June, the second worst month on record.
The cost of oil imports declined 7.6% in August, helping narrow the deficit. Auto imports were worth 2.1% less than July, while exports managed a small improvement, up 0.07%.
The report was unexpected good news for the Reagan Administration, which is trying to beat back protectionist legislation on Capitol Hill.
But government analysts cautioned that the trade deficit’s new slowing trend could reverse itself in later months.
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