The August 2010 U.S. trade deficit increased to $46.347 billion. July's revised deficit was $42.583 billion. The goods deficit with China alone increased $2.1 billion. That's an 8.84% U.S. trade deficit increase in one month. U.S. exports increased by a measly $0.3 billion, to $153.5 billion, while imports increased by $4.1 billion, to $200.2 billion.
Imports are now 1.33 times larger than exports, or in other words, for every $3 we export, we import $4 worth of stuff. From the report:
Exports were up $23.5 billion, or 18.0 percent, and imports were up $38.8 billion, or 24.0 percent.
Below are imports vs. exports of goods and services from January 2007 to August 2010. Notice how imports are increasing so much faster than exports and also notice how much larger imports are than exports.
The change was almost all goods and on U.S. goods exports, it's unchanged. From the report:
In August, the goods deficit increased $3.9 billion from July to $59.0 billion, and the services surplus increased $0.1 billion to $12.6 billion. Exports of goods were virtually unchanged at $107.7 billion, and imports of goods increased $3.9 billion to $166.7 billion. Exports of services increased $0.3 billion to $46.2 billion, and imports of services increased $0.2 billion to $33.5 billion.
The largest increase in imports was consumer goods, $1.4 billion.
Advanced technology, ya know those jobs of the future, has a deficit of $8.8 billion and to make matters worse in one month a drop in exports of $2.1 billion. That's American jobs, the jobs of the future, being offshore outsourced and now the goods are coming in as imports.
Advanced technology products exports were $21.8 billion in August and imports were $30.6 billion, resulting in a deficit of $8.8 billion. August exports were $2.1 billion less than the $23.9 billion in July, while August imports were $0.2 billion less than the $30.8 billion in July.
Here is the breakdown with major trading partners. China alone is a $28 billion dollar trade deficit. The trade deficit with China exceeds the next largest trading partner, OPEC (read oil), by over over 3 to 1.
The August figures show surpluses, in billions of dollars, with Hong Kong $1.9 ($1.8 for July), Singapore $1.1 ($1.2), Australia $1.0 ($0.9), and Egypt $0.4 ($0.4). Deficits were recorded, in billions of dollars, with China $28.0 ($25.9), OPEC $9.0 ($8.0), European Union $8.1 ($9.9), Mexico $6.0 ($5.3), Japan $5.8 ($4.9), Germany $3.4 ($3.6), Nigeria $2.7 ($2.4), Ireland $2.5 ($2.4), Venezuela $2.2 ($1.8), Canada $2.2 ($1.4), Korea $1.3 ($1.0), and Taiwan $1.2 ($1.0).
Below is the raw customs basis accounting of Chinese imports into the United States, not seasonally adjusted.
Below is a graph of China imports into the United States from 1985, to show just how much imports from China have grown. The visual is stunning, it looks like a rocket pointed directly at the U.S. economy.
The trade deficit, a major U.S. jobs buster, is well on it's same trajectory path, before the great recession like a nuclear missile, against the United States.
What is the U.S. exporting? Soybeans and Gold. Know what has dropped dramatically in U.S. exports? Non-military aircraft.
Ya know what the U.S. is importing more of? Semiconductors, that's advanced technology manufacturing, The top consumer good import is cheap plastic toys and cheap plastic stuff for the house.
To get a feel for what's going on in terms of imports and exports by end-use categories, I suggest looking over exhibits 7 & 8 from the trade report.
Here is July's report (unrevised).