September 15, 2014

The trade deficit totaled USD 10.8 billion in August, which was virtually unchanged from the USD 10.7 billion shortfall recorded in the same month last year. In the 12 months up to August, the trade deficit totaled USD 121.3 billion, which also was virtually in line with the USD 121.2 billion shortfall seen in the 12 months up to July.



The trade deficit remained nearly unchanged in August over the same month last year, as both exports and imports expanded at a slower pace. Overseas sales decelerated from a 7.3% increase in July to a 2.4% expansion in August, which marked the slowest pace in five months. The slowdown in exports was caused by weaker shipments of gems, jewelry and petroleum products. Imports grew 2.1% annually in August, which came in below the 4.3% increase tallied in July.

FocusEconomics Consensus Forecast panelists expect exports to increase 8.6% in FY 2014/2015, reaching USD 340 billion. In FY 2015/2016, the panel sees exports expanding 11.6% and reaching USD 379 billion.