The U.S. trade deficit widened to its greatest point in six months as soybean exports plunge.
Data from the Commerce Department show that the value of U.S. soybean exports dropped by $1 billion, or 28 percent over the month of August, to a value of $2.58 billion. Overall, U.S. imports increased by 0.6 percent, while exports fell by 0.8 percent.
It appears as if third quarter results will be negatively affected by the widening trade deficit, as ongoing trade disputes with China continue on. Economists surveyed by Bloomberg place the U.S. trade deficit at $53.6 billion, however, at the same time, trade relations between the U.S. and its neighbors, Canada, and Mexico, have improved with the successful revision of MAFTA and the creation of the USMCA, which is set to be signed by the end of November.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at firstname.lastname@example.org.