The U.S. posted a record $16.8 billion trade deficit in August. The imbalance has increased precipitously since July 1997 because U.S. exports of goods and services have fallen 5.4%. By most accounts, the trade deficit will widen still farther— reaching approximately $175 billion to $180 billion this year—as the effects of the Asian and Russian economic crises continue to filter through the world.
Suggested citation: “International Trade,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-11, pp. 18, 11.01.1998.