With exports falling and imports rising, the Commerce Department released a report on Tuesday showing that the U.S. trade deficit widened significantly in the month of August.
The report said the trade deficit widened to $48.3 billion in August from a revised $41.8 billion in July. The deficit had been expected to widen to $48.0 billion.
The wider deficit was partly due to a decrease in the value of exports, which fell by 2 percent to $185.1 billion in August from $188.8 billion in July.
The Commerce Department said exports of industrial supplies and materials tumbled by $2.2 billion due in part to a notable decrease in exports of fuel oil.
Meanwhile, the report showed that the value of imports climbed by 1.2 percent to $233.4 billion in August from $230.6 billion in July,
The increase in the value of imports partly reflected a jump in imports of cell phones and other household goods.
The Commerce Department also said the goods deficit widened to $67.9 billion in August from $61.3 billion in July, while the services surplus inched up $19.6 billion from $19.5 billion.
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