Economic Report: Olympics, higher imports raise U.S. trade deficit by 3% in August

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A huge increase in U.S. soybean exports helped cut the U.S. trade deficit in August.

WASHINGTON (MarketWatch) — The U.S. trade deficit rose 3% in August to $40.7 billion as imports climbed to the highest level in almost a year, reflecting a strong dollar that makes foreign goods cheaper as well as an influx of Americans who spent a lot of money during the Rio Olympics.

Economists polled by MarketWatch had expected the trade gap to total $39 billion, a touch lower than the $39.5 billion gap in July. The numbers are seasonally adjusted.

Despite the increase in August, the deficit is on track to be smaller in the third quarter than in the spring.

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