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U.S. Trade Deficit Declined 2.7% in July
The Commerce Department reported Wednesday that the U.S. trade deficit declined in July. The gap between what the U.S. buys and what it sells overseas fell 2.7% to $54 billion from where it was in June at $55.5 billion. Exports increased 0.6% to $207.4 billion, while imports slipped 0.1% to $261.4 billion.
Compared to a year ago, the average trade gap has increased $7 billion. The trade gap with China fell $500 million in July to $29.6 billion, as imports to the United States fell more sharply than the decline in exports.
Overall, the goods deficit decreased $1.6 billion in July to $73.7 billion. The services surplus decreased $0.1 billion in July to $19.7 billion.
Exports of goods and services increased $1.2 billion, or 0.6%, in July to $207.4 billion. Exports of goods increased $1.2 billion and exports of services decreased $0.1 billion.
The increase in exports of goods mostly reflected increases in consumer goods ($1.5 billion), in capital goods ($0.8 billion), and in automotive vehicles, parts, and engines ($0.6 billion). A decrease in industrial supplies and materials ($1.7 billion) partly offset the increases.
Imports of goods and services decreased $0.4 billion, or 0.1%, in July to $261.4 billion. Imports of goods decreased $0.4 billion and imports of services increased $0.1 billion.
The decrease in imports of goods mostly reflected a decrease in capital goods ($1.5 billion). An increase in industrial supplies and materials ($0.9 billion) partly offset the increase.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
