US Trade Deficit Down to $70.1 Billion in July Amid Decline in Imports

Source: Bureau of Economic Analysis

The United States’ trade deficit narrowed in July, as exports climbed while imports declined during the period.

• The goods and services deficit fell by 4.3% to $70.1 billion versus $73.2 billion the previous month.
• Exports climbed 1.3% to $212.8 billion. Goods exports jumped $2.7 billion to $148.6 billion, while services exports climbed $0.1 billion to $64.2 billion.
• Increases were seen in exports of capital goods, consumer goods, automotive vehicles and engines, business services, and intellectual property uses. Travel declined.
• Imports fell by $2.9 billion to $236.3 billion. Goods imports fell $2.5 billion, while services imports grew $2.4 billion to $46.6 billion.
• Declines were seen in imports of consumer goods, industrial supplies, automotive vehicles, and engines. Increases were seen in travel, intellectual property uses, and transport.
• Monthly surpluses were seen in South and Central America, Hong Kong, Brazil, Singapore, and the UK. 
• Deficits were recorded in China, the EU, Mexico, Japan, Germany, Canada, Italy, Taiwan, India, South Korea, France, and Saudi Arabia.