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Thursday, June 13, 2024
HomeNewsEconomyU.S. Trade Deficit for July Widened Slightly Less than Expected

U.S. Trade Deficit for July Widened Slightly Less than Expected

Import, Export, Logistics concept - Map global partner connection of Container Cargo freight ship for Logistic Import Export background (Photo: AdobeStock/Elements of this image furnished by NASA)
Import, Export, Logistics concept - Map global partner connection of Container Cargo freight ship for Logistic Import Export background (Photo: AdobeStock/Elements of this image furnished by NASA)

Import, Export, Logistics concept – Map global partner connection of Container Cargo freight ship for Logistic Import Export background (Photo: AdobeStock/Elements of this image furnished by NASA)

The U.S. trade deficit widened to $50.1 billion in July, up $4.3 billion from $45.7 billion in June, slightly less than the consensus. The forecasts ranged from $51.2 billion to $44.8 billion, with a $50.2 billion consensus.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis joint report said exports came in at $211.1 billion, a decline of $2.1 billion from June. The gain in the deficit reflected an increase in the goods deficit of $4.2 billion to $73.1 billion and a decrease in the services surplus of $0.1 billion to $23.1 billion.

Year-to-date, the goods and services deficit rose 7% or $22.0 billion from the same period in 2017. Exports increased $115.7 billion, or 8.6%. Imports increased $137.7 billion, or 8.3%.

The July report shows surpluses, in billions of dollars, with South and Central America ($3.4), Hong Kong ($2.5), Brazil ($0.6), United Kingdom ($0.4), and Singapore ($0.2).

Deficits were posted, in billions of dollars, with China ($34.1), European Union ($14.5), Mexico ($6.4), Germany ($6.2), Japan ($4.9), Canada ($3.2), OPEC ($3.0), Italy ($2.7), India ($1.6), France ($1.4), South Korea ($1.3), Taiwan ($1.0), and Saudi Arabia ($1.0).

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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